Budgeting Loans - UK



Notessheet

BudgetingLoans

fromtheSocialFund

Pleasereadthesenotescarefully.Theyexplainthe

circumstanceswhenabudgetingloancanbepaid.

BudgetingLoans

l YoumaybeabletogetaBudgetingLoanif:

youhavebeengettingIncomeSupport,income-based

Jobseeker’sAllowance,income-relatedEmploymentand

SupportAllowance, PensionCreditorpaymentonaccountof

oneofthesebenefitsorentitlementsforatleast26weeks

and

l Youneedhelp

– tobuyfurnitureorhouseholdequipment

– tobuyclothingandfootwear

– topayrentinadvanceand/orremovalexpensestosecure

freshaccommodation

– topayforhomeimprovements,maintenanceorsecurity

– withtravellingexpenseswithintheUK

– topayforthingstohelpyoulookfororstartwork

– torepayHPorotherdebtsthathavebeentakenout.

Wecannothelpwithanyothertypesofitemsorservices.

BudgetingLoanshavetobepaidbackbuttheyareinterestfree.

YoucanhaveoneofthreeratesofBudgetingLoan.Theamount

dependsonwhetheryouaresingle,acouplewithoutchildrenor

qualifyingyoungpersonsoraoneortwoparentfamilywith

childrenorqualifyingyoungpersons.

TheamountofBudgetingLoanyoucanhavealsodependson

whetheryouhaveanyotherbudgetingloansfromtheSocialFund.

TheamountofanyBudgetingLoanwemaypaytogetherwiththe

amountyoustillowetheSocialFundcannotbemorethan£1,500.

SF500 10/11

Savings

l Ifyouandyourpartnerareagedunder60,savingsofmorethan£1,000mayaffect

theamountofmoneyyoucanget.

l Ifyouoryourpartnerareaged60orover,savingsofmorethan£2,000mayaffectthe

amountofmoneyyoucanget.

Wecannotmakeapaymentforaloanifyoualreadyowe£1,500ormoretothe

Social Fund.

WecannotpayaBudgetingLoanforexpensesoflessthan£100.

Howwedecidewhatwecanpayyou

Thedecisionmakerwilllookattherelevantcircumstancesanddecidethemaximum

sizeofBudgetingLoanyoucanhave,ifyouhavenoexistingSocialFunddebt.

Whetherornotyoucanhavealoanofuptothatamountwilldependonifyou

alreadyhaveabudgetingloandebt.

l Weusepartner tomean

– apersonyouaremarriedtoorapersonyoulivewithasifyouaremarriedtothem,or

– acivilpartnerorapersonyoulivewithasifyouarecivilpartners.

l Weusechild tomeanapersonagedunder16whoyouaregettingChildBenefitfor.

l Weusequalifyingyoungperson tomeanapersonaged16,17,18or19whoyouare

gettingChildBenefitfor.

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