Can someone please tell me

justheclothesonmyback

When creditors send you budget sheets to fill out (or statement of affairs), are you legally obliged to fill these in and return? Was filling out my M&S one that they sent me the other day and was just curious...

lynzpower

I wouldnt have expected that they'd be legally enforceable ( ie no fines/ custodial etc) but if you didnt how would you prove your position?

skylight

If they dont know your position, they cannot "help".

BUT, do not complete the ones the creditors send you! The tend to miss important bits, leaving you with more cash than you/they think! Go to the National Debtline (link above), there is lots of advice and forms to fill. They provide a good budget sheet and work out all creditors pro rata for you. Use this to make offers of payment to the likes of M&S and nothing else!

There is also lots of info about how to fill in the forms and what information you have to provide them - they (creditors) are only permitted to ask for the same as a court of law would ask for, ie. proof of income, but you do not have to provide to anyone proof of outgoings etc.

crawley_girl

I'm not sure that you are legally oblidged to do so. However, if you are looking to have interest frozen or reduce payments, then I can only see it to be in your best interest to comply with their requests as ultimately, they will be doing you the favour, so to speak.

Sorry if I sound hoity toity and righteous, I don't mean to be :rolleyes: :rolleyes:

:heartpuls CG :heartpuls

tyllwyd

I don't know, but it might be that the obligation is on the credit provider to send you the budget planner, so that they can prove to their regulators that they were acting responsibly by lending you X amount of money because according to your budget planner you can afford the repayments.

justheclothesonmyback

thanks all for your replies. as i said, was just curious about the legal position.
been paying regular amounts to creditors for 10 months now and thought things were settling down, but recently made unemployed, so had to contact them all with £1 token payments and so the whole thing has started again with the expenditure sheets, though some of them had reached a six month review anyway. it's just such a nightmare when they tell you to list all your other debts to other creditors, because I have just over 10, and also I honestly don't know how much exactly I owe - i do get credit card statements so know those, but i have 3 loans and they don't send you updates for those, so have to trawl through paperwork - all financial paperwork I bung in a folder and lock away in a drawer.
it seems to me that even filling out this form will tell them not much more than i already have in my letter explaining my current unfortunate circumstances that i included with my token. i.e. i'm broke, and beat. bills coming in thick and fast and not a peanut in to pay for the next month or 2 anyway, will be playing catchup even if, as i hope i can get some temporary work before finding anything permanent.
oh well, looks like i will be employed - for the next hour at any rate filling in those blasted forms - got another one today.
Actually, thanks charlotte 664, I think I will do the National Debtline one, did that before, it makes sense, I can just reprint it for the other creditors.
bye all, and thanks