Cabot financial

Emmel

Self managed DMP.

have debt which is now managed by cabot. I didn’t fill in an SAO when i set it up 12 months ago. They now have been in contact a few times saying i have 30 days to complete a review. I have no intention on filling in an sao if i can avoid it. Does anyone know if it’s necessary?
thanks

fatbelly

It's traditional with a debt management plan to give them a financial statement showing your income, expenditure and therefore surplus income.

Then a list of debts showing pro-rata distribution of that income

Start with the figure you want to pay Cabot and work backwards

sourcrates

Basically show Cabot the figures they want to see in order to show your payment is what you can afford.

That way everyone is happy.

Emmel

Do they need to see payslips? Do I include household spending, clothing, haircuts etc in this list?

I may be wrong but I thought it was a case of giving them what I can afford and not needing to submit any documentation as such, like me being in control of what i pay and not them dictating if that makes sense

sourcrates

No, not payslips, your missing the point, it is a case of you just paying what is affordable, all you have to do is spend 5 mins writing up some jackanory to back it up.

Any old budget figures will suffice, its Cabot we are talking about, not HMRC or anyone important, make up a list of income and expenditure and send that, as I said before, then everyone is happy, yes.

lillypoo

Following this Emmel as I'm just begind you with Cabot 

Hope you manage it ok

Rob5342

You dont have to fill in an SOA, but spending a few minutes making one up that fits your payment to keep them off your back may be lese hassle overall. They just need something so they will press the stop nagging button. 

sourcrates

Rob5342 said:

You dont have to fill in an SOA, but spending a few minutes making one up that fits your payment to keep them off your back may be lese hassle overall. They just need something so they will press the stop nagging button. 

Exactly this, under FCA guidance, they have to make certain any payment you offer is (A) reasonable, and (B) affordable, so give them something and they will leave you alone.

Emmel

sourcrates said:

No, not payslips, your missing the point, it is a case of you just paying what is affordable, all you have to do is spend 5 mins writing up some jackanory to back it up.

Any old budget figures will suffice, its Cabot we are talking about, not HMRC or anyone important, make up a list of income and expenditure and send that, as I said before, then everyone is happy, yes.

Thanks Sourcrates, that makes perfect sense

lillypoo

Did you manage to get this sorted @emmel?