Universal Credit: How you can get £812 Budgeting Loan on top of £650 Cost of Living boost | Personal Finance | Finance
Some eight million people will receive the Cost of Living payment from July, according to Chancellor Rishi Sunak. It may be some people who are struggling can apply for a £812 Budgeting Loan on top to help them make ends meet.
Millions of people on Universal Credit and legacy benefits like Tax Credits will be eagerly awaiting the first Cost of Living payment which will be paid by the Department for Work and Pensions (DWP) in July.
The £650 will be paid in two parts and is designed to help people pay soaring energy bills.
However, many Britons aren’t aware they can apply for extra financial help in the form of a Budgeting Loan or Advance.
It’s worth up to £812 and although it will have to be paid back, payments can be spread over 12 months.
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While around eight million people who receive Universal Credit, legacy benefits and Pension Credit will qualify for £650, some people will receive different amounts.
All households will receive a cost of living rebate of £400 to put towards their energy bills.
Britons on disability benefits like Attendance Allowance will get an additional one-off sum of £150 in September, while pensioner households will receive an extra £300 this year.
They will only get the £650 on top if they are also claiming means-tested benefits.
To apply for a Budgeting Loan or Advance, people should leave a note in their work journal or speak to their benefits officer.
Benefit claimants may also be entitled to free prescriptions, a discount on Council Tax and free or cheaper broadband.
This help is usually available to people who are claiming Universal Credit, tax credits and Pension Credit.
People can find out more at Gov.uk.
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