How long does it take to set up DAS? If you choose to enter into a Debt Payment Programme under the Debt Arrangement Scheme Scotland, the first steps involve your Money Adviser proposing the DPP to your creditors. A DPP under DAS is proposed to creditors.
- Proposals are sent to all known creditors giving them 21 days to accept or reject the proposal
- If no creditors reject the proposal, then the DPP is approved automatically
- If creditors reject the proposal and they are owed up to 10% of the total debt, then the DPP application will be automatically approved
- If one or more creditors reject the proposal and they are owed more than 10% of the total debt, then the DPP can still be approved if the proposal is judged to be ‘fair and reasonable’ by the DAS Administrator (the Government agency responsible for DAS)
- If the DPP proposal is not approved, then you have a right of appeal, however, you may need to consider other solutions such as a Protected Trust Deed or Sequestration.
Trust Deed Scotland® have an experienced in-house team that work with our clients from initial enquiry for help with debt, through to implementation and maintenance of the solutions that we offer. This is important as it allows greater continuity between the advisor that you speak to and your dedicated money adviser thereafter. If you work with one organisation, who in turn works with other organisations within that chain, it will often take longer to set up a DAS as a result.
The Trust Deed Wizard® tool allows us to speed up the process of setting up as DAS, as it allows us search for your creditors, work out your disposable income, request up to date balances from the people that you owe money to, prepare your proposal which is then sent to creditors and dealing with potential objections.