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What is the Standard Financial Statement?

The Standard Financial Statement (SFS) is a UK-wide budgeting tool used by most regulated debt help providers to work out affordable monthly payments. It uses agreed household expenditure figures based on family size and other factors. Creditors are more likely to accept an offer based on the SFS.

The SFS purpose

The SFS was created to provide a consistent, evidence-based framework for household budgeting in debt situations. It replaced multiple earlier tools that different debt help organisations used.

It uses trigger figures — agreed reasonable expenditure amounts based on household composition, adjusted for factors like child care and health.

Creditors participating in the Money Advice Liaison Group agreed to use the SFS as the standard reference.

What the SFS includes

Full income assessment: wages, benefits, pensions, other income.

Priority expenses: rent/mortgage, council tax, utilities, food, transport, essential insurances.

Non-priority obligations: existing debts, subscriptions, other regular commitments.

The result: your calculated surplus income after essentials — the amount available for debt repayment.

Using the SFS in debt negotiation

When you propose reduced payments to creditors (whether informally or in a DMP), attach an SFS.

Creditors familiar with the SFS accept it as a reasonable framework. Non-SFS budgets can be challenged.

Free debt help providers routinely use the SFS. Fee-charging DMP providers must also use it under FCA rules.

Trigger figures

The SFS specifies trigger figures for expenditure — reasonable amounts based on household composition. If your actual spending is above the trigger figure, the creditor may query.

This is not an absolute limit — you can spend more than the trigger with a good reason (specific medical need, essential travel etc), and the SFS allows for this.

Where to get an SFS

StepChange, Citizens Advice, MoneyHelper and National Debtline all have SFS tools available online.

The SFS is not a paid product — the tools are free.

Key takeaways

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Where to get free, regulated debt help

If you need help with debt, these organisations provide free regulated support. UK Debt Team is an introducer and referral service, not a debt advice provider.

MoneyHelper
Government-backed service
StepChange
Free debt charity
Citizens Advice
Free advice network
National Debtline
Free phone and web support
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