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Quangie5
Contributor

11 Posts

Posted - 01 December 2019 :  14:22:40  Show Profile  Reply with Quote
So we are 12 months into a 7 year DAS DPP. Will we get annual reviews or is the payment set as at the beginning. Is there an option for settlement? Thanks in advance.

Angela Worrall

Paul McDougall
Trust Deed Expert



28 Posts

Posted - 02 December 2019 :  08:46:09  Show Profile  Reply with Quote
Morning

As part of the DAS Regulations, you are required to complete an annual review.

If you are in the position to settle all debt then that is possible. There are two ways this can be achieved. The first is to simply call the payment distributor and they will pay the creditors or secondly, apply for a variation to the plan. In my experience, the first option is easier.


In terms of a negotiated settlement, the DAS Administrator with the consent of the client can make an offer of composition to each creditor in the plan after 12 years and where 70% of the debt included in the plan has been paid off. As you are in year 7, we are a few years from being able to offer this.





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Kevin Mapstone
Trust Deed Expert



3802 Posts

Posted - 02 December 2019 :  09:48:01  Show Profile  Reply with Quote
There is an annual review, but it is up to you whether you wish to change your payment level, Quangie5. There is no requirement to pay all that you can afford like there is in a Trust deed or bankruptcy

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