A DAS is designed to help you pay back your debt at regular, manageable intervals – without the threat of legal action hanging over you, they can also be used by individuals and businesses who are struggling with unaffordable debts.
However, that doesn't mean that the Debt Arrangement Scheme is right for you.
On some occasions, a Scottish Trust Deed may prove to be a more fitting solution for you, depending on your circumstances.
Trust Deeds may allow you to write off some of your unaffordable debt and may also allow you to become debt free in a quicker timescale. However, your assets such as your home require more scrutiny in order to establish your eligibility to potentially qualify for a Scottish Trust Deed.
Full Administration Sequestration or Minimal Asset Process Sequestration are two other formal solutions to debt, while you may also consider informal solutions such as equity release, or a debt consolidation loan.
In any case, our advice is always to talk about your situation with an experienced debt advisor, who can not only explain what is a DAS, its advantages and disadvantages, but also give you tailored debt advice on all available alternative solutions to a DAS.