CCA Request

[chris260483]

Re: CCA Request

i have sent them an I&E which shows them i am in - £20 per month already which will now be -£22 with their £2 per month.

[chris260483]

Re: CCA Request

what is a CFS compliant I&E?

[chris260483]

Re: CCA Request

they havnt sold my debt on and it was defaulted in 2009

[FlamingParrot]

Re: CCA Request

ok ill continue to pay £2 per month until i am contacted from them or hopefully the debt is sold on

That sounds like a plan! :high5:

i have sent them an I&E which shows them i am in - £20 per month already which will now be -£22 with their £2 per month.

In which case, you can safely ignore our little discussion.

they havnt sold my debt on and it was defaulted in 2009

That's what I meant by saying creditors behave unpredictably, mine were defaulted Jan 2010 and not sold either. :ohwell:

[FlamingParrot]

Re: CCA Request

what is a CFS compliant I&E?

I will answer this question fully purely for reference, looking at your posts above, I don't think you need to worry about this. :thumb:

CFS stands for Common Financial Statement, intended for use by advisory services, debt charities and the CAB rather than the general public. See this for reference: http://www.moneyadvicetrust.org/section.asp?sid=14

The Common Financial Statement (CFS) is a budgeting tool that can be used by advice agencies and other third party organisations to make debt repayment offers to creditors on behalf of clients. It provides a detailed budgeting format to provide an accurate overview of a person's income, expenditure, assets and liabilities.

A CFS compliant I&E means an Income & Expenditure (I&E) form that meets the requirements of the Common Financial Statement (CFS) mentioned above. The CFS is based on Trigger Figures which represent allowances for household expenditure: http://www.cfs.moneyadvicetrust.org/faqs.asp?page_id=37

The trigger figures represent pre-agreed levels for certain areas of discretionary household expenditure. The trigger figures help identify levels of monthly expenditure deemed reasonable when completing the CFS. You will not need to explain the financial statement to creditors unless the trigger figures are exceeded.

These figures are not available to the general public so you'd need to go through a licensed charity or organisation to use them, however, there is an online budgeting tool here: http://mymoney.nedcab.org.uk/moneyad...ickfsintro.asp

[charitynjw]

Re: CCA Request

what is a CFS compliant I&E?

Chronic Fatigue Syndrome.

& you've misspelt 'complaint', btw!



(Jokin', Ms Parrot! :behindsofa

[chris260483]

Re: CCA Request

i have just received a I&E from credit security (collection people for lloyds), ill fill it in and show them im in minus each month

[chris260483]

Re: CCA Request

so just to clarify, my best course of action is pay £2.00 per month until the debt (hopefully) is sold on to a DCA and then negotiate with them.

Keep any monies i have in my bank and earn interest on this.

in theory i could raise the funds to pay the whole amount due but they have already defaulted me so if i pay £15500 or an agreed lower amount it wont make a bit of difference to my CRF and will come off 6 years after the default (2015).

[FlamingParrot]

Re: CCA Request

so just to clarify, my best course of action is pay £2.00 per month until the debt (hopefully) is sold on to a DCA and then negotiate with them.

Keep any monies i have in my bank and earn interest on this.

in theory i could raise the funds to pay the whole amount due but they have already defaulted me so if i pay £15500 or an agreed lower amount it wont make a bit of difference to my CRF and will come off 6 years after the default (2015).

You are correct on all the above! :thumb:

...only I hope the £15,500 is a typo and you mean £1,550! ray:

[labman]

Re: CCA Request

Just so the OP knows, I run a Debt Advice Charity, so I guess inevitably I come at it from a different perspective.

I've often found that the I&E forms sent by organisations are skewed to maximise your disposable income from their point of view, and a CFS compliant one actually makes you worse off as it is far, far more detailed. Sometimes it works that way, sometimes not.

The other time going through a FREE debt organisation (NEVER pay) can be helpful is if you're having difficulty getting a creditor to accept your offer, or you simply can't handle the mail keeping on coming.

TBH you sound as though you're well under way and know where you are going. Remember you can always reduce to £1 a month if you're finding things tight.

[chris260483]

Re: CCA Request

the debt is £15500 on a credit card

[Inca]

Re: CCA Request

Fifteen thousand five hundred and fifty pounds?

[chris260483]

Re: CCA Request

yes correct

[Inca]

Re: CCA Request

yes correct

Thankyou .....0's can be very confusing

[labman]

Re: CCA Request

I just want to get shot of the debt and then when it comes off my CR in 2015 i can forget it ever happened

Given what you've said here, along with what you've said about genuinely only being able to pay £2 pcm to service the debt, I can see no reason to do anything different to what you're doing. The only thing to realise is that if this is all you can afford, unless circumstances change, you won't be building a pot to be in a position to offer a higher F&F. That doesn't matter per se, as the debt will be diminishing and the longer it goes on the more likely they are to accept what you have put away.