Discussion in 'Debt Arrangement Schemes' started by kelliiee86, May 16, 2016.
Need to know a bit more about how they work and if their worth it
Hi kelliiee86, I found this online you might find it helpful
You have more time to pay off your debts.
Interest and fees are frozen once a Debt Payment Program has been agreed.
Your creditors are not able to take any further legal action.
Debts are consolidated into a single payment that you know is affordable because your financial situation has already been reviewed by a professional money advisor.
Escalating debts are halted, providing some relief from stress.
You can avoid full insolvency as you will still be paying your debts in full.
The Debt Arrangement Scheme, like any debt management product, may affect your credit rating.
If you enter into a DAS then your details will be recorded on the DAS register. This is a register which can be accessed free of charge. Creditors and credit reference agencies check this register on a regular basis and may update your credit file to reflect this information.
While you have a Debt Payment Program under DAS, you will not normally be able to access additional credit. There are exemptions to this which your money adviser can further explain.
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