When a debt payment programme (DPP) is approved, the debt(s) will be paid through a single regular payment as detailed in the DPP. An approved payment distributor is responsible for making payments to the creditors. A money adviser or DAS Administrator will make the necessary arrangements with an approved payments distributor to allow the DPP to start. Payments to the payment distributor can be made by either:
Creditors will be notified that a DPP has been approved if all creditors consent to the DPP (or are deemed to have consented i.e. not rejected the DPP within the 21 day period) or where the DAS Administrator approves the DPP under the Fair and Reasonable test criteria. This will confirm the amount and frequency of payments and include information on the payments distributor.
From the date the DPP is approved, a creditor is required to:
All interest, fees and charges on the debts in the DPP must be frozen from the date the money adviser or DAS Administrator submits the application to creditors for approval (provided that the proposal is approved).