Will I qualify for a Debt Arrangement Scheme?
A Debt Arrangement Scheme offers a chance to reduce your monthly outgoings to make them more manageable. We at BlueSky Finance know how stressful it can be struggle with debts, especially when it seems as though there’s no way out of the situation. A DAS can be an effective solution, although it’s worth remembering that you will be expected to pay the full amount that you owe.
Not everyone is eligible for a DAS. You have to be a resident of Scotland, for example, and you have to have a level of unsecured debt that you can’t afford to keep up with. Unsecured debt includes the likes of bank overdrafts, payday loans, credit card balances and personal loans. Once you are able to pay more affordable monthly payments, your stress levels should start to decrease.
If you are already signed up to another debt solution, such as a Sequestration or a Debt Relief Order, you won’t be able to apply for a DAS. Also, a DAS might not be suitable for you if your main debts are in relation to mortgage or rent arrears or those involving car finance. As always, one call to our friendly team will give you all the information you need.
A Debt Arrangement Scheme isn’t the same as an Individual Voluntary Arrangement (IVA), in which your debts are written off when the agreement comes to an end. Several schemes could be available to you at the moment, so make sure you contact our specialists soon on 0141 488 2212. We bring you up to date advice, helpful guidance and vital support at a time when you need it most.