Changes to Debt Arrangement Schemes make it available to more, says DAS Company; Scottish Trust Deed.

The Debt Arrangement Scheme (DAS) is set to undergo a revamp to make it more accessible to more people in Scotland who are troubled by debt burden, says debt solutions company Scottish Trust Deed.

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Changes to Debt Arrangement Schemes make it available to more, says DAS Company; Scottish Trust Deed.

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FOR IMMEDIATE RELEASE
(Free-Press-Release.com) May 8, 2011 --Changes to Debt Arrangement Schemes make it available to more, says DAS Company; Scottish Trust Deed.

The Debt Arrangement Scheme (DAS) is set to undergo a revamp to make it more accessible to more people in Scotland who are troubled by debt burden, says debt solutions company Scottish Trust Deed.

New regulations are set to take effect from July 2011 that will make this increasingly popular debt solution even more flexible and effective than its current form.

The Debt Arrangement Scheme allows debtors breathing space so they can pay back everything they owe to creditors over a longer period of time, freezing and then eventually waiving all interest, penalties and charges. It was introduced in 2004 to offer an alternative to insolvency for those who felt they could turn their financial circumstances around given a little more time. All debts can be included except for child support arrears and benefit deductions, which are classed as priority debts, and there is no need to hand over your assets to a Trustee for sale as you would have to with a Trust Deed.

In order to allow more people in Scotland to benefit from a DAS, some of the proposed changes include:

Wider criteria
Currently only debtors with two or more debts can register for a DAS. The new changes could make it possible to allow people with just one debt the opportunity to qualify.

Easier to access
Currently only money advisors are allowed to make an application for approval of a DPP. The changes could mean Insolvency Practitioners could do the job as well.

Payment breaks
If a debtor has a short-term emergency, such as sickness or redundancy, they can take a payment break for up to six months if their income drops by 50%.

More efficient
Bringing in a web-based approach as well as paper-based could help speed up applications.

Fergus Ewing, the Scottish Minister for community safety, said about the changes: "The Government has a duty to provide vehicles to help those in debt. The Debt Arrangement Scheme worked but we needed to improve the system. Following feedback, we have agreed to make changes to simplify and streamline the process."

A spokesperson for Scottish Trust Deed said: “This is really good news for Scottish people who are in debt. The Debt Arrangement Scheme is an amazingly flexible debt management tool, but like all debt solutions it still had some limitations. The two biggest were the lack of payment holidays if someone’s income suddenly dropped, and having to have more than two debts to qualify.”

“A lot of people don’t realize the power of DAS. It protects from enforcement actions from creditors, freezes all interest, charges and penalties, and you need never have to speak to a creditor again. Even better you only pay what you can afford every month for duration of your debt payment plan until you have paid back all of your debt, and you don’t have to declare insolvency and run the risk of being sequestered by creditors if you are not accepted.”

“There are very few people in debt who would not benefit massively from being on the Debt Arrangement Scheme,” concluded the spokesperson.

More information can be found online at http://www.scottishtrustdeed.co.uk/debt_arrangement_scheme/default.asp

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