Creditors and debt management.

cmc01

Is there anyone who can give me some advice. I have been handling my own debt management with companies i owe money to for the past 3yrs. Every six months everything is reviewed. Unfortunately, for one reason or another one company had requested my financial statement and i had been late getting it to them. Since then they have requested my bank statements, payslips and other information, and have never asked for this before. Are they entitled to receive these documents, as i had sent out my financial statement at the beginning of the month which it would seem they havent received it. What rights do creditors have over your personal financial affairs?

Please note, i have been ontime with payments to all those that i have made financial arrangements with in the last 3yrs.

Thanx

Leixlip1

I'm doing my own DMP and have had only one creditor, Capitol One, ask for proof of income, statements & arrangements. I sent then a very limited amount of info' - a payslip and copies of letters of agreement from some other creditors and they renewed my agreement virtually by return of post.
Creditors are not obliged to freeze interest/charges so I erred on the side of caution and wanted to keep Cap One happy. I have offered supporting info to other creditors (letters accepting payment/frezing interest etc) but no-one seemed interested when it came to review time.

cmc01

Hi Leixlip1, It was capital one that had requested this information. I have been on dmp with them for almost 3yrs now and is working pretty well. I have been able to renew the agreement every 6mths. My fault admittedly that i delayed sending the renewal for January, but i had eventually sent it back albeit 2mths late. I dont particularly want to send bank statements and payslips, as my situation has changed but not in a way that improved financially. So still, not sure how to respond to them.

Leixlip1

I guess it's down to how much you want o keep them on your side. If your financial situation has changed be upfront about it. Increasing fuel costs, mortgage, below infaltion pay increase etc have eaten into my disposable income and have meant that on a pro-rata basis payments to creditors have fallen - not bymuch but no-one has yet declined to re-new an arrangement and wherever possible I have left payments static.
Hope this helps.

rayday2

If you read on the national debt helpline website companies are not allowed to request any information like that. Just send them a statement of your income and expenditure with a letter saying that is all they are entitled to. If you are not using the national debt helpline budget sheet I strongly recommend it makes life a lot easier.

cmc01

Thank you! You have all been very helpful. I will definitely follow your advice.