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OFT to enforce Common Financial Statement (CFS)

The October 2011 edition of the OFT debt collection guidance has just been released, and for the first time places an insistance on all Consumer Credit Licence holders to accept offers made via the principles of the CFS, or provide substantial reason as to why not.

The CFS is used by the debt advice industry to calculate an affordable offer to creditors based upon reasonable allowances for expenditure.

This is a massive boost for debt advisers, as now, if offers via the CFS are not accepted, then a formal complaint and FOS action could, (would) follow.

Potentially now, we see that we could stop (perhaps adjourn) court action if taken after a payment offer via the CFS has happened and been rejected / ignored, and could even stall a creditors bankruptcy petition for creditors other than issued by HMRC or other non licence holders.

It is a superb new tool in the debt advisers box.

DD
Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***

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