Notes for Guidance - Payments distributor - Debt Arrangement Scheme

The DAS Administrator or continuing money advisor (with consent of the client) can make an offer of composition to creditors. This can occur after 12 years from the date of approval and where 70% of the total debt due in DPP has been paid.  

A creditor who accepts the offer agrees liability of the client to repay that debt is discharged. A creditor who does not respond to the offer within 21 days is deemed to have accepted.

If all creditors accept (or are deemed to have accepted) the offer the DAS Administrator, or continuing money adviser, will notify you and you should follow the procedure at completion of a DPP.

If some creditors accept (or are deemed to have accepted) the offer the DAS Administrator, or continuing money adviser, will notify you and you should follow the procedure at variation of a DPP.