What does the Individual Voluntary Arrangement (IVA) Protocol say about the CFS?
The Insolvency Service deals with insolvency matters in England, Wales and some insolvency matters in Scotland. The IVA Protocol is a voluntary code to facilitate the efficient handling of straightforward consumer IVAs. Section 7.5 of the protocol states: “The expenditure statement should be forward-looking and in line with Consumer Credit Counselling Service (CCCS) guidelines or the Common Financial Statement (CFS). Generally, there should be no deviation from the expenditure guidelines. However, where additional expenditure is necessary, for example due to special dietary requirements or increased heating bills due to caring for elderly relatives or above average work-related travel costs, this should be clearly explained”. For more information please view the Insolvency Service IVA Protocol.
