Part 5Debt management and relief
Chapter 4Debt management schemes
Introductory
109Debt management schemes
1
A debt management scheme is a scheme that meets the conditions in this section.
2
The scheme must be open to some or all non-business debtors.
3
A scheme is open to a non-business debtor if it allows him to make a request to the scheme operator for a debt repayment plan to be arranged for him.
4
The scheme must provide that, if such a request is made—
a
a decision must be made about whether a debt repayment plan is to be arranged for the non-business debtor, and
b
such a plan must be arranged (if that is the decision made).
5
The scheme must be operated by a body of persons (whether a body corporate or not).
110Debt repayment plans
1
A debt repayment plan is a plan that meets the conditions in this section.
2
The plan must specify all of the debtor's qualifying debts.
3
The plan must require the debtor to make payments in respect of each of the specified debts.
4
It does not matter if—
a
the plan requires payments of different amounts to be made in respect of a specified debt at different times;
b
the payments that the plan requires to be made in respect of a specified debt would, if all made, repay the debt only in part.