Using the CFS

This section covers who can use the CFS and when it should be used in negotiations.

  • Q:What are the best practice checklists?

    A:

    The CFS best practice checklists aim to clarify communications and encourage best practice around CFS offers. They were published on the 4th May 2010 and are a result of partnership working between AdviceUK, British Bankers’ Association (BBA), Citizens Advice, and the Finance & Leasing Association (FLA).

    There is a creditor checklist and an adviser checklist, giving specific guidance on dealing with CFS offers. The anticipated benefits of improving communications are universal, including benefits for all involved:

    • Clearer communication will remove the need for additional correspondence asking for clarification or the re-submitting of offers;
    • Fewer repeat appointments/contacts from clients seeking further advice, thus preserving the advice sector's limited and precious resource for clients with more complex debt problems;
    • Creditors will receive regular payments, more likely to be able to maintain contact with the client and retain the client's custom over the longer term; and
    • Reduced stress for clients as they will receive clear communications about their repayment offers.

  • Q:Can a member of the public use the CFS?

    A:

    The CFS is not designed to be used by the general public. The CFS can be used by:

      • A third-party organisation negotiating debt repayment offers to creditors on behalf of a client; or
      • An organisation that is involved in making decisions about whether a debt repayment offer should be accepted.

    If you are a member of the public and want assistance with preparing a budget sheet please contact a free, independent debt advice agency.

    Alternatively you can call National Debtline on 0808 808 4000 for advice or visit the National Debtline website.

  • Q:How should the CFS be used in debt negotiations?

    A:

    The CFS should be prepared by the third-party agency on behalf of the client. The CFS trigger figures are sensitive and should not be shared with the client. Trigger figures are not available publicly. Access to this information is dependent on holding a CFS licence.

  • Q:How should the CFS be used in the collection and/or recovery of debts?

    A:

    The CFS has inbuilt pre-agreed levels of non-discretionary expenditure known as ‘trigger figures’. There is a commitment from supporting creditors to the CFS principle that offers made by independent money advisers will be accepted, if expenditure falls within trigger figures and the guidelines have been followed.

  • Q:Which advice software packages incorporate the CFS and the current trigger figures?

    A:

    You can access the CFS in Excel, CASE, PGdebt 9, WROSeS, Advicepro, Liquid Advice and MACS.