For clients in Scotland, DAS is debt remedy operated by the Scottish government that allows you to repay your unsecured debts through a Debt Payment Programme (DPP). This allows you to pay off your debts over an extended period of time while giving you protection from your creditors taking action against you to recover the debts listed in the DPP. The DPP can last for any reasonable length of time and, if approved, will freeze all interest, fees and charges on the debts included, resulting in them being written off if you fully complete the DPP.
Atlantic charges no fees for the initial regional adviser meeting and we would refer you to our preferred DAS approved money adviser, who will provide additional debt advice and apply for a DPP on your behalf. Thomson Cooper is our preferred DAS approved money adviser.
The number of Scottish residents accessing DAS continues to grow at an unprecedented rate - a further rise of 40% in 2012-13 - making an overall ten-fold increase over the last six years. DAS helped debtors to re-pay a total of £23.2m in 2012-13, an amount which compares very favourably with the £19 million repaid through Protected Trust Deeds (PTDs) in the same period (source AIB - July 2013). DAS remains subject to positive change with the potential for introducing payment breaks, based upon changes in circumstances, and write off debt after a number of years contributions (possibly 12 years) and/or a percentage of the debt has been cleared (possibly 70%).
Your creditors will receive a minimum of 90% of the debt owed to them, if you fully complete the DPP under DAS. Your credit file will show that 100% has been paid off your debts and that they will be satisfied in full. It is probably that the duration of the DPP will exceed 6 years and, therefore, any credit agreements in the DPP will have been deleted from your credit file 6 years after your details appear on the DAS register.
There are 5 parties involved in DAS:
If your creditors are writing to you to say that they intend to take court action against you to recover the debts and you are seriously thinking about applying for a DPP under DAS then you, or an approved money adviser, can write to the DAS Administrator to intimate their intention. Atlantic work with several approved money advisers based in Scotland. Our DAS approved money adviser can submit the 'intimation' via the Debt Arrangement Scheme Hub (DASH). The DAS Administrator will then register this intimation on the DAS Register.
Once on the DAS Register then you are protected for a period of six weeks against any creditor action. This period gives the approved DAS money adviser to submit your DPP proposal. Note that you can only submit an intimation to the DAS Administrator once in every 12 months.
The DAS Administrator must take into account all of the following: