What are the pros and cons of a DAS??

Discussion in 'Debt Arrangement Schemes' started by kelliiee86, May 16, 2016.

  1. kelliiee86

    kelliiee86 New Member

    Need to know a bit more about how they work and if their worth it
     
  2. beckiehall

    beckiehall New Member

    Hi kelliiee86, I found this online you might find it helpful

    Pros:
    • 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.

    Cons:
    • 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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