Section 5 – Variation of debt payment programmes
19.Section 5 deals with the variation of an existing debt payment programme and any conditions attached. It is anticipated that, once a programme is approved, variation will be infrequent. Circumstances in which variation should be allowed have been consulted upon and will be provided for in regulations to be made under section 7(1)(see section 7(2)(k) in particular).
20.Section 5(1) allows both creditors and debtors to apply for a variation of a debt payment programme. Section 5(2) provides that a copy of the application is to be provided by the party applying for the variation to all other participants in the programme. Section 5(4) specifies that an application for variation will be made in a standard form which will be prescribed .