Who are the parties involved in DAS?
There are five parties involved in DAS:
- The debtor: this is someone who has personal debts and has agreed to a debt payment programme with a DAS-approved money adviser
- DAS approved money adviser: he or she will provide debt management advice to the debtor and apply for a debt payment programme on their behalf
- The creditor/s: creditors are people, organisations or businesses who are owed money and have agreed or are obliged to accept payments under a debt payment programme
- DAS Administrator: the Administrator is responsible for the approval of debt payment programmes, approving money advisers and payments distributors and maintaining the DAS Register and DASH
- Payments distributors: these organisations distribute the money gathered to creditors
Similarly, there are five parties involved in Business DAS:
- The debtor: this could be a partnership, trust or unincorporated body of persons which has debts and has agreed to a debt payment programme with an insolvency practitioner
- Insolvency Practitioner: they will provide debt management advice to the debtor and apply for a debt payment programme on behalf of a debtor
- The creditor/s: as above, these are owed money and have agreed or are obliged to accept payments under a debt payment programme
- DAS Administrator: as above, the Administrator is responsible for the approval of debt payment programmes and the other functions outlined above
- Payments distributors: functions are the same as with regular DAS and these organisations distribute the money gathered to creditors
Who is the DAS Administrator?
The DAS Administrator is a civil servant appointed by Scottish Ministers and is also The Accountant in Bankruptcy.
The DAS Administrator is responsible for maintaining the DAS Register, which contains details of debt payment programmes and for the approval of money advisers, payments distributors and debt payment programmes.
What is the DAS Administrator’s function?
The function of the DAS Administrator is to approve, vary, revoke and supervise debt payment programmes and act in a supervisory role to ensure all DPPs are being administered within the requirements of the DAS legislation.
The DAS Administrator will also approve money advisers under DAS, maintain the DAS Register, invite tenders for persons or bodies to be approved as payments distributors, approve applications for approval as a payments distributor, where applicable, notify relevant parties of approval, variation and revocation of debt payment programmes and charge the application fee.