When you get behind on your bills and end up in debt, your whole life can seem to fall apart. Even if you only owe a relatively small amount of money to debtors, it can quickly become stressing and overwhelming. You may simply be unable to find the extra money each month to put toward your debt, and time goes by fast. Before you know it, with interest rates and other added charges, you owe more money than you expected and don’t have a clue how you’re even going to begin paying it off.
Fortunately, there are things you can do to start managing your debt and start making some positive changes in your financial life. Even if you owe a substantial amount of money to your debtors, there are things you can do to start making a difference. One option is the Debt Arrangement Scheme, and if this is something you want to learn more about, there are a few things in particular worth considering.
The Debt Arrangement Scheme, or DAS, is a type of statutory scheme, one which is run by the Scottish government. The purpose of the DAS is to help persons dealing with multiple debts, by allowing them more time to pay their creditors without having to worry about excess fees or being taken to court. This is a great option, because it has saved many people from having to file for bankruptcy, which can be incredibly negative. Not only does filing for bankruptcy affect your credit for 7 years, but it also has a negative effect personally, and can make the person feel ashamed or embarrassed about their financial situation and the problems they’re dealing with in life.
A DAS is not typically hard to get approved for, but you will have to show the amount of debt you have outstanding and information on your finances, including what you make each month and what you pay out to bills. If you have debts you can’t afford to pay off yet and you need more time, this may be the perfect option for you. As one of the most flexible debt management tools available today, it is certainly worth considering, even if you have a large amount of outstanding debt. When you think you have no options and no way to get out of the debt you’re in, you can consider applying for a DAS Scotland. Even just a few months can make a huge difference, giving you the time you need to get your finances in order and pay off some of the debt you owe. Once you start paying off your debt, it becomes easier to stay on track and continue.
You do need to make sure you are an eligible candidate for this scheme before going ahead with your application. You can go through a local authority money advice unit or you can talk to a financial expert to get more information on the application process and how to get started. Typically you only need to bring some basic information along, including personal identification to prove your identity and discuss the details of the scheme before you are approved.
If you’re interested in learning more about the Debt Arrangement Schemes or you want to apply and get it started, you can talk to a financial expert to get their opinion, and get it started anytime you want. Debt doesn’t have to take over your life. A Debt Arrangement Scheme may be right for you, if you’re struggling with debt and want to stop it from causing you problems in your life. It is important to take the right steps in the future, to avoid getting back in debt and back in the same situation in the future. You don’t want to go to all the work of taking care of your debt and clearing your debt now, only to end up in over your head in debt again a few years down the line. If you want to get advice on how to handle your finances and how to avoid getting in debt, you may want to hire an accountant, or even talk to an expert in the financial field to get some helpful tips and advice on the matter.