Common Financial Statement definition

Common Financial Statement means the style and format for income and expenditure categories under that title (and, where relevant, related spread sheets, budget sheets, trigger figures, guidance materials and notes) published by the Money Advice Trust(4);

Examples of Common Financial Statement in a sentence

• The expenditure statement should be forward-looking and in line with StepChange Debt Charity guidelines (formerly CCCS) or the Common Financial Statement (CFS).

• The supervisor is required to review the consumer’s income and expenditure once in every 12 months, using the StepChange Debt Charity guidelines, the Common Financial Statement or Standard Financial Statement approved by MAS.

• The Accountant will not expect an Insolvency Practitioner to agree to be appointed as a trustee of a trust deed of a living individual and which is to be proposed for protection, if it can be demonstrated that the total contributions, calculated using the format of the Common Financial Statement, over the proposed period of the PTD are sufficient to repay the total debts (including interest) advised by the debtor prior to the granting of the trust deed.

• The expenditure statement should be forward-looking and in line with StepChange Debt Charity guidelines, the Common Financial Statement (CFS) or Standard Financial Statement approved by the Money Advice Service (MAS).

• This assessment must take into consideration the style and format of the Common Financial Statement, which is a recognised tool for determining acceptable amounts for a debtor’s expenditure on items, and services and for determining the amount of contribution that the debtor can pay.

• In the determination of the amount of contribution the trustee may seek from a debtor, the trustee should assess the debtor’s expenditure against the trigger figures for expenditure as published as part of the Common Financial Statement.

• In Scotland, legislation currently prescribes the CFT as the Common Financial Statement (CFS).

• The expenditure statement should be forward-looking and in line with Consumer Credit Counselling Service (CCCS) guidelines or the Common Financial Statement (CFS).

• List of the debtor’s income and Expenditure State the debtor’s income as at the date on which the trust deed was granted in the style of and format of the Common Financial Statement.

• For this purpose standard financial statements includes the StepChange Debt Charity guidelines and the Common Financial Statement (and any revisions in respect thereof) or any Standard Financial Statement approved by MAS.