Extended Repayment Period
Brits on Universal Credit will soon have an extra year to repay emergency loans from the Government, as announced in the upcoming Spring Budget. These budgeting advances assist individuals in purchasing one-off emergency items, such as essential appliances or covering job interview expenses.
Repayment Relief
Currently, individuals must repay these loans through deductions from their future Universal Credit payments, which can strain tight budgets. Chancellor Jeremy Hunt is expected to double the repayment period from 12 months to 24 months, providing relief to recipients of Universal Credit.
Loan Details
The Budgeting Advance allows borrowing a minimum of £100 and up to £812, depending on household circumstances. The maximum amounts vary based on the individual's status:
- Up to £348 for singles
- Up to £464 for couples
- Up to £812 for households with children
Eligibility Criteria
Those eligible for a Budgeting Advance include individuals on Universal Credit, Jobseeker’s Allowance, Employment and Support Allowance, Income Support, or Pension Credit. Applicants must have been receiving benefits for at least six months and meet specific income thresholds.
Application Process
To apply for a Budgeting Advance, individuals can call the Universal Credit helpline at 0800 328 5644 or visit their local Job Centre Plus. Applications can also be made through the online Universal Credit account.
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