Frequently Asked Questions at Restons Solicitors

Financial Statement Form

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What is a Financial Statement?

A financial statement is used to help us to understand your own personal circumstances, and helps us set a repayment arrangement that is affordable and appropriate for you.

It helps you to break down your household income and expenditure so that we are able to understand your current situation and what you are able to afford to pay. When completing a financial statement please remember to include everything, to ensure that it is an accurate reflection of your financial position.

Our financial statement has been developed in line with the Standard Financial Statement, provided by the Money Advice Trust, to make sure that we provide a fair opportunity for you to resolve your financial commitment.

Click here to complete a financial statement and start your journey.

Why do I need to complete a Financial Statement?

It is important that we understand your current financial position and how you are currently managing your existing commitments, to create a repayment arrangement that is suitable and affordable for you.

Every repayment arrangement set is completely unique to your circumstances. You can be confident that we will never ask you to pay an amount that you cannot afford. A financial statement allows you to take control of your finances and set a sustainable arrangement that supports your long-term financial goals.

Once you have a payment arrangement in place, we will conduct reviews of the arrangement on a regular basis (usually every six months) to ensure that it is still right for you.

If you feel that your current arrangement is no longer affordable, please do not hesitate to contact us to review your circumstances.

What information will I need for the Financial Statement?

To ensure that the arrangement we set with you is appropriate and affordable, it is important that you provide us with details of all your income and outgoings. The financial statement will help you to break down this information.

This includes the salaries, benefits and/or pension income that you receive together with everything that you have to pay for, such as mortgage or rent, utility bills, insurances and any finance arrangements or borrowings/debts you may have. We will then look at what you pay for housekeeping including school meals, food shopping and hobbies.

The more information you provide us with, the more accurate and appropriate your repayments to us will be. You may find it helpful to complete the form on our website or the Restons Mobile App when you have bank statements and bills to hand.

What will you do with the information?

Once we have received your financial statement, we will use all of the information available that you have provided to assess your personal circumstances.

We will then work with you to set an arrangement that is both affordable and appropriate for you.

What if I don’t know some of the answers?

It is beneficial for you to have all of your financial information to hand; however we understand that this is not always possible. We appreciate that some information can be difficult to obtain, therefore we can take into consideration average figures. If for example you are self-employed, we can use your average income over a three month period.

If you do not have all of your information, we still want hear from you to discuss your account and the options available to you.

Where does the information go when I click ‘submit’?

Your information will be sent securely to our office, it will be stored on your account so that we can access it if required. Please note that we may contact you if we have any questions regarding your financial position.

I am really struggling with my finances, what should I do?

If you are experiencing financial difficulties at present, we still want to hear from you as this may prevent any further action from taking place. Our team will work with you to come to an arrangement that is both affordable and fair.

If you are unable to agree a payment arrangement with us, we may be able to place the account on hold to provide you with some breathing space.

Alternatively please click here for a list of free, independent agencies that are available to help you manage your financial commitments.


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