How creditors use the common financial statement
The FCA’s Consumer Credit Sourcebook (CONC) is the specialist sourcebook for credit-regulated activities. It states that a creditor should pay regard to provisions in the CFS and use them when considering the client’s repayment offer.
What will consumer creditors accept?
Creditors are advised by the Lending Standards Board to accept the CFS if received from a debt adviser with the authority to act on behalf of their client. If repayment offers based upon expenditure fall within the trigger figures, they should not challenge them unless they believe the information in the common financial statement is incomplete or inaccurate.