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DAS Example


Here is an example of how a Debt Arrangement Scheme could make your debts affordable:

Let say your unsecured debts
looked like this...

Credit Card: £4,000

Personal Loan: £19,000

Store Card: £5,000

Total Owed £28,000

Current monthly£1,100
payments

After a DAS...

New monthly£194
payments

New monthly repayment is based on affordability and varies from plan to plan.

Key information

Visit our FAQ Section for any in depth information on Debt Arrangement Schemes

Why Choose Us?

We are expert providers of Debt Arrangement Schemes. We offer free help and advice on debt solutions and can guide you in the right direction with regards to your debts.

 

Debt Arrangement Scheme

Reviewed by

Julian McGregor on Feb 08th.

""Superb advice and very knowledgable!!""

Rating: 5 5 star rating


 

See more testimonials here...

So how does a Debt Arrangement Scheme work?

A Debt Arrangement Scheme is an amazingly simple and very flexible debt payment scheme, that almost anyone with debt would qualify for, and it works like this:

Step 1 - Find a money adviser

Applications for A Debt Arrangement Scheme can only be made by a specially-trained money adviser, who has in-depth financial knowledge and can evaluate your financial circumstances to ensure your application is set up correctly. There are lists of approved money advisers here for you to choose from, and our article here will give you some pointers on what to look out for when choosing the right money adviser.

Step 2 – Do a budget

The first thing your money adviser will ask you to do is prepare a budget showing your income vs expenditure so they can see how much surplus money you have at the end of every month. This budget will not include debt repayments so you should have some of your salary left over. If you do not, then it is unlikely your application will go any further and your money adviser will give you advice on other debt solutions that are right for your circumstances.

Step 3 – Create a Debt Payment Plan (DPP)

Based on the surplus income left over, your money adviser will design a DPP that distributes the surplus cash equally among your creditors, and then contact them to gain their agreement. From the time of first contact, your creditors have 21 days to respond. If they do not, it is assumed that they agree with the DPP. However, even if they do respond and do not agree, as long as the DPP is fair and reasonable their objections will not be allowed to stop it.

Step 4 – The DPP is approved

Once the 21 days has expired and no objection has been lodged that would bring into question the DPP's fairness, the money adviser will send your plan to a A Debt Arrangement Scheme administrator for approval. Once approved, no more interest and chrages are applied as part of the agreement with your creditors and help you pay the debt off quicker. At the same time, you may be required to pay a small amount of money into an emergency fund to cover unforeseen financial demands that could push a DPP off course, such as car repairs or a replacement boiler. This is also to help you get used to living without credit.

Step 5 – Begin your payment plan

Once approved, your DPP will be entered onto the A Debt Arrangement Scheme register and you can set up a regular monthly payment to an approved payment distributor. They will send an equal share of your payment to each creditor until the end of your payment plan agreement.

Step 6 (the final and best step) – The end of your DPP

You are debt-free and for the first time in years your future is looking happier and brighter. Your last payment is made, your DPP is given the official sign off by your money adviser and suddenly all of your income is yours.

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