UPDATE 17 March: Further benefit changes have been announced since this article was original published in February, and the article has been updated with further details. Our benefits checker can tell you what benefits you may be entitled to.
The government plans to reduce benefits spending by £12bn by 2020. There are two questions that are likely to be on your mind if you’re on a debt management plan (DMP). Firstly: which benefits are going to be affected? Secondly: how will these changes impact my finances and my DMP?
Another question that you could have been concerned about Tax Credits, but that was answered in the Autumn Statement. The chancellor George Osborne made a U-turn on his proposals for Tax Credits changes FOR April 2016, but there are still changes to come in 2016 and 2017, and equivalent changes in Universal Credit.
We’ve summarised the biggest changes, when they’re going to happen and who’s likely to be affected by them. We’ve then covered some likely questions that might crop up if you’re on a DMP.
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Benefit changes 2014
There’s rarely a day goes by without benefit changes being in the news for some reason or other but it’s often hard to know the details of what’s actually going to happen. To make life easy, we’ve summarised the big welfare benefit changes in 2014.
These details are correct as of this article’s publication date but if you want to keep up with the latest changes we’d recommend signing up to the MoneyAware newsletter.
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If you need debt help because your benefits are due to fall, use our online counselling service Debt Remedy. We’re a debt charity and we can help.
Benefits changes could affect how much money you have in your wallet!
This year is going to see a lot of changes to the benefits system, which are likely to have an effect on many people struggling with debt. The first of these changes was the removal of child benefit for those with high levels of income.
There are more changes to come too, here’s a rundown some of the biggest changes, who they will affect and when they will happen. If you think you might be entitled to benefits you don’t currently receive then you should use our online benefit checker.
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