CCCS BUDGET GUIDELINES 2014 PDF

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Creating a common standard of financial assessment for advisers in the private, public and third sectors to use throughout Scotland is contained within the Bankruptcy and Debt Advice Act — the bill received Royal Ascent on 29 th April The Common Financial Tool Working Group CFTWG was set up to consider the two existing tools, and they were also asked to explore if there was any merit and particular advantages in developing a Scottish-specific tool.

The potential solutions were analysed using a sample of 50 current cases. For each case, the funds ingathered over a 48 month repayment period were assessed. The findings highlighted only marginal differences in realisation between the tools and the practical pros and cons of each tool were also scrutinised.

It was concluded that developing a Scottish specific tool would offer no real advantages over the two existing solutions which were already available.

What is the Common Financial Statement? The main purpose of the CFS is to facilitate a discussion between the adviser and the debtor in order to develop a sustainable repayment plan which not only gets the best return for creditors but also provides the debtor with the best opportunity for financial and in number of cases lifestyle rehabilitation — and to break the cycle of debt once and for all.

Fixed expenditure categories such as rent and mortgage payments do not have a trigger figure as spending on these items varies widely from household to household.

The CFS trigger figures are reviewed annually and published in April. Interim changes to the figures may be made if there is a significant increase within any expenditure category.

Trigger figures should not be disclosed to anyone without a CFS licence, nor should they be disclosed to the general public, or used as financial or debt repayment targets. If trigger figures are exceeded by debtors reasons have to be provided. The licence is available free of charge from the Money Advice Trust.

During the analysis, it was found that trigger figures were breached more by those using the StepChange budget guidelines than those debtors who engaged with the CFS tool. Other reasons included:. The Bankruptcy and Debt Advice Scotland Act gives Scottish Ministers power to specify a common financial tool and the secondary legislation which is currently being drafted will provide the detail of the CFS tool and how it will operate. Money advisers will be required to use the CFS with clients to assess surplus income and verify income and expenditure prior to entry into a statutory debt solution.

The AiB are currently considering how a provision for savings can be included in the regulations and we will also develop guidance in addition to the Money Advice Trust CFS guidance, which will be specific to Scottish statutory debt solution DAS. The trigger figures will be built in to the new AiB case management system. Why was the CFS selected? Other reasons included: Financial rehabilitation — the CFS tool allows debtors to set money aside for unexpected events.

Any changes to the CFS trigger figures are approved by the sub-group. AiB is now a member. The CFS structure and uniformity encourages a consistent response from creditors, and reduces queries. The majority of money advice services currently using the CFS, and therefore are already familiar with the rules and the software.

During the consultation we received 25 responses in support of the CFS, and only 4 in support of the StepChange model.

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Cccs budget guidelines

Creating a common standard of financial assessment for advisers in the private, public and third sectors to use throughout Scotland is contained within the Bankruptcy and Debt Advice Act — the bill received Royal Ascent on 29 th April The Common Financial Tool Working Group CFTWG was set up to consider the two existing tools, and they were also asked to explore if there was any merit and particular advantages in developing a Scottish-specific tool. The potential solutions were analysed using a sample of 50 current cases. For each case, the funds ingathered over a 48 month repayment period were assessed. The findings highlighted only marginal differences in realisation between the tools and the practical pros and cons of each tool were also scrutinised. It was concluded that developing a Scottish specific tool would offer no real advantages over the two existing solutions which were already available.

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Common Financial Statement: One standard for all

The budget guidelines allow us to work out what you can afford to pay each month in an IVA. They are designed to cover all expenses so that your IVA payment will be as accurate as possible, whilst also being fair for both you and your creditors. Priority expenses are considered as important expenses in your monthly budget. They can be variable and need to be kept within your control. Priority expenses would include items such as your monthly mortgage payments or, if living in rented accommodation, your monthly rent. Also, any monthly HP payments on a vehicle you might have.

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Reasonable Housekeeping Budget for Debt Management

Understanding your housekeeping budget is critical before starting a Debt Management Plan. It is a significant part of your total living expenses. Want help to start a Debt Management Plan? Give us a call or complete the form below to speak to one of our experts. Your housekeeping budget is the amount that you spend on food and other household essentials such as toiletries and cleaning products. It is not normally a fixed each month and so can be difficult to quantify.

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