Who needs a Consumer debtor financial statement?
It the individual arranges a credit with a bank and one day can’t make a credit payment, there is a need to complete a Consumer debtor financial statement. This statement is used if the debtor can’t pay off the sum of the credit to the creditor. If such situation occurs, the debtor fills out this form and sends it to the bank which provided the credit or to the required financial institution.
What is the Consumer debtor financial statement for?
The bank uses the information provided in the form to determine the repayment schedule for the individual. If the financial entity sees the applicant has financial problems, they will offer an individual payment program.
What documents must be accompanied by the Consumer debtor financial statement?
Attach the last year’s W-2 and 1099 forms to the Consumer debtor financial statement. OTHER documents may have to be added on request of the creditor.
When is the Consumer debtor financial statement due?
The statement must be completed when the applicant realizes that paying off the sum of the credit is impossible.
What information should be provided in the Consumer debtor financial statement?
The debtor has to fill out the following sections:
- Personal information (name, address, phone number, SSN, marital status, spouse’s SSN)
- Personal information about the family and dependents (name, address and phone number of the next kin or relative)
- Employment information
- General financial information (bank accounts, charge accounts, safe deposit boxes, real property, life insurance, securities, taxes)
- Assets and liabilities
- Monthly income and expenses
The filler must complete all sections and blocks except the shaded areas.
The debtor and the spouse have to sign the form and date it.
What do I do with the Consumer debtor financial statement after its completion?
The signed statement is forwarded to the needed financial institution.