DAS is a debt management tool that allows you to repay your debt through the DPP. This scheme has been provisioned by the Scotland Government to their citizens. Debt management and handling debt crisis is an issue that is on the rise. With spiraling inflation and high loan and debt facility, people find themselves in a financial crisis from which they are unable to pull themselves out of. That is why DAS or the debt arrangement scheme is a good scheme by which you can pull yourself out of deep financial pits.
Financial Crisis Management
Debt management is the need of the hour for those in financial crisis; require some breathing space and more time to repay their debt. The DAS helps in debt management. It provides more time to repay debts and interests do not keep accumulating as they are frozen once the debtor applies for the scheme. This scheme works through the Debt Payment Plan by which debtors can enter into an agreement with the creditors to pay a fixed amount of money on a monthly basis and complete payment of the total debts within a particular period.
Debtors and Creditors Benefit
Debt management protects the debtor as the interest and other charges get frozen once they sign up for DAS. The creditor cannot take any legal action against the assets or individuals over nonpayment of assets. The debtor can get more time to pay back his debts. The monthly payment is an amount that he can afford to pay from his disposable income. Disposable income is income left with the debtor after paying his basic expenses. The debtor can pay the monthly installment individually or through a joint operation along with his spouse so that they can together pay the amount due.
The debtor can also take a Business DAS by which his business debts can be sorted and he can continue his business. The creditor also finds DAS an advantage. By signing into the scheme, the creditor is assured of payment from the debtor. Though the creditor has to wait for a longer period, he can rest assured that the debtor would clear his dues. By agreeing to the DPP, the amount that was long overdue will start trickling in from the creditor.
The Debt Arrangement Scheme was introduced in 2004 in Scotland. It was brought into force to protect the interests of the financially weak who were harassed by creditors through a legal procedure. DAS is a statutory scheme implemented through the Debt Payment Plan.
The DPP is a flexible plan by which the monthly settlement can be increased if your financial situation has improved by which you can clear your debt quicker. The monthly settlement can also decrease if you run into further bad times though your creditor would have to agree to this. With years of experience behind us we give you guidelines to help you manage your payment plan and get the DPP approval. Initially we guide you for free and later we charge a very nominal amount as fees, with no extra or hidden charges.