Debt Management Plans

Debt Management Plans Scotland

What is a Debt Management Plan?

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.

Debt Management Plans (DMP)

Debt Management Plans (DMP) are often not the best solution for Scottish residents. The main reason for this is that DMPs often do not freeze interest, and are not binding on creditors. However, while they are an alternative to more serious formal debt solutions such as Trust Deeds or Sequestration, in Scotland it is most often the case that the Debt Arrangement Scheme is a more suitable option as it provides more security for the debtor, and their assets, whilst also freezing interest and charges.

Debt Arrangement Scheme (DAS)

The Scottish Government have introduced a scheme similar to Debt Management Plans for Scottish residents, but with additional benefits that are not available with a DMP. The Debt Arrangement Scheme (DAS) will allow any resident of Scotland to freeze all interest and charges on their current debts and pay back their lenders at an affordable monthly rate. The DAS also means that any valuable assets you may own such as your home and car will be completely protected.

How to enter a DAS

To enter a Debt Arrangement Scheme, it is best to speak to one of our qualified money advisers over the phone and discuss your situation with them, this insures you are doing the right thing. The aim will be to reduce your repayments to a more affordable monthly amount while getting you out of debt as soon as possible. If a DAS is the right option you will agree upon a monthly contribution to your debts pay that to us, we then distribute that payment to your lenders for you each month. Feel free to use our “Debt Calculator” at the top of the page.

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