Individuals in Scotland who are facing financial difficulty due to personal debt have the option to consider a Debt Arrangement Scheme, or DAS.
A Debt Arrangement Scheme (or DAS) is a debt management tool.
It is a government-run scheme that allows you to repay your debts through a debt payment programme over an extended period of time, while giving you protection from your creditors taking action against you to recover the debt.
This scheme may last for any reasonable length of time (maximum of 5 years for businesses) and, if approved, will freeze all interest, fees and charges on your debts.
In order to be eligible for DAS, you must meet strict criteria. There are conditions, specified by law that you must also comply with.
As DAS is a government-run scheme, in order to to enter the scheme an individual must seek advice and assistance from a qualified adviser like HJS Recovery, before submitting an application.
When the qualified adviser submits your application to your creditors for approval, all interest, fees, penalties or other charges owed are frozen provided that the application is approved. You are also protected from your creditors taking any action against you to recover their debt.
We have a team of advisers who have helped hundreds of businesses around the UK that have faced financial pressures on every scale. You are not alone.