Financial statement if about to retire?

Diddidi

Hi - am hoping someone can help. I've just made an offer for a full and final settlement for an old mortgage shortfall debt. However, the creditor is now asking for an income and expenditure breakdown before considering their response. I'm about to go into early retirement within the next couple of months (which is the reason for making the full and final settlement). I'm concerned that any information I give them now would not reflect my true situation in a few months as I would no longer be employed. Any ideas on the best way to move forward on this one? Thank you!

-taff

Can you wait and offer in a couple of months? Or a month using your predicted income?

Diddidi

Unfortunately the offer has already been made... which is why they came back and asked for the income and expense breakdown.

January2015

Diddidi wrote: »

Unfortunately the offer has already been made... which is why they came back and asked for the income and expense breakdown.

I would just go break with I&E using retirement income. I've never been asked for income evidence when making F&Fs and even if they did I wouldn't provide it.

Just put salary '£0 and Pension income as whatever you anticipate it is going to be on the I&E

sourcrates

A simple letter telling them, what you have told us, will be sufficient.


The only reason they have asked for this is because they must check the offer you have made is affordable to you, if they think you cannot afford it, it will be refused.


New FCA rules have to be complied with, so telling them your income will soon reduce and this is a one time offer, is actually in your own interests.

Diddidi

Thank you January and Sourcarates for your advice....will give it a try and hope for the best