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Most Common: Debt Arrangement Scheme Questions

A debt arrangement scheme (DAS) is solution which allows people to repay their debt over a reasonable period of time like a debt management plan, but with key differences.

If you have a question about entering a debt arrangement scheme or you’re already in one and need advice please ask our debt experts in the Debt Arrangement Scheme forum.

A lot of people we speak to often confuse a the debt arrangement scheme with a debt management plan, these are some of the most common question we get asked.

What is A Debt Arrangement Scheme?

A formal arrangement between someone in debt and creditors to repay the debt over a set period of time.

How To Enter A Debt Arrangement Scheme?

A local money adviser is needed to complete the appropriate forms and once these are submitted the creditors can refuse but this can be overturned by the AIB.

Does A Debt Arrangement Scheme Cost?

While some companies will offer to help setup a DAS for a fee, a local money adviser will set it up for free.

Will A Debt Arrangement Scheme Affect My Job?

While it is a formal debt solution, because it’s not an insolvency solution there’s very few, if any employer who would state it in an employment contract.

Will It Affect My Credit Rating?

Any time a payment is missed to creditors or the original agreement is broken there’s a chance it will show on a persons credit file. The impact of entering a DAS is lighter than entering an insolvency solution.

Will My Interest & Charges Get Frozen

Yes, because it is a formal arrangement all interest and charges must be frozen.

Can Anyone Enter A Debt Arrangement Scheme

No, only people who live in Scotland can enter a debt arrangement scheme, for those in the rest of the UK a debt management plan is the equivalent. It’s also important the person entering the solution can repay the debt within a reasonable period of time.

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