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.