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Household Debt Rising
Household debt has risen by more than 30 per cent to an average of £13,153 over the last three years according to figures from the Citizens Advice Bureau (CAB). Read more
Tories Use Provocative Language To Tackle Debt
The Conservative party has launched an anti-debt campaign that urges young people to “ignore their inner tosser” and cut out unnecessary spending to reduce the likelihood of serious debt problems. Read more
Staying In The Driving Seat
The financial crisis at car giant Ford, which is making tens of thousands of US workers redundant, has fuelled uncertainty in the North West/West Midlands/UK automotive sector. Read more
Biggest Day Of Your Life - And The Biggest Debt
If your loved one got down on bended knee to pop the question on Valentine’s Day, your thoughts might now be turning to the big day. Read more
Bosses Urged To Help Staff
Companies should offer support schemes to employees with personal debt problems as part of flexible benefits packages. Read more
DEBT ARRANGEMENT SCHEME
This is a statutory scheme introduced on 30 November 2004. It is free to the debtor and gives you time to pay back what you owe if you have surplus income. It also protects you from the threat of enforcement or Bankruptcy whilst you are in the scheme. It currently has no debt forgiveness.
Entry to the scheme must be through an approved Money Advisor. The advisor negotiates with your creditors and then applies to the DAS administrator, who is the Accountant in Bankruptcy ("AIB"), for approval of the Debt Repayment Program. Creditors can object to the DPP but the AIB can disregard unreasonable objections. Once approved, participating creditors cannot take enforcement measures.
For further online information see moneyscotland.gov.uk.
Make sure you've covered all of your options. Contact us today for a free, confidential talk and we’ll show you a positive way forward.
Download our Debt Arrangement Scheme Fact Sheet for further information.
