Do I Need to Complete the Lenders Income & Expenditure Forms?

MattyW1121

So, I've got several credit cards that have now defaulted. A few of the debts have been sold to debt buyers (Lowels and Link). Others seem to have remained with the lenders themselves (Jaja and HSBC). I logged into Lowels portal and was able to set up a payment plan easily for £20 a montth. But when I logged into Jaja's portal it wouldn't let me set up a payment plan without first filling in their income and expenditure forms.

I really would prefer not to fill in their income & expenditure forms. I have worked out my own income and expenditure myself and worked out what i have to pay creditors and divided it proportionally so i know what I can afford to pay them. Is there a way I can persuade them to accept my payment plan without having to fill in their income and expenditure forms? Many thanks,

Isthisforreal99

Nobody can make you complete anything but similarly they don't have to accept what you are offering.

MattyW1121

Since I couldn't set up a payment plan without filling in their income and expediture form I have instead just set up a monthly direct debit to them and sent them an email saying that's what I've done. Is this the right thing to do? It shows I am making efforts to pay back what I owe, and presumably it will be reducing my balance. What usually happens in these situations - will they acknowledge I am making payments and then either accept or ask for more, or? I'm not sure what happens here. Is it just a negotiation until they accept a figure?

gwynlas

When I managed my own DMP I refused to complete thse forms telling them i had worked out what i could afford.

They always replied that it would be reviewed regularly but accepted payments anyway.

tigergambit

There is no requirement to fill out their payment plans if you don't want to. What is your strategy going to be regarding your DMP? If yu intend to carry on paying until you have paid everything then there is no point whatsoever in playing along with them.

If, on the other hand, you are aiming to make Full & Final settlements for a portion of the cost then it is worthwhile considering sharing some information with creditors which shows that you are struggling and establish a pattern which demonstrates to them that they will benefit from a settlement. If you want to go down this road then ask on here.

The choice is entirely yours.

SPM87

The answer is no. Do not give them anything, you dont need to prove you are struggling either. The less they know the better. I have had a 50% offer already by simply agreeing a small payment plan only a year gone since the default, I suspect they don't have the paperwork to enforce it.

When they ask for any I&E I simply offer them 1p a month until they agree to what I want.

It absolutely staggering the mindset of most consumers. You are not their employee and they do not own you or control you.

MattyW1121

My strategy, such as it is, was to wait for each one to default, then set up a low monthly payment for what I can afford and hope for a settlement offer sometime down the track (when hopefully I might be earning more money).

Something I'm not sure of - HSBC has defaulted - is it better to wait until HSBC sells the debt to someone else before I start making payments, or is it best to start payments while HSBC still owns the debt (it's being handled by Moorcroft).

I just wonder if there's more chance of getting a settlement offer down the line once the debt is sold. And as I understand it, HSBC is not that likely to take court action?

Rob5342

You don't have to fill the the income and expenditure forms, I didn't with Link and they just grumbled a bit and stopped asking. If they make too much fuss it can sometimes be easier to fill them in just to shut them up. They don't have to be accurate though, just make up something that sounds plausible and arrives at the figure you want so they can tick their "we've checked it's affordable" box

sourcrates

This gets asked time and time again on here, "do I have to do this?", "must I fill this form in?"

A few weeks in and you have already forgotten lesson number one, you are in control here, not your lenders!!

They have bought your debt for pennies in the pound, a massive discount that will never be available to you, so you owe these people nothing, so get yourself back to the default position that you are in control of your debts, not some 3rd rate debt collector.

But being belligerent isn`t going to get you what you want necessarily, so you provide them with figures that back up your case, for the amount you want to pay, use your loaf is what my dear old Mum used to say.

The figures you give them don`t have to accurately reflect your actual spend, you are not going to be subject to any kind of checks, so simply tell them what they want to hear, allow them to tick their little boxes, and give it no more thought than that.

RAS

And please do not set up a direct debit, ever.

Hopefully, you actually set up a Standing Order? These are safe as you choose the amount. DDs can be altered by the creditor?

SPM87

"But being belligerent isn`t going to get you what you want necessarily, so you provide them with figures that back up your case"

What evidence do you have for this? I send them nothing and I get agreements from them for each one I am choosing to respond to. I am living through it so I know exactly what can and cannot be done