The Scottish Debt Arrangement Scheme has been revamped in a bid to attract more people to sign up to the offering that helps deal with serious debt problems.
There are a number of changes including that debtors now no longer need to offer their disposable income as part of their proposal.
Someone applying to take part in the scheme will also not have to include rent or mortgage arrears into the debt payment programme.
The scheme also takes into account those Scots who may be risking attack or violence as they will now be able to prevent their name from being entered on the DAS register.
There’s also a requirement that those debtors who want to borrow whilst under the scheme not having to inform creditors unless they borrow more than £2,000.
Scottish debt arrangement scheme
The Scottish debt arrangement scheme has been held up as a model for the rest of the country as a way to offer effective help for those who struggle with debts.
Since its launch in 2004, the debt arrangement scheme has proved to be the most successful of all the debt remedies available in Scotland that sees money being returned to creditors.
The debt arrangement scheme is currently outperforming sequestration and protected trust deeds.
There’s a lot to recommend the scheme for people living in Scotland and who are in debt.
The friendly advisers at Scotland’s Trust Deed can offer more help and advice about how the scheme works and whether it will be right for you and your needs.
Scheme is a debt management tool
The scheme is a debt management tool created by Scotland’s government and enables someone who is living in Scotland to make more affordable monthly repayments, these tend to be lower than they have been paying, to repay their debts in full.
That’s because these repayments will be made over a longer period of time for this to happen.
While the scheme is similar to a trust deed, the big difference between the two is that under the scheme, all of the debt is repaid.
That’s not the same with a Scottish trust deed which will run for a set period, which can be up to four years and the amount of remaining debt will be written off.
If you want more help about the Scottish debt arrangement scheme or a Scottish trust deed, then it’s time to contact the experts at Scotland’s Trust Deed.