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This is a GENERAL guide to what is deemed acceptable and where the line for hardship may fall based on a consumers individual Income & Expenditure sheet.
The figures have been researched from a number of places, Joseph Rowntree Foundation, Minimum Income Standards Board, MoneyAdvice Trust and the British Bankers Association.
If you figures are above the maximum then you may be overspending.
Most banks will use similar figures for deciding on hardship status and whether you are in true financial difficulty. They will also take into account issues such as reposession, 45% reduction in income, loss of employment, divorce etc.
These figures should be taken as a guideline only. These are not official figures rather taken from our own research and experience.
We are looking only at 'disposable' income, so we do not have figures for mortgage/rent/utilities/council tax.
BEAGLES GUIDELINE FIGURES
Your Budget sheet should show figures below the maximums - If it is above you may need to look again at your budgeting.
MONTHLY...FAMILY OF FOUR (2 Adults/2 Children UNDER 14) - Max monthly
Phone - 45.00
Travel - 140.00
Housekeeping - 550.00
Other - 250.00
The banks, when making a decision on possible hardship status, are in the main asking you complete this generic form 'Common Financial Statement from the Money advice Trust.
The Excel verison of the form can be downloaded from http://www.moneyadvicetrust.org
The form is quite long and in depth and you should complete it as fully and honestly as you are able. We would recommend waiting until such a form is sent to you by the bank, and if you wish to submit an Income/Expenditure Form prior to that to use our simple to use Excel/Open Office Budget Sheet - Legal Beagles.
There is some good advice on completion of this form Money Advice Trust - The CFS Excel spreadsheet – how to complete each page
This is aimed at the creditors and Money Advisers who use this form to obtain information from clients.
This is a very useful guide to working out your budget as an individual http://www.moneyadvicetrust.org/imag..._April2008.pdf
There is also useful information from the Minimum Income Standards Board and a handy Calculator for seeing what figures you would be expected to budget for in different circumstances - this can be found and used http://www.minimumincomestandard.org...oner/index.htm.
I hope this helps a little when preparing your claim for hardship.
HARDSHIP STATUS does not necessarily mean a refund - it will mean the Banks HELPS you deal with your finances.
The figures have been researched from a number of places, Joseph Rowntree Foundation, Minimum Income Standards Board, MoneyAdvice Trust and the British Bankers Association.
If you figures are above the maximum then you may be overspending.
Most banks will use similar figures for deciding on hardship status and whether you are in true financial difficulty. They will also take into account issues such as reposession, 45% reduction in income, loss of employment, divorce etc.
These figures should be taken as a guideline only. These are not official figures rather taken from our own research and experience.
We are looking only at 'disposable' income, so we do not have figures for mortgage/rent/utilities/council tax.
BEAGLES GUIDELINE FIGURES
Your Budget sheet should show figures below the maximums - If it is above you may need to look again at your budgeting.
MONTHLY...FAMILY OF FOUR (2 Adults/2 Children UNDER 14) - Max monthly
Phone - 45.00
Travel - 140.00
Housekeeping - 550.00
Other - 250.00
The banks, when making a decision on possible hardship status, are in the main asking you complete this generic form 'Common Financial Statement from the Money advice Trust.
The Excel verison of the form can be downloaded from http://www.moneyadvicetrust.org
The form is quite long and in depth and you should complete it as fully and honestly as you are able. We would recommend waiting until such a form is sent to you by the bank, and if you wish to submit an Income/Expenditure Form prior to that to use our simple to use Excel/Open Office Budget Sheet - Legal Beagles.
There is some good advice on completion of this form Money Advice Trust - The CFS Excel spreadsheet – how to complete each page
This is aimed at the creditors and Money Advisers who use this form to obtain information from clients.
This is a very useful guide to working out your budget as an individual http://www.moneyadvicetrust.org/imag..._April2008.pdf
There is also useful information from the Minimum Income Standards Board and a handy Calculator for seeing what figures you would be expected to budget for in different circumstances - this can be found and used http://www.minimumincomestandard.org...oner/index.htm.
I hope this helps a little when preparing your claim for hardship.
HARDSHIP STATUS does not necessarily mean a refund - it will mean the Banks HELPS you deal with your finances.
