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CABmoney Budgeting and Debt Calculator (Financial Statement)

Potential Uses

Resources

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.

The CABmoney Debt and Budgeting Calculator can be used to produce a draft financial statement or act as a basic income & expenditure budgeting guide/tool.

A financial statement can help with negotiations and making offers where priority and non priority creditors are concerned or used at court hearings etc. It can also give you a draft or comparison guide on your current and any potential future financial circumstances.

The CABmoney debt calculator is relatively quick and easy to use, you just input your details and it will do the rest for you – financial statement, automatically calculating disposable income, pro-rata and token offers where applicable.

You don't need to log into the website to fill in your financial statement, but you will be able to save or print it as a Word document for your own records once completed.

When using the debt calculator as a means of negotiating / making offers to creditors or for court & possession hearings etc there are a number of standard letters available on this site to send or use with your financial statement if required (see links on the right).

Priority Creditor Negotiations / Making Offers

The calculator can be used to draft and print off a financial statement to assist in negotiating with and making offers to priority creditors

County & Magistrates Court (Possession & Means Hearings etc)

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

Non Priority Creditor Negotiations / Making Offers (Informal Arrangement / Debt Management)

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).

Debt Write-Off Requests

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.

Debt Management Plan Prelude / Trial / Comparison / Self Help Switch

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 CABmoney online debt management plan system.

Bankruptcy IPA / IPO Guide

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 (DHP)

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 Benefit 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

Charity & Grant Applications etc

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.

Other Uses

The calculator can be used for basic budgeting purposes and calculating disposable income, current and change of circumstances wise (positive & negative) or utilized in other ways.

What do I do next? Use the Budgeting and Debt Calculator

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