Tag Archives: tax credits

1m people are missing out on tax credits – are you?

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It’s estimated that one million people in the UK are missing out on an average of £50 a week by not claiming the tax credits they’re entitled to. This is by no means small change. This is especially true if they’re struggling with debt problems.

Due to recent government changes, once Universal Credit gets rolled out to your local Jobcentre Plus, you’ll no longer be able to start claiming tax credits.

As of April 2016, the amount that you can claim in Universal Credit is less than the equivalent claim in tax credits. Therefore, it’s important for you to start claiming tax credits before your Jobcentre Plus moves to Universal Credit.

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How will upcoming benefits changes affect my DMP?

posted by in Living with debt 26 Comments

UPDATE: This article was published in July 2015. Make sure you’re up to date with the 2016 benefit changes and how they may affect you.

The July Budget revealed plans to reduce welfare benefits by £12bn. There are two questions that are likely to be on your mind if you’re on a debt management plan (DMP). Firstly: what benefits are going to be affected? Secondly: how will these changes impact my finances and my DMP?

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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Universal Credit – what is it? The new benefits system explained

posted by in Budgeting 2 Comments

Find out about universal credit

What is universal credit?

There are lots of changes coming to the UK benefits system this year.

One of the biggest changes will be the introduction of Universal Credit.

We’ve put together this handy guide to help you understand the basics and hopefully help you navigate the changes.

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Welfare benefits: Check what you’re entitled to

posted by in Budgeting, Debt news Leave a comment

You might be eligible for more than you thought

You might be eligible for more than you thought

We often hear about people going to prison because they’ve fraudulently claimed benefits, but what about those that don’t claim benefits that they could?

Every year, people in the UK are missing out on benefits and tax credits worth over £10 billion. Much of this money goes unclaimed because people are too proud to claim. Continue reading »

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Know your rights: March’s debt news

posted by in Budgeting, Debt news Leave a comment

Justice scales law

Spin, spin, spin the wheel of justice

April is upon us and as it’s the start of the month it’s time for our regular look back at the month just gone for changes to government policy, creditor action or debt law.

Of course the big news last month concerned the Budget, with the Chancellor of the Exchequer George Osborne revealing that everyone will get a new Personalised Tax Breakdown showing exactly where and how your money is spent by local and national services.

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Would you (tax) credit it? Get the benefit

posted by in Budgeting, Debt news Leave a comment

Drowning water

Today StepChange Debt Charity is warning that “benefits are key to keeping low-to-middle income households struggling with debt afloat(PDF press release here). It’s not a surprise that benefits are crucial for millions of people trying to keep their heads above the financial water – perhaps the surprise is how widespread the situation is.

We’ve found that 55% of our clients receive some benefit or tax credit, amounting to an average of one third of their total income. Due to changes in life, such as redundancy or divorce, these types of welfare benefits are vital.

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