An Income & Expense (I&E) form is a financial document used to track and analyse an individual’s or household’s income and expenses over a specific period. It provides a snapshot of financial health by detailing sources of income and various types of expenses.
Filling out an I&E form helps you get a clear understanding of your financial situation. It aids in budgeting, identifying areas for potential savings, and making informed financial decisions.
Yes, the information provided on the I&E form is typically treated as confidential. It is used for internal purposes such as financial analysis and budgeting and is not shared with third parties without consent, unless required by law. Some of the features within the I&E will ask if you would like you to share your details in order to make the process quicker and easier or to help you understand how you can check if you are entitled to benefits you are not currently claiming.
The Financial Conduct Authority (FCA) is the regulatory body overseeing the financial services industry in the United Kingdom. Established in 2013, it operates independently of the UK government. The FCA’s main objectives include maintaining the integrity of financial markets, fostering competition, safeguarding consumers, and bolstering the stability of the UK’s financial system.
SFS stands for Standard Financial Statement. It is a standardised form used by individuals to provide detailed information about their income, expenses, assets, and liabilities. The purpose of the Standard Financial Statement is to help individuals accurately assess their financial situation and negotiate repayment plans with creditors, particularly in situations involving debt management or insolvency. This standardised format facilitates consistency and transparency in financial assessments, enabling better communication between debtors and creditors.
The payment proposal feature shows you how much money you have left after you have paid for all of your fixed and variable costs. You then have the opportunity to provide an amount from that to pay towards your arrears. Don’t worry, it’s just a proposal and nothing will happen until you have discussed this with an agent.
Essentially, Open Banking gives individuals more control over their financial information and allows them to access a wider range of financial products and services from various providers through innovative applications and platforms. It aims to promote competition, innovation, and transparency within the banking industry, ultimately benefiting consumers by offering more choice and improved financial experiences.
A credit report is a detailed record of an individual’s credit history, compiled by credit reporting agencies (also known as credit bureaus). It includes information such as credit accounts, payment history, outstanding debts, inquiries made by lenders, and public records such as bankruptcies. Credit reports are used by lenders, landlords, employers, and other entities to assess an individual’s creditworthiness and financial behavior. They play a crucial role in determining whether an individual qualifies for loans, credit cards, mortgages, or rental agreements, as well as the terms and interest rates associated with these financial products. It’s important for individuals to regularly review their credit reports to ensure accuracy and identify any potential errors or fraudulent activity.
A credit score is a numerical representation of an individual’s creditworthiness, based on their financial history and behavior. Credit scores are typically calculated by credit reference agencies like Experian, Equifax, and TransUnion.
