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financial, debt, debt arrangement scheme, das, bankruptcy, bankruptcy advice, finance, personal finance, debt payment programme, dpp, accountant in bankruptcy, dac scotland, debt advisory centre scotland
DAC Scotland anticipates continued growth of Debt Payment ProgrammesCommenting on the latest insolvency figures, DAC Scotland reminds borrowers that the Debt Arrangement Scheme (DAS) can help many Scottish residents tackle their debt problems without entering bankruptcy.by Melanie Taylor Thursday, February 16, 2012
A spokesperson for DAC Scotland commented: “We’re pleased to see that Scottish residents are increasingly turning to DAS as a less severe alternative to insolvency solutions. This indicates that many Scottish people are becoming more mindful of their financial circumstances and prepared to speak to an approved money adviser before their situation worsens.” Debt Payment Programmes through DAS could help account for the fall in awards for bankruptcy and the substantial reduction in Protected Trust Deeds: bankruptcies are down 8 per cent on the previous quarter and Protected Trust Deeds are down 19 per cent – the latter 2 per cent lower than the same time last year. However, DAC Scotland warns: “It would be easy to assume that borrowers are beginning to get to grips with their finances but statistics show that both bankruptcies and personal insolvencies as a whole are still up on the same period last year and we are obviously not out of the woods yet. “It is a testing time for many families facing increasing demands on their disposable income. The higher cost of essentials such as food and utilities is forcing many people to re-think priorities, make their monthly budget stretch further and deal with the now unmanageable payments to their unsecured debts.” By entering a Debt Payment Programme under DAS, borrowers can reduce their monthly payments and repay their unsecured debts over an extended period instead of resorting to insolvency measures. Once approved, all interest and charges on the debts included in the Debt Payment Programme are frozen and the borrower is protected against any further action from their lenders. DAC Scotland warns that not everyone can be helped by DAS: “A debt solution is only effective if it’s right for the individual’s situation. We would only recommend a Debt Payment Programme if we believe it is the best solution - and sometimes the only answer is an insolvency solution.” -ENDS- Notes to Editors The Debt Advisory Centre Scotland provides debt help and advice to Scottish residents. It's part of the Think Money Group, which is one of the UK's leading financial solutions providers and delivers a comprehensive range of financial services, including debt, insurance and banking solutions. For more information, visit the Debt Advisory Centre Scotland website at http://www.dacscotland.co.uk. Debt Advisory Centre Scotland provides expert advice to people in Scotland, and offers a wide range of debt solutions including Trust Deeds and debt management plans.
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 0 submitted by Melanie TaylorDebt Advisory Centre Scotland provides expert advice to people in Scotland, and offers a wide range of debt solutions including Trust Deeds and debt management plans.
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