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An alternative to a remortgage

remortgage advice
A different way to clear your debts

In these challenging times, as Covid 19 restrictions come to an end, more people are beginning to get in touch. A common theme is those who have failed to secure a remortgage and need a different way to clear their debts.

If you find yourself in a position where you have considerable equity in your property and have debts to clear, in normal circumstances you may have considered remortgaging your property to consolidate those debts.  However, if you were adversely affected financially during the pandemic, which in turn impacted your credit rating, you may find it difficult to remortgage.

An alternative to a remortgage may be the Debt Arrangement Scheme (DAS).  DAS is a Scottish Government scheme introduced to assist people in financial difficulty. It is a formal repayment plan which allows you to repay your debts over a sensible period of time, typically up to 10 years.

The main benefits are that your repayment is set to what you can afford to pay; interest and charges are frozen; and assets, such as property, are not considered as part of the scheme.  Furthermore, the cost of the scheme is borne by your creditors so all you pay back is the debt that is due.  Here is a link to further information on DAS.

The DAS is not appropriate in all circumstances as the repayment term may be beyond 10 years and it does adversely affect your credit file.   If you need a longer period of time to repay the debts then a remortgage may be a better option, although you will be granting further security over your home for the additional debts.

If you are struggling with debt, please don’t suffer in silence. Contact one of our friendly advisers for more information. We’re always happy to help you find the right solution to deal with problem debt and will meet with you in confidence either at one of our office locations in Fife or Edinburgh or we can arrange to conduct an interview online or at your home address if preferred.


Richard Gardiner


Phone: 01383 628813

Mob:    07872 376105

Maureen Walls

Senior Insolvency Manager

Phone: 01383 628812

Ian Brown

Senior Insolvency Manager

Phone: 01383 628814

Mob: 07519 124657

Category: DAS

About the author

Ian Brown

Ian Brown

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.

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