Common Financial Tool: consequential amendments, all debts due8
1
In regulation 12(1) (functions and duty of a money adviser)—
a
after “money adviser” insert “, using the Common Financial Tool in the case of a debt payment programme for an individual,”; and
b
at the end of sub-paragraph (d) insert “, in accordance with the Common Financial Tool in the case of a debt payment programme for an individual”.
2
At the end of regulation 12(3)(a) insert “(in accordance with the Common Financial Tool in the case of a debt payment programme for an individual)”.
3
After regulation 20(2) (application for approval)—
a
insert—
2A
The debt payment programme applied for under paragraph (1) must provide for the payment of all debts due by the debtor at the time of making the application which a debt payment programme can provide for payment of, subject to regulation 22A(8)(b).
b
after paragraph (2A) so inserted, insert—
2B
Where the debtor is an individual the application must also contain—
a
the statement of income and expenditure in form 1 as at that date completed in the style and format of the Common Financial Statement; and
b
a statement—
i
that the proposed payments are in accordance with the Common Financial Tool as assessed by the money adviser; and
ii
any evidence or explanation required in applying that tool.
c
after paragraph (2B) so inserted, insert—
2C
Where the debtor is a charity the application must also contain evidence that it has been intimated to OSCR.
4
In regulation 24 (approval of agreed programmes)—
a
in paragraph (1), for “The” substitute “Subject to paragraph (1A), the”; and
b
after regulation 24(1) insert—
1A
In the case of a debt payment programme for an individual, the debt payment programme may only be approved in accordance with the Common Financial Tool.
5
Before regulation 25(2)(a) (approval by the DAS Administrator) insert—
za
where the debtor is an individual, the Common Financial Tool;
zb
where the debtor is an individual, any statement and evidence required under regulation 20(2B) to satisfy the DAS Administrator in applying the Common Financial Tool;
6
Before Schedule 1, insert Schedule A1 set out in Schedule 1 to these Regulations.