Income and Expenditure Forms

[Ruby]

Hello everyone! Its been a while ....

I am trying to negotiation reduced settlements for two old accounts that were defaulted years ago but are not Statute barred. Why do the companies in question demand an income and expenditure form? Perhaps the cynical in me, is it to see how much more money they can squeeze out of me or is there valid FCA or other legal reason?

[Weatherman]

Hi Ruby

They demand the income and expenditure form to make sure you're paying what you can afford.

There's no FCA or legal requirement, but an understandable commercial interest in making sure if they're writing off some of your debt, that they don't write off money they could have got back! You could interpret that as 'trying to squeeze more money out of you' or as 'trying to make sure you're not trying to get out of paying a debt that you owe'.

If they're refusing to accept your I&E for any reason, you might have more luck if you put one together with a debt advisor, e.g. Stepchange or National Debtline.

Good luck!