Incorrectly filling in SFS form

[Adecco]

What are the legal consequences of lying on an SFS form and being caught?

Is there a proper deterrent to prevent customers doing this or is it simply frowned upon?

Surely this must be done on a daily basis is it not as people will always find creative ways to hide money.

 

[mark71]

Not sure if it's that easy to lie on it, unless you keep all your money in a tin box under the bed.

It is pretty broad. When I filled mine for IBRC their defiantly was no reason to lie on it. The going out's were well ahead of the coming in's.

 

[Adecco]

Not sure if it's that easy to lie on it, unless you keep all your money in a tin box under the bed.

It is pretty broad. When I filled mine for IBRC their defiantly was no reason to lie on it. The going out's were well ahead of the coming in's.

They are used for determining how much someone can afford to pay in the event of a debt writedown on residual debt.
So the poorer you are the less the bank will demand on a monthly repayments scheme basis.

Also - if you have any lump sums that would be called upon in the event of a debt write down it would certainly be in someone interests to hide that if possible.

SO my question is is there a deterrent there to stop people hiding cash on the SFS form?

 

[44brendan]

I deal with these on a macro basis rgularly. essentially from the prospective of agreeing a repayment schedule that is within your means they are a method of assessing your ability to repay. Generally we would require bank statements plus income confirmation to support a SFS but not always. Usually any major inconsistencies will be questioned and if clients are found to have lied on the form they will find it very difficult to obtain an agreement as trust once lost is hard to regain.

 

[zxcvbnm]

Usually any major inconsistencies will be questioned and if clients are found to have lied on the form they will find it very difficult to obtain an agreement as trust once lost is hard to regain.

Interesting. So that reads to me that there is no legal consequencs as such (court appearance,jail). So no deterrent really.
Would it not be considered fraud?

No wonder big developers try to hide their cash for themselves when they are unable to pay back debts if no deterrent exists.
But obviously that applies to the small time BTL investor also.

I'm not really sure by what you mean in practice that it may be hard to obtain an agreement as trust is gone. If there are debts outstanding and the person in debt is still earning and capable of paying an agreed writedown amount, then it is the bank is the loser if they fail to reach an agreement