can improve the CFT, with the objective of aligning best practice and uniformity. Trigger figures should be made available to creditors with the application, to assist with transparency. Where a debtor is self-employed it would be useful for creditors to be provided with a copy of the completed business sheet. The CFT no longer acknowledges that people are trying to deal with their debt in a management way. 9.3 Although the consultation did not ask about the Standard Financial Statement, some respondents outlined concerns about its introduction. Question 9(c): Have you encountered any issues with using the Common Financial Tool for DAS? Total Responses Organisations Only Yes 25 14 No 9 4 N/A 5 5 Comment only 1 1 Total 40 24 Money Matters, North Ayrshire have encountered issues around the – “Advisers contribution for benefit recipients who also have an occupational / private pension. This results in a higher contribution compared to someone with similar income (but with a different make up of state / private pensions).” Question 9(d): If you answered yes to question 9(c), what issues have you encountered? 9.4 Most respondents said that they had encountered issues with the CFT. Many of the issues were around entering information on to CFT on-line e.g. not being user friendly; and having to fill in all boxes even if zero and set as n/a. Other comments are summarised as follows: The triggers are unrealistic, should be less stringent. The CFT has become a barrier rather than a tool. Too prescriptive, lack of discretion. One respondent highlighted that debtors prioritise differently and the triggers do not allow for this. Too subjective e.g. around what could be described as “lifestyle expenditure”. Lack of flexibility for debtors that are paid 4 weekly; or where income fluctuates e.g. overtime, bonuses. Lack of availability to advise creditors when a payment shown on the CFT might end e.g. school fees. A box on the CFT to show the date a payment ends would be useful. Issues around including Disability Living Allowance and Personal Independence Payment in the CFT. Debtors are opting into repayment plans rather than being constrained by the CFT.
can improve the CFT, with the objective of aligning best practice and uniformity. Trigger figures should be made available to creditors with the application, to assist with transparency. Where a debtor is self-employed it would be useful for creditors to be provided with a copy of the completed business sheet. The CFT no longer acknowledges that people are trying to deal with their debt in a management way. 9.3 Although the consultation did not ask about the Standard Financial Statement, some respondents outlined concerns about its introduction. Question 9(c): Have you encountered any issues with using the Common Financial Tool for DAS? Total Responses Organisations Only Yes 25 14 No 9 4 N/A 5 5 Comment only 1 1 Total 40 24 Money Matters, North Ayrshire – “Advisers have encountered issues around the contribution for benefit recipients who also have an occupational / private pension. This results in a higher contribution compared to someone with similar income (but with a different make up of state / private pensions).” Question 9(d): If you answered yes to question 9(c), what issues have you encountered? 9.4 Most respondents said that they had encountered issues with the CFT. Many of the issues were around entering information on to CFT on-line e.g. not being user friendly; and having to fill in all boxes even if zero and set as n/a. Other comments are summarised as follows: The triggers are unrealistic, should be less stringent. The CFT has become a barrier rather than a tool. Too prescriptive, lack of discretion. One respondent highlighted that debtors prioritise differently and the triggers do not allow for this. Too subjective e.g. around what could be described as “lifestyle expenditure”. Lack of flexibility for debtors that are paid 4 weekly; or where income fluctuates e.g. overtime, bonuses. Lack of availability to advise creditors when a payment shown on the CFT might end e.g. school fees. A box on the CFT to show the date a payment ends would be useful. Issues around including Disability Living Allowance and Personal Independence Payment in the CFT. Debtors are opting into repayment plans rather than being constrained by the CFT.
accountant_in_bankruptcy_-_debt_arrangement_scheme_consultation_2016_-_summary_of_responses.docx