Great news for those receiving certain benefits! The Department for Work and Pensions (DWP) is offering one-off payments of up to £812. 🎉 These Budgeting Loans are designed to help with unexpected expenses like furniture, travel, or even funeral costs.
If you’re eligible and have been on benefits for at least six months, you can apply. The best part? Repaying this loan is straightforward – the amount is automatically deducted from your benefits, ensuring no extra stress.
To qualify, you need to be receiving Income Support, income-based Jobseeker’s Allowance, income-related Employment and Support Allowance, or Pension Credit. But if you’re on Universal Credit, the government suggests applying for a Budgeting Advance instead.
There’s a new measure called the Fair Repayment Rate, which caps repayment deductions at 15% of your standard allowance payments – a reassuring step to ensure more money stays in your pocket annually.
Thinking about applying? You can either update your journal in your Universal Credit account, contact your jobcentre or work coach, or call the Universal Credit helpline.
Chancellor Rachel Reeves recently highlighted that, thanks to this initiative, 1.2 million households will keep more of their Universal Credit, making them £420 better off per year on average.
This move is all part of the plan to improve living standards and tackle the cost-of-living crisis. So if you’re in need of a little financial boost, this might be the help you’ve been looking for! 😊