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DAS Stakeholder Event

DAS Stakeholder Event. Legislation update March / April 2013 Pamela Kellock-Shetty. New DAS Regulations for 2013. Changes to 2011 Regulations Feedback from Bankruptcy consultation of 2012, DAS Review Workshops and stakeholder events. Key changes. AiB review process prior to appeal

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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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