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What’s the big deal about the Debt Arrangement Scheme?

Whats the big deal about the Debt Arrangement SchemeDebt can be a problem for anyone; it knows no boundaries and does not discriminate. Debt problems can be large or small and just about anything in between. The extent of the problem and your current financial circumstances are the important factors in deciding which particular debt solution will to be the best one for you.

The debt arrangement scheme (DAS) is a government backed debt solution which has been set up to enable you to repay your debts through an agreed debt payment programme. This particular option can handle a wide range of debt problems whether large or small for people who are looking to repay their debt but need some assistance in doing so. The scheme basically allows you to extend the length of time you take to repay what you owe which means that you can reduce your monthly payments to a level that is more affordable to you.

This can allow you to get over any short term difficulties you may have or help you readjust your payments to a level that alleviates the pressure on your finances for any reasonable length of time. An important part of the debt arrangement scheme is that it protects you from any of your creditors talking legal action against you to recover what you owe them. An additional benefit of the scheme is that under the agreement with your creditors all interest and charges will be frozen and as long as you complete the debt payment plan these will then be written off and will not be needed to be repaid.

The benefits of a DAS

A debt arrangement scheme will benefit both the debtor and the creditor as it helps the debtor repay the debt at a rate they can afford and it means that the creditor is more likely to have the debt repaid in full. So it is a solution that all parties are likely to agree to and is a real win-win situation.

Another important benefit of a DAS to the debtor is that you only make one single monthly payment to the official administrator of the DAS and they then distribute it proportionately to your creditors. This obviously helps with budgeting and reduces the risk of missing some payments at different times of the month. The scheme also has flexibility built into it which acknowledges the fact that circumstances can change and if for example your income was adversely affected by some event then there is the option for a payment break. If something like this were to happen then the debtor can apply for a break in payments for up to six months where for example a person’s income was reduced by fifty percent or more.

As long as you abide by the terms of the DAS and make the agreed payments then at the end of the set period the DAS comes to an end and is concluded. Payments then stop and at that stage the interest and costs that were frozen are written off. The debtors details are then removed from the DAS register and the debt and liability are brought to a close.

Whilst the debt arrangement scheme is relatively straightforward you should always seek independent debt advice from qualified debt advisors to ensure it is the right option for you.

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