Universal Credit can receive budgeting advance payments – are you eligible for support? | Personal Finance | Finance

Universal Credit is a state benefit which provides support to those who are on a low income or out of work entirely. It can be awarded to people who are aged between 18 and state pension age (with some exceptions for those who are 16 or 17) who have less than £16,000 in savings.

The smallest amount of money that can be borrowed is £100.

However, this can rise to £348 for single claimants, £464 to those in couples or £812 for those with children.

What is paid out will depend on whether a claimant has savings of more than £1,000.

To apply for a budgeting advance, claimants will need to contact their local Jobcentre Plus work coach for assistance.

Last week, the Office for National Statistics (ONS) released their latest employment statistics.

According to the latest labour market overview, the number of people reporting redundancy increased in the September to November period.

During these months, the number of redundancies reported increased by a record 280,000 on the year, and 168,000 on the quarter, to a record high of 395,000.

It should be noted that redundancy payments can also affect Universal Credit, as if the amounts push claimants over the £16,000 threshold, they could see their payments halted.

Do you have a money dilemma which you’d like a financial expert’s opinion on? If you would like to ask one of our finance experts a question, please email your query to personal.finance@reachplc.com.

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