Regulation 6 Other matters on which a debtor must obtain advice

The following are prescribed for the purposes of section 4(1)(d) of the Act as matters on which the debtor must obtain advice from a money adviser—

(a)

the income and expenditure of the debtor in accordance with the common financial tool;

(b)

the evidence required to confirm the debts of the debtor in making the debtor application;

(c)

the debt advice and information package^f1;

(d)

the options of a voluntary repayment plan, debt payment programme under the Debt Arrangement Scheme or a trust deed;

(e)

the consequences of sequestration and that an award of sequestration, if granted, is recorded in a public register and may result in one or more of—

(i)

the debtor being refused credit, or being offered credit at a higher rate, whether before or after the date of the debtor being discharged;

(ii)

the debtor not being able to remain in his or her current place of residence;

(iii)

the debtor being required to relinquish property which the debtor owns;

(iv)

the debtor requiring to make contributions from income for the benefit of creditors;

(v)

damage to the debtor’s business interests and employment prospects;

(vi)

the debtor still being liable for some debts;

(vii)

the debtor’s past financial transactions being investigated; and

(viii)

other restrictions or requirements imposed on the debtor as a result of the debtor’s own circumstances and actions.

Annotations

f1: Referred to in section 3(2) of the Act and section 10(5) of the Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17).