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.

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

Hello I have questions about annual review. My DPP has been running for a while and although it has been a struggle for me, I have tried to pick up extra hours for me to have some spare money. I have been working some overtime hours to make an extra £200 a month since my DPP payments are quite high. My question is when it comes to the annual review, as they see I have an extra £200 a month will they ask me to pay more to my DPP? How many bank statements do I need to provide upfront when the annual review comes? I’m only picking up the extra hours so I can have some spare cash. I really don’t want to change my payments to be more as it’s already a struggle as it is so I was wondering if it was worth taking on some overtime as it won’t be worth it if they will ask me to pay more towards it? Thank you for your help. Just looking on some clarification and what to expect on a DPP annual review. Thanks

Hi Regreteverything,

I'm not sure what documentation you'll need to hand over as different firms may go about this in slightly different ways.

As Kevin mentioned above, there's no requirement to pay over your full disposable income into a DAS DPP so you should not be compelled to increase your payment.

However, any increase would enable you to finish sooner, so in some circumstances people might conclude a manageable increase is in their own best interests.