DAS is not insolvency. Instead, it is the only statutory debt management plan in the UK ( It is only available to Scottish residents). It gives someone in debt much-needed breathing space and allows them to repay their debts in full through a debt payment programme over an extended period of time. If you have spoken to a DAS-approved money adviser and they say DAS is right for you, when your DAS is approved, all interest, fees and charges are frozen and you are given protection from the threat of any legal action from your creditors over your debt.
- Your DAS will last until your debts are paid in full.
- A DAS application can only be made through a qualified debt advisor.
- Your credit rating could be affected if you enter a DAS could impact you taking out credit in the future.