Bank Statements for Debt Management: The Challenge
Debt management advisors and IVA supervisors need detailed analysis of a debtor's bank statements to assess income, essential spending, and disposable income.
How BankScan AI Helps with Debt Management
Convert bank statements to Excel to quickly categorise income and expenditure, calculate disposable income, and prepare debt management or IVA proposals.
How It Works
Upload your bank statement PDF
Supports all major banks. 3-6 months of recent statements to establish a reliable income and expenditure pattern for the proposal of statements? No problem.
AI extracts every transaction
Our AI pulls out dates, descriptions, amounts, and balances — the Net income from all sources, essential living costs (housing you need.
Use for debt management
Download a clean Excel or CSV file formatted for debt management. Income and expenditure categorised according to the Standard Financial Statement (SFS) format used across the UK debt advice sector
Supported Banks
BankScan AI works with all major UK and US banks, including:
Why BankScan AI for Debt Management
- Built for Debt Management — Convert bank statements to Excel to quickly categorise income and expenditure, calculate disposable income, and prepare debt management or IVA proposals.
- Key data extracted — Net income from all sources, essential living costs (housing, utilities, food, transport), non-essential spending to reduce, existing debt repayments, disposable income calculation
- Deadline ready — IVA proposals must be sent to creditors within 14 days of the nominee's report; debt management plans need quick setup to stop creditor action and interest accrual
Legal & Regulatory Context
Bank statements for debt management are typically required under: Insolvency Act 1986 Part VIII (Individual Voluntary Arrangements); FCA CONC 8 (debt counselling, debt adjusting, and debt administration)
- Typical timeframe: 3-6 months of recent statements to establish a reliable income and expenditure pattern for the proposal
- Required by: Insolvency practitioner (for IVAs), debt management company, or free debt advice service (StepChange, Citizens Advice, National Debtline)
What Data You Need for Debt Management
When preparing bank statements for debt management, these are the key data points Insolvency practitioner (for IVAs), debt management company, or free debt advice service (StepChange, Citizens Advice, National Debtline) look for:
- Net — Net income from all sources
- essential — essential living costs (housing
- utilities — utilities
- food — food
- transport) — transport)
Formatting Your Statements for Debt Management
Getting bank statements right for debt management requires attention to specific formatting requirements:
- Income and expenditure categorised according to the Standard Financial Statement (SFS) format used across the UK debt advice sector
- Deadline pressure: IVA proposals must be sent to creditors within 14 days of the nominee's report; debt management plans need quick setup to stop creditor action and interest accrual
Prepare Statements for Debt Management — Fast
IVA proposals must be sent to creditors within 14 days of the nominee's report; debt management plans need quick setup to stop creditor action and interest accrual
Convert for Debt Management — Free