DMP, Capital One want proof of income, do I have to provide it?

Reggie_Kray

We're a few weeks into a self-managed DMP and so far all is going well, over half of our creditors have accepted our proposals and frozen interest/charges.
We've had a letter from Capital One asking us to complete their own I&E form (we had supplied a CAB one that others have accepted) and also asking for pay slips and bank statements. I do not want to provide bank statements and I'm self-employed so I don't have pay slips, has anyone else been in this situation? Shall I just tell them I'm not prepared to provide that info? Do I need to give reasons?

rizla_king

Dear Crapital One. You have already received my income and expenditure statement compiled by CAB under the principles of the Common Financial Statement. As you are aware FCA and previous OFT rules require you to pay regard to such a statement. If you continue to refuse to do so then I shall be reporting you to the FCA and taking the matter to the Financial Ombudsman.

Karen777

What he said ^

FireWyrm

Tell them to jog on with their wildly impertinent questions. You have supplied all they are going to get. You are not required to comply with their 'requests'.

Hanky_Panky

Do you want them to accept your arrangement ?

If you don't then tell them to jog on. If you do however a bit of cooperation may be necessary. Just because you might have a CAB I&E using the common financial statement figures doesn't mean you don't have to back up what you claim.

Reggie_Kray

Erm, so do I have to back up what I claim? Thanks for all the replies, but which of you is right?

HappyMJ

Reggie_Kray wrote: »

Erm, so do I have to back up what I claim? Thanks for all the replies, but which of you is right?

Everyone is right. You don't have to back up what you claim and anyway being self employed it isn't exactly easy trying to prove profit figures from what would appear to be cashflow figures on a bank statement. They also don't have to accept your proposals for repayment but as you have the support of the CAB behind you then they really should. I'd just write back saying I'm self employed on a low income and bank statements do not show my profit figures....as well as what rizla said.

chanz4

Its a two way street, you want help from them if your bank shows a low figure why not? Its to worm out those that cant be bothered to pay with cash in the bank

FireWyrm

chanz4 wrote: »

Its a two way street, you want help from them if your bank shows a low figure why not? Its to worm out those that cant be bothered to pay with cash in the bank

Up to an extent. However, the OP has already stated that they have supplied an I/E sheet compiled by a recognised DMP charity which is sufficient for the purposes and they are required to consider the evidence supplied. Additional requests for I/E in their own format along with bank statements and his jock strap size are impertinent and should be treated with the contempt they deserve.

Hanky_Panky

FireWyrm wrote: »

Up to an extent. However, the OP has already stated that they have supplied an I/E sheet compiled by a recognised DMP charity which is sufficient for the purposes and they are required to consider the evidence supplied. Additional requests for I/E in their own format along with bank statements and his jock strap size are impertinent and should be treated with the contempt they deserve.

Some lenders will let you get away with that but some won't. As has been said now many times on this subject it's a two way street.

Arwen

rizla_king wrote: »

Dear Crapital One. You have already received my income and expenditure statement compiled by CAB under the principles of the Common Financial Statement. As you are aware FCA and previous OFT rules require you to pay regard to such a statement. If you continue to refuse to do so then I shall be reporting you to the FCA and taking the matter to the Financial Ombudsman.

You are actually correct! 3.9(d)of OFT Guidance on Debt Collection states that "contacting debtors directly and bypassing their appointed representatives, without permission from the debtor or his representative, unless there is an objectively justifiable reason for doing so" is an example of an unfair business practice.

What justifiable reason is there to contact you when the CAB have provided all the information???????