Dec 29 2014

The Uses Of Being Under A Debt Arrangement Scheme

Posted by admin in Uncategorized

When you start having problems to meet your expenses due to anything like unemployment or illness and you have a lot of unsecured loans, you may feel puzzled. The financial difficulties sometimes make you reach a point from where you don’t know which way to take. In such a situation, the Debt Arrangement Scheme may come handy for you.

Now, let’s introduce you to how the Debt Arrangement Scheme works. Now let us discuss how you can get a DAS. You have to have a money advisor who would set up a DAS for you. Your financial advisor will have to register you to the scheme and protect you from the creditors as long as your proposal doesn’t get submitted. If your proposal isn’t rejected by the DAS administrator, you will continue to have the protection.

To qualify under the scheme you have to be a resident of Scotland and you also have to owe money to at least one creditor. You should also be eligible enough to afford the payment of a reasonable sum of money to the creditors every month. The scheme can be applied for both as an individual or a couple but in case you applied as a couple, both of you will become liable for repayment.

You have to provide all kinds of information to the company under which you enter the scheme so that they can make a customized repayment route for you. In the information you have to include personal details, amount of money you owe to creditors, the amount you can pay each month and the details of your creditors.

The benefit of being in a DAS is that the payment of bill becomes hassle free and you can make payments throughout a period of time as per your capacity to afford. The company you chose to deals with the finances is the only thing who directly deals with your creditors and faces their hassles. It is less confusing and the creditors cannot take any legal action against you. While being on the scheme, you can even take a payment holiday.

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