IPAs are changing
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ToxtethO'Grady wrote: »https://sfs.moneyadviceservice.org.uk/en/
It has been coming for a few years and there is some talk of it being rolled out to all financial institutions even debt collection agencies.
As Debt Doctor said it's effects might not be felt for a while however it does mean that all organisations will be expecting the same figures. It has a part for savings and planning ahead that has to be put in.
As with all changes it's swings and roundabouts
Hi Toxteth
I know & respect what you are saying
It has been coming a few years and over this time I have been close to it & involved in a many discussions and debates with the people 'putting it together' so to speak
The CFS basically does and did the same job
The savings element has been much touted and in theory is a good idea, course it is, but if the real world bottom line numbers stay the same or are actually worse then it can just be basically juggled figure nonsense for many.
The idea of having a universal set of figures is absolutely sound but reducing the allowance trigger figures as compared the CFS is hardly a positive step in my opinion and as I have already asked who benefits from this? - not people in debt - the debt collectors yes & others with financial interest maybe
If this means people are going to struggle in debt plans or not be able to access solutions as they could previously then that speaks for itself.
Many of the past headlines and articles of concern were just the usual script read propaganda & smokescreens. The silence from certain of these quarters is deafening once again
My take as always
DC0 -
Totally agree and I think the FCA want a 'one-size-fits-all' scenario and trying to reduce the bad debt financial institutions are carrying. By consumers going through insolvency it means those institutions can write off the bad debt. By having a standardised budget it means the advice given will be streamlined and if advice with the free debt advice agencies is not for someone, any other institution they talk to will be looking at the same figures.
Hobsons choice then isn't it? "you have x amount available so you should pay x amount"...if it goes to CCJ same again.
However with everything the 'just-getting-bys' will feel it most as their options become more limited. The FCA is hoping they'll be no more balancing priority bills and unsecured lending payments
As with everything my very simplified version of why this is coming about and someone else will obviously have more a of an idea of it.0 -
Hi Toxteth
Yes, fair comment
Again & just out the box so to speak I did hear earlier in the week that a certain debt advice company where finding the SFS a bit of a challenge with regard to its introduction.
We will no doubt hear more as the SFS is gradually 'phased' in.
Many of us have been and still are asking what was really wrong with adopting the CFS? - on looking at the SFS trig figs 'some of us' think we know the answer to that one:)
As always with these things.. time will only tell
Best Wishes
DC0 -
i have been declared bankrupt after my business went into liquidation, we were not paid for a large contract we were carrying out and unfortunately signed a personal guarantee with a supplier, they in turn decided to pursue this debt which we could not pay.
since i have been made bankrupt i have been offered a permanent job which would leave me with a large surplus of income. mainly due to the mortgage being in the wifes name along with other credit we have for the cars .
as i understand it with the new IPA arrangements they would take all of the surplus income and leave me with £20 a month after i have paid debts. at the moment we have not been asked to enter an IPA but if we do get asked then i would be paying a large amount of money for the next 3 years . if i am not working i would unlikely be asked to go into a IPA0 -
Hi, if you have a surplus of £20 or over they could take the whole of the £20 in an I.P.A not over the £20.0
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i would have surplus of £3,000.0
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Where do former BR's stand with this? I've got an IPA in place til November 18 but I'm not paying anything at the moment as my IP deemed I didn't have any surplus income and my creditors no longer have an interest in me.0
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Brandnewstart79 wrote: »Where do former BR's stand with this? I've got an IPA in place til November 18 but I'm not paying anything at the moment as my IP deemed I didn't have any surplus income and my creditors no longer have an interest in me.
AFAIK, there's no re-assessment going on.
If DC is still subscribed, I'd be interested to know what was behind 'The silence from certain of these quarters is deafening once again'0 -
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So those organisations that have invested heavily in CFS?
FLA, BBA and MAT?
I am personally disappointed that CitA appear to have rolled over without comment re SFS, CIA, accreditation and peer review - all over the past year. All causing stress at work at the moment0
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