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DAS Stakeholder Event

This document provides an update on the Debt Arrangement Scheme (DAS) regulations for 2013 as presented by Pamela Kellock-Shetty. Highlights include changes to the 2011 regulations, feedback from bankruptcy consultations, and key alterations such as the AiB review process prior to appeal, earlier freezing of interest and charges, and adjustments in joint DPP conditions. It also addresses future changes under the bankruptcy reform bill, the standard contribution period, and anticipated timelines for implementation.

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DAS Stakeholder Event

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  1. DAS Stakeholder Event Legislation update March / April 2013 Pamela Kellock-Shetty

  2. New DAS Regulations for 2013 • Changes to 2011 Regulations • Feedback from Bankruptcy consultation of 2012, DAS Review Workshops and stakeholder events.

  3. Key changes • AiB review process prior to appeal • Earlier freezing interest and charges • Removal of condition in a joint DPP that debtors must have a debt for which they are joint and severally liable. • Composition after 12 years and 70% paid

  4. Other changes • Exclusion of fees by continuing money advisers from DPP • DAS Administrator to have the authority to re-instate a DPP • Approval of money advisers extended to those organisations which can demonstrate they are working towards SNS Type 2. • A flexible payment holiday of up to six months • Debt level tolerance of 10% • Clarity that the register is public

  5. Future changes • As part of the wider bankruptcy reform bill, where the debtor can repay their debts in full in 48 months or less, DAS should be the preferred option before considering insolvency. • A standard minimum contribution period of 48 months will apply to all statutory debt solutions • The level of contribution and the most appropriate solution will be determined in future by the money adviser using the common financial tool.

  6. Timescales • Regulations laid in Parliament early summer • Regulations expected to commence before summer recess • Bankruptcy Bill introduction to Parliament summer 2013 and other Regulations

  7. Pamela Kellock-Shetty, Policy Development Team Leader 0300 200 2694, Pamela.Kellock-Shetty@aib.gsi.gov.uk THANK YOU 1 PENNYBURN ROAD, KILWINNING, AYRSHIRE, KA13 6SA T 0300 200 2600 F 0300 200 2601 W WWW.AIB.GOV.UK

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