If you’ve fallen in to the financially devastating world of payday loans, it can be a nightmare to escape from. The charges that can occur from an overdue payday loan account can be astronomical and so the cycle of getting one payday loan to pay off another can begin very easily if you are in financial difficulty.
Who can help me?
Here at Your Debt Expert our team of professional money advisors and financial insolvency practitioners are on hand to provide the very best of impartial debt advice for you. With a wide range of debt solutions, we might just have a solution that could get you on the road to financial security.
What are my options?
One of the most common debt solutions for those of us that have fallen into the damaging habit of racking up payday loans is a Debt Arrangement Scheme (DAS). This is a programme run by the Scottish government and is only available to Scottish citizens. The Scheme is designed to allow those of us in serious financial difficulty an extended period of time of be able to repay their debts comfortably.
Advantages of a DAS
- Each application will be based on your individual circumstances and your earnings and necessary expenditure will be taken into consideration.
- If you are a home owner, your home will still be secured and unaffected by the DAS, as long as you keep up with the Mortgage payments.
- If your DAS is approved your creditors will be unable to take any legal action on your outstanding debts.
- Any interest or fees incurred from your debts will be frozen and in the DAS scheme.
Disadvantages of a DAS
- You can take out a DAS that lasts up to 10 years, giving you plenty of time to repay your debts in full.
- You cannot apply directly for a DAS, you must apply through an approved money advisor who will act on your behalf.
- Entering a DAS can seriously affect your credit rating.
This article was brought to you by Your Debt Expert, debt arrangement scheme specialists. They also have a blog full of money saving advice.