If you’re subject to a Proceeds of Crime Act (POCA) confiscation order, and you’re unsure about how to make payments towards your debt, this guide will walk you through the process.
What is a POCA debt?
The Proceeds of Crime Act (POCA) 2002 empowers UK courts to issue a confiscation order upon convicting you for certain criminal activities. POCA debt refers to the repayment of the total extracted money directed by the court via the confiscation order.
Monthly Payment Options
When it comes to repayment, there are two main options to choose from:
Opting to pay in full offers a quicker way to clear your debt, but may not be feasible for everyone. That’s where a monthly payment plan comes in.
Setting up a Payment Plan
If paying total debts upfront isn’t feasible, a monthly repayment plan is the next viable option. Here’s how you can set it up:
Managing Your POCA Debt
It’s essential to keep on top of your payments and keep in regular contact with your financial investigator or the court. If your circumstances change, notify them immediately.
Understand that falling behind with payments can have severe implications like additional fines or even jail time.
Hardship Applications
You may apply for a hardship payment if you’re unable to meet your minimum debt payment due to financial hardship. The court takes into account your income, essential expenses, and arrears before making a decision.
Conclusion
Repaying a POCA debt can seem daunting, but there are options available to help you manage it in a structured way. Prioritise making regular payments and staying in touch with your financial investigator or the court. If you’re struggling, consider applying for a hardship payment.
Please note, while this guide is intended to be helpful, it’s not a substitute for legal advice tailored to your unique circumstances.
