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Debt Arrangement Scheme
A Debt Arrangement Scheme is a payment programme in Scotland that allows you to repay your debts in full, free from interest and charges over an extended period of time. Under the DAS a debt payment programme (DPP) is set up which allows you to pay back your debt at a rate that you can afford.
Once the DAS is accepted and the DPP is set up, it will protect you from your creditors, as they cannot enforce the debt or take any further action against you as long as you keep up with the monthly payments.
- You must be a Scottish resident for a minimum of 6 months before applying for a DAS.
- No minimum debt level.
- Debts to be paid within 12 years.
- Minimum Disposable Income of £90.
- DAS can be sole or joint.
- Not a form of Insolvency.
- Minimum of 1 creditor.
- No minimum debt level.
- Assets do not need to be included.
- Interest and charges are frozen whilst the DAS is in place.
- Payment holidays are possible.
- Full protection from creditor action once the DAS is approved.
- Debts to be paid within 12 years or a “reasonable period of time”.
- You will be put onto a public DAS register.
- Creditors can object to the programme.
- If you fail to co-operate the plan can be revoked.
- No debt will be written off.
JT Maxwell Limited, Unit 1, Lagan House, 1 Sackville Street, Lisburn, BT27 4AB.
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How long does negative information remain on a credit report?
Most negative information (like late payments) remains on your credit report for six years. Some information remains longer.
A lawsuit or unpaid judgment against you stays on your report until the statute of limitations runs out or for seven years, whichever period is longer.
A bankruptcy filing stays on the report for 6 years, and a criminal conviction may stay there permanently.
Why would my creditors accept an IVA?
In accepting an IVA, your creditors will expect to get a better return than they would from any other reasonable alternative, and your payment proposals will demonstrate this to be the case. Your creditors will also benefit from knowing your IVA will be managed, monitored and supported by your Supervisor during the term of your IVA.
What to do if you’ve been made redundant and in debt
No matter your situation, if you are struggling to make repayments or find yourself in problem debt and are at risk of redundancy then it can be very scary.
When you contact us, one of our specialists will go through the money that you have coming in and going out (household budget) and then prioritise what you need to pay for. Based on how much money you have leftover each month, and whether you think your circumstances are likely to change, there will be a number of options available to you. Our Specialist will talk to you about each of the available debt options in detail, and how each option will affect your own personal circumstances which will help you decide which is right option for you.
Can I protect my house?
An IVA will protect your home and prevents creditors from taking any legal action against you and your property. You do not have to sell your home in an IVA.
Our aim here at JT Maxwell is to help change the perception of our industry. And the reason for this is simple: we passionately believe that the service which we provide is incredibly valuable, not just for businesses, but also in a personal context.
JT Maxwell Limited, Unit 1 Lagan House, 1 Sackville Street, Lisburn, BT27 4AB.
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