Information Sharing...

[Arkwright]

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 some 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?

[labman]

Re: Information Sharing...

Hi Arkwright,

The answer to your question is fairly simple actually. It depends what the I&E is for.

It is perfectly true that only a court can order you to complete an I&E form. If a DCA contacts you insisting on one, it is usually unwise to supply it. However, if you are trying to come to a sensible repayment plan which you want your creditors to accept, it is sensible to supply it.

There are those who say you should never do so, but to be honest they're living in cloud cuckoo land. It is unreasonable to expect any creditor to accept an offer, especially a very low one, without being able to see that the offer is realistic based on your incomings and outgoings..

As you plough the Internet, and you may find some on this forum, you will find the full spectrum of views, and the one you are questioning is a fairly widely held one. Common sense has to prevail though. If you are being asked for it by someone who has no right to it, refuse. If you are supplying it voluntarily to achieve something which will help you, supply it. It is highly unlikely any creditor will agree a repayment plan without seeing your I&E - why wait for a court to order you to supply it, when you can avoid court by keeping one step ahead of the game? :beagle:

[Arkwright]

Re: Information Sharing...

Thanks Labman

Makes perfect sense to me to provide if I'm planning to offer £1 month to someone.

Did you get my e mail?

[labman]

Re: Information Sharing...

Yes I did thanks!