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The second important step to help you to manage your debt is to work out a simple financial statement to show your creditors. A financial statement shows how much income you have and how much money you need to meet basic expenses.
A financial statement is an essential tool when dealing with debt problems. It presents a clear picture of individual or family income, identifies expenditure and clearly shows disposable income available.
Once you have completed a financial statement, you can demonstrate your current financial position to creditors or courts and develop a strategy for dealing with your debts. It’s important to make sure your financial statement is realistic. It should always reflect what actually happens in practice, leaving you with enough money to pay your main expenses. A realistic budget is an essential tool for solving debt problems.
The financial statement may become a vital document and is an extremely useful tool when dealing with creditors, as it forms the basis for any proposed repayment schedule.
Download a sample financial statement [PDF, 743kb]| that you can adjust and use to show your income and expenditure.
Completing a financial statement will start you off on the road to dealing with your debts. Here are some important points to remember:
If your bill is …
And you want to change it to…
… do this
Weekly amount x 52 ÷ 12
Quarterly (four times a year / every three months)
Quarterly amount x
4 ÷ 12
Annual (every year)
Monthly amount x
12 ÷ 52
4 ÷ 52
The following points will help you fill out the details in your financial statement.
When you have created a financial statement you can follow the next steps:
Content last reviewed: 1 May 2012
Next planned review: 2013
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© Macmillan Cancer Support 2013
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