When your Debt Payment Programme is approved, you are placed on the DAS register. This is coordinated and managed by the DAS administrator and is available to potential lenders who you may be looking to borrow from.
Credit rating agencies use the DAS Scotland register, besides other insolvency registers to add information on to your credit history, which then reports your credit score.
Therefore, your DAS is likely to negatively impact your ability to take out further credit. Like all other formal insolvency solutions in Scotland, the presence of the Debt Arrangement Scheme on your credit report will last for a minimum of 6 years.
However, it is also worth noting that while the Debt Arrangement Scheme can last a longer period of time as repayments can continue to up to approximately 10 years, some alternative solutions, such as Trust Deeds, will end typically after only 48 months.
While your credit score may be important for you later in life, if you’ve been missing payments and been served a default notice on those debts, your credit score is highly likely to have already been severely impacted.