financial statement wanted by Restons solicitors for Cabot

[Abisyana]

Restons have said that their client Cabot is prepared to deduct 1k from the bought debt they have. They say that I can pay by installments but want all my personal details inc financial details in great depth. I am prepared to accept their offer on the repayment basis of £100 per month but Im very reluctant to provide all the details they require. Surely a simple total of expenditure and income would be sufficient. Can they make the offer and demand the completion of this form ?

[Amethyst]

They are obliged to check that the amount offered is affordable long term for you and they use the Standard Financial Statement to check this. They can't demand you complete the SFS but may only accept a discounted full and final settlement without it rather than installments. Have you told them you are prepared to accept their settlement offer at £100 a month to see what they come back with ? Is £1k a decent discount on the original debt amount ? (ie if it's a £10k debt then £1k discount isn't a great offer, but if it's £3k it's a decent offer )

You could do your IE sheet with CAB or Stepchange and use the calculated pro-rata figures from that to make your offer and inform Cabot that's what you have done, so they then shouldn't require you to complete a further SFS for them.