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.