Is a DAS right for me?

When you’re working out if a Debt Arrangement Scheme (DAS) is right for you, you need to look at how it can affect you. This includes considering the ways it may benefit you as well as the potential draw backs.

We’ll take you through the things you need to consider before you apply for DAS. Depending on your financial situation, some of them might not apply to you. But if you give yourself a full picture of the debt solution, you’ll be able to work out if it can actually help you or not.

What to consider before applying for DAS

Here are some of the possible drawbacks of DAS.

• DAS is a legally binding solution, your creditors have to approve your debt payment programme (DPP). If they don’t, it’s up to the DAS Administrator to decide if it’s the best solution for you.
• During your DAS, your details will appear on the publically available DAS Register. This is online and anyone can access it. It means that it’s possible for someone to find out about your DAS by searching for your name.
• When you have a DPP as part of DAS, this will appear on your credit rating for at least six years. If you apply for credit in this time, the creditor will be able to see your DPP. This could mean they’re more likely to reject you or accept you at a higher interest rate.
• If you don’t follow the rules of your DAS, it can fail. This means that creditors can start adding on interest charges to your debts again. And if you’re not keeping up with your payments, they can seek further legal action.

Still got some questions about how DAS works or how it can affect you? Read our ‘DAS FAQs’ for everything you’ll need to know.

Continue to the next section DAS FAQs