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Spending calculator re-launched - 16/06/2008

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  • Spending calculator re-launched - 16/06/2008

    Credit Today





    The credit industry and money advice sector have today launched an improved version of the Common Financial Statement.

    The Money Advice Trust (MAT), the British Bankers’ Association (BBA) and the Finance and Leasing Association (FLA) have worked together on the re-launch, which standardises the way money advisers and creditors communicate with each other about repayment offers. It aims to help more people in debt resolve their difficulties more quickly and easily.

    First introduced in 2002, expenditure is measured by advisers against agreed trigger figures for categories of discretionary spending (drawn from the Office for National Statistics data for household expenditure) and comment made where the trigger figures are exceeded.

    Following consultation with money advisers, advice agencies, creditors and government the statement will now have four trigger headings going forward – telephone, travel, housekeeping and other. Expenditure lines for pets, health, mobile and repairs/maintenance will be reallocated. Many of these had low total values and were hard to justify as stand-alone headings

    In addition a ‘child multiplier’ will be introduced so that expenditure can be matched to actual child numbers in a household rather than an assumed average under the current system. Furthermore, children will be split into two age bands (up to 14 years and over 14 years) with different expenditure allocations.

    A specific car expenditure allowance under the travel trigger figure will also be included.

    Kevin Still, director of Eurodebt welcomed the move. He said: "Recent reports have highlighted that debt is now hitting people hard across all social groups. This means that it’s more vital than ever that there are some common benchmarks regarding living expenses for those wanting to recover debts and those trying to help indebted consumers.

    "The revised Common Financial Statement will provide that benchmark and, as long as creditors apply some level of flexibility to take into account the recent unavoidable increases in household expenditure, then it should enable EuroDebt and others to be able to help more individuals."
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  • #2
    Re: Spending calculator re-launched - 16/06/2008

    Welcome to the Common Financial Statement

    A partnership approach to dealing with debt.


    Please click one of the links below to access the right information for you about the common financial statement (CFS).
    What is the CFS? – a general guide
    For those who would like a general overview of the CFS.

    The CFS – a guide for money advisers
    For money advisers who are using the CFS or would like to find out more about it.

    The CFS – a guide for creditors
    For creditors who are supporters of the CFS or would like to find out more about it.

    Licence agreement application
    For money advisers who would like to use the CFS and wish to apply for access to the trigger figures.

    The CFS budget forms and preparing a financial statement
    An excel version of the CFS (trigger figures will not be visible unless agency signed up to licence agreement).

    Guide to working out your budget
    This step by step guide can be printed and handed to money advice clients who are preparing the first draft of their budget.
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

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