Maximise your income by checking your benefits


It goes without saying that when you’re on a Debt Management Plan it’s really important to manage your budget carefully and make sure you’re not overspending in any one area. This way you can give yourself the best chance of sticking to your DMP payments and clearing your debts on time.


checking-your-benefits

Another vital part of good money management is to make sure you’re maximising your income. One way to do this is to look at your benefit entitlements.


It’s not as complicated as you might think to make sure you’re claiming everything you should be. We even have our own benefit calculator at Gregory Pennington – provided for us by the experts at EntitledTo - which makes the whole process even simpler. Just follow the link, answer some quick questions about your circumstances and you’ll find out what you could be claiming. The whole thing only takes ten minutes and you could end up with more money in your pocket as a result.


Between now and 2018 the Government is rolling out a new benefit system called Universal Credit. Universal Credit will combine Jobseeker’s Allowance, Housing Benefit, Working Tax Credit, and Child Tax Credit, Income Support and Employment and Support Allowance. If you’re entitled to tax credits how much you’ll get depends on whether you apply before or after Universal Credit comes into force in your area.


If you apply for tax credits after Universal Credit comes in, then the amount you’re allowed will be cut, but if you apply before, you’ll get a higher rate and your benefits won’t be cut once Universal Credit comes in. So if you’re a low paid worker on less than £18,000 a year, don’t risk losing out – apply for tax credits as soon as possible. Remember, if you’re got any questions about your Debt Management Plan payments or you’re looking for help with your budget, our Personal Finance Managers are here to help on 0161 672 8989.


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