Ian is an expert in the Debt Arrangement Scheme and Business Debt Arrangement Scheme, assisting individuals, sole traders and partnerships.
He also advises on personal debt solutions recommending the best option to resolve problem debt issues.
With hopes of increasing the accessibility and sustainability of Debt Payment Plans (DPPs) under the Debt Arrangement Scheme (DAS) and to offer greater flexibility, the new Debt Arrangement Scheme Scotland amendment regulations 2018 (DASSA Regulations 2018) came into force on Monday 29th October.
The Scottish Government backed scheme, which was first introduced back in 2004, allows people to repay their debts over an extended period, while providing protection from creditors who may try to take further action against them.
Interest and charges on the debt included are frozen from the moment proposals are submitted to creditors and if the scheme is then approved, these will continue to be frozen for the term of the DAS and waived on full completion.
The scheme is open to both individual debtors and to legal persons and other entities. The scheme as it relates to legal persons and other entities is known as “Business DAS”.
The new changes amend the regulations to:
If you need advice or help arranging a DAS, please contact us today.