Information Giving...

[Admax]

I've been thinking about my initial contact with my creditors which should begin next month when I start defaulting.

I had assumed that I would need to provide them with a comprehensive income/expenditure in order for me to negotiate some kind of arrangement.

However, whilst browsing these forums the other day, I came across a post from someone who said he would only ever give income/expenditure information if it was court ordered.

What's the general consensus on this issue?

[SeeSaw]

Re: Information Giving...

Hi Admax

I personal will not be providing IE, all the debts are my OH. The most they will get out of me £1 per a month if that.

SeaSaw

[swanfan]

Re: Information Giving...

I've been thinking about my initial contact with my creditors which should begin next month when I start defaulting.

I had assumed that I would need to provide them with a comprehensive income/expenditure in order for me to negotiate some kind of arrangement.

However, whilst browsing these forums the other day, I came across a post from someone who said he would only ever give income/expenditure information if it was court ordered.

What's the general consensus on this issue?

Pretty much what you've read, no need to give them any I/E. You're telling them your current position, if they don't like it tough bollocks...

[Admax]

Re: Information Giving...

Pretty much what you've read, no need to give them any I/E. You're telling them your current position, if they don't like it tough bollocks...

But does it not make it much more difficult for a creditor to accept a payment arrangement if they're not shown an IE?

[swanfan]

Re: Information Giving...

But does it not make it much more difficult for a creditor to accept a payment arrangement if they're not shown an IE?

I sent loads of them when i first got into difficulties, the replies ranged from 'It's not enough,' to 'Please call us to discuss this,' or no reply at all. Whatever you offer, they try and get more. Out of 5 creditors only 1 took any notice.

[oscar]

Re: Information Giving...

I sent loads of them when i first got into difficulties, the replies ranged from 'It's not enough,' to 'Please call us to discuss this,' or no reply at all. Whatever you offer, they try and get more. Out of 5 creditors only 1 took any notice.

Agree with Swanny - dont know if MBNA are one of your creditors, but they are one of the worst for this line

[SXGuy]

Re: Information Giving...

Dont confuse payment arrangement, with them accepting your offer of repayment based on what you tell them you can afford, the two are very different from expierence.

A few credit cards have accepted £1 per month because they believe that is all my mother can afford, either based on her I & E or just from her stating facts.

But that doesnt mean they have agreed a payment arrangement.

Some credit cards allow a "payment arrangement" providing you pay what they say to be the min amount allowed, depending on balance it can be around £30 to £40 per month.

On the other hand, i have seen some credit card companies agree to £1 per month as a payment arrangement as well.

But, i have also had some credit card companies tell me when queried, that although they accept £1 per month as being all my mother can afford, it did not comply with the amount to pay each month to be able for them to agree a "payment arrangement"

This means, that they have no choice but to accept £1 per month, but at the same time, they can and will, send you a default notice, and demand letters for the arrears.

This wouldnt happen under a payment arrangement.

So When people tell you, dont send an I & E form, i can see their point, it may not get you anywhere. And if your going down the UE route, you would want to be defaulted as soon as possible. So in my opinion, your best option is to not send them anything, and just keep stating all you can afford is £1 per month.

Agree with Swanny - dont know if MBNA are one of your creditors, but they are one of the worst for this line

Yep, i had to write 2 letters before MBNA agreed anything, its UE now of course

[jon1965]

Re: Information Giving...

Personally i think it depends on what your income is. I certainly wouldn't do a comprehensive one. As I am on benefit I did a very basic one and ended it by saying "see I have no money to pay you please accept nothing for 6 months" some have said yes, some have said we accept £1 and some are being arses.


It's when you do comprehensive ones that you start getting stupid comments like cancel sky, you can eat for less than that, you pay too much for elec and all that.

Oh i am rambling again

[SXGuy]

Re: Information Giving...

if any of them start with the, cancel sky, wear warm clothes, them REPORT THEM.

They can not tell you to do this.

You are allowed to have sky as part of your expense, as well as gas and electric, they all take priority over credit cards.

[clueless24]

Re: Information Giving...

Liberation day looms.
Just wanted to wish you luck for tomorrow it is with out doubt going to be a tough day, be strong and hold your head up high walk away knowing you did your best.
Share a very large glass of something and say goodbye to the past, tomorrow is the start of the rest of your lives.
Very best wishes to you and your wife xxx

[BBoo]

Re: Information Giving...

Totally disagree with most of the above!

If anyone wants a DMP accepted in difficult circumstances, while there is no obligation to provide an I&E form, it is a fact that a DMP is much more likely to be agreed if one is supplied voluntarily.

Added to this, if one uses the Common Financial Statement (CFS), there is a significant pressure on creditors to accept any offer made backed up by the CFS.

Similarly, if anything ends up in court, the very fact that the debtor has tried to reach an agreement with his/her creditor using the CFS is likely to stand them in very good stead. It is the CFS the court will use for determining what the debtor can afford to pay each month.

In my opinion, if it is clearly to your advantage to supply the CFS, then do so voluntarily. Why wait to be ordered by a court to supply it when you can avoid court by supplying it voluntarily?

If some idiot DCA insists on a full I&E to be completed, tell them to go forth and multiply!

[Admax]

Re: Information Giving...

Liberation day looms.
Just wanted to wish you luck for tomorrow it is with out doubt going to be a tough day, be strong and hold your head up high walk away knowing you did your best.
Share a very large glass of something and say goodbye to the past, tomorrow is the start of the rest of your lives.
Very best wishes to you and your wife xxx

Thank you clueless...

You don't know how much that sentiment means to my wife and I at this present moment in time xxx

I will update my blog when the doors close tomorrow and keep everyone updated on the forum when the creditors begin to circle

[Admax]

Re: Information Giving...

If some idiot DCA insists on a full I&E to be completed, tell them to go forth and multiply!

Out of interest Bboo, why do you exclude DCA's in your reasoning?

[jon1965]

Re: Information Giving...

My concern about using the CFA is that in order to access it you have to go to a debt advice charity or organisation (or so the website says)
However it is a format and from my understanding it is not that complex , i.e basic income sources and expenses under different heasings, Far less details than the green site.
I am all for completing as basic I&E that is similar to the form you would fill in at court, Some DCA's and PDL's ask for intrusive I&E's that include for example, equity in home, value of assets etc etc and for an unsecured loan this , in my opinion is wrong.

Does anyone have a link to a blank CFS, or a form in the style of

[BBoo]

Re: Information Giving...

I don't necessarily exclude them, it's just they are a good example of people who often demand (and I use the word demand intentionally) an I&E when they have no right whatsoever to do so, and there is no reason to supply them with one.

To my mind, having come across this question hundreds of times before, it's a case of let common sense prevail. If it is going to be to your benefit, supply it; if it is going to be to your detriment, don't!

One thing I know as fact is you are very very unlikely to find any formal organisation to help you with a Debt Management Plan without completing a CFS, or their own equivalent thereof.

People don't object to a credit check when buying something expensive. Why object to giving similar information when asking for 'reduced credit'? Just as with the former it is reasonable, and accepted, that you need to prove your ability to repay a loan, so I believe it is reasonable to prove you cannot, so want reduced payments.