Hi
I was actually just about to post re this. Yeah I received a letter tonight. Advising that as well as income and expenditure they will also be looking to access my on-line bank statements.

Mel

Hi Nel,

Yeah the exact same letter. Do you have a review coming up? I don’t know whether to phone them or just leave it to advise they’ve just had a review from me.

Up until June of this year I completed 6 monthly reviews but they advised me in June that my trustee was leaving and this would now be an annual review - due to take place in December this year. However the letter I got today says I should receive a phone call in the next 4 weeks to provide income and expenditure details. Did your letter have that too?

Yeah my letter had that too. I don’t see the point in them asking me to complete another review after I’ve just completed a review and provided payslips & Income/Expenditure form.

Sounds like it's just a standard letter that's gone out to everyone. Maybe once they speak to you they won't need you to complete another one!

Hi, I got this letter tonight too and don't know what to think of it. Slightly concerned throw year alone I have had three different trustees due to them resigning. Also don't know how I feel about giving a company I've never heard of access to my online bank details. Worried

Hi Stace2988

I know what you mean. I liked the fact that you sent in your payslips and your Income/expenditure form every 6 months and that was it. I really don’t see the need why they want bank statements etc. They are still trading as Carrington Dean and supposedly nothing is changing...well apart from the online bank statements requests!

Yeah I had a look on their website and there's a video tutorial on how to provide the statements . All you do is give them your log in details and they look through your online banking. So I don't think it's a case of the last 3 months or whatever I'm assuming they just look through them all? Don't know how it's going to work. My next review is due in January but I'd imagine when they call In the next four weeks they will do it then.

I’d imagine they’re going to be receiving a lot of calls in the next couple of days about this. I sent in my last and what should be final review to them last month so it may the case that they will advise I don’t need to do anything more. Well here’s hoping I don’t!

I just want this trust deed to end. I feel like I'm constantly worrying and stressing about what's going to happen next ! 🙁

Hi all.

On the subject of bank statements, there has been a general shift within the wider debt solutions market.

The FCA has become the regulator for non-insolvency debt solutions (like DAS and debt management plans) and has made it very clear that reviews should verify expenditure as well as income. This is particularly focused on household bills; more general allowances for expenditure on things like food, clothing etc remain relevant.

Within that wider context, I do think it's likely that more insolvency practitioners will also move in this direction. This is because ensuring that contributions remain affordable and that creditors are treated fairly are both best served by conducting really thorough reviews.

There have been some relatively new products come onto the market that that can scan someone's online banking, categorize spending, and verify income and bills.

Some people might like to use these services, because it will potentially be much less work for you when your review is due. Others might find it invasive.

I don't think anyone can compel you to provide access to your online banking though. I'm sure you could provide paper statements if you prefer.

Hi all.
Like you all picked up the letter from credit fix and the bank statements requests. I have had 4 IP since signing my TD. 3 of which were with CD.
Can one of the experts please give this topic their thoughts. I am concerned to pass on my online banking details to a 3rd party.
Jimuc.

Thoughts above Jimuc.

To the best of my knowledge, these bank account scanning products are themselves pretty thoroughly regulated by the FCA.

Hi jimuc,

Right now we don’t use the electronic method of verifying bank statements so I don’t have any experience or knowledge of this. We still request the traditional bank statements from our clients.

Given that this sector and service is regulated by the Financial Conduct Authority this would suggest that it’s well regulated and compliant/secure.

If you have concerns I would give your Trustee a call and ask them about how secure it is.