A financial statement is an essential tool for negotiating with both priority and non-priority creditors, and can be presented at court hearings to support your case. It also provides a clear comparison between your current financial situation and potential future circumstances.
The My Budget Planner debt calculator streamlines this process - simply enter your details and it automatically generates a comprehensive financial statement, calculates your disposable income, and determines pro-rata and token offers where appropriate.
When using the debt calculator to negotiate with creditors or prepare for court and possession hearings, you'll find a range of template letters available on this site. These can accompany your financial statement to strengthen your communications.
Try the calculatorThe calculator can be used to draft and print off a financial statement to assist in negotiating with and making offers to priority creditors
Financial Statements can also be very useful/required for hearings at both county and magistrates courts, for example, possession and means hearings or to assist with form filling etc.
The calculator can be used to draft and print off a financial statement to assist in negotiating with and making offers to single and multiple non – priority creditors (see our online debt management plan).
+ What are Non-Priority Debts?
If a debt write-off request is an appropriate option for dealing with your creditors, you may also need to include an up-to-date financial statement when you write to your creditors.
If you have debt problems and a Debt Management Plan (DMP) is a suitable and appropriate option (long or short term) then you may be considering self administering the plan.
Or you may be currently using a debt management plan provider/system and considering switching to self administering.
For debt management plan purposes the debt calculator can be used for educational, trial and comparison purposes or as a prelude to using the My Budget Planner online debt management plan system.
Putting in your income and expenditure can give you a guide to the amount of disposable income (if any) you have left after essential expenditure.
Discretionary Housing Payments are payments Local Authorities (Councils) may be able to make to someone who needs extra help with housing costs.
If you are entitled to some help towards your rent or Council Tax, you may be able to apply for an additional award known as a Discretionary Housing Payment (DHP).
Discretionary Housing Payments (DHP) are paid on top of Housing & Council Tax, Benefits are paid to people who find that the shortfall between their benefit and housing costs causes them exceptional hardship.
Local Authorities only have a certain amount of money available for DHP payments with any awards being at their discretion.
You have to apply for a DHP in writing in line with your Local Authorities application procedure.
You will need to give the reasons why you cannot afford the shortfall between your benefit and your housing costs.
You will also need to provide proof (Financial Statement) of the money you have coming in and going out.
If in any doubt on entitlement and how to apply, check with your Local Authority (Council) as to their DHP procedure and/or seek independent advice and assistance if necessary.
Further Information:
The calculator may be of assistance when considering or making applications to charities and grant providers. Income and expenditure information and financial statements are often required as part of the application process.
The calculator can be used for basic budgeting purposes and calculating disposable income, current and change of circumstances wise (positive & negative) or utilised in other ways.
These letters can be opened in most Word Processing software (such as MS Word). You can save them to your computer by right-clicking and selecting “Save Target As”, and edit them before printing.