The UK has an excellent system which allows a person to ensure that their daily income is enough to provide for their day to day expenses. But, there are times when a person incurs an unexpected withdrawal of cash that their benefits scheme does not cover. Budgeting loans are basically a quick fix for such irregular expenditure. It lets you provide for yourself when you are changing into universal credit. This loan shall cover all expenses that are unexpected such as furniture or appliances which are not a regular part of your income scheme.
Criteria For Budgeting Loan Eligibility
For receiving a budgeting loan, there are certain criteria that need to be fulfilled. Besides being a recipient of UK benefits, you must have been receiving them continuously for 26 consecutive weeks before you apply for receiving a budgeting loan. You must have been receiving the benefits while your application is being processed which requires About 15 working days at best. Based on these criteria, it is determined whether you get the loan or not. Your level of savings and your consequent ability to pay off such a loan determines whether you can get the loan at all.
Claiming A Business Loan
If you feel like you satisfy all the above-mentioned criteria, the only thing you need to do now is to fill up the SF500 form. The most convenient method of getting this done is by filling up this form online. The other possibility that you have is to find a local Jobcentre. The details you need to fill in the form are pretty basic and cover personal details like your name and National Insurance Number. Other than these, you will have to fill in the benefits that you are already entitled to. You may have to write about the purpose of your loan. There are many items that cover the list of bases here. Make sure to choose the correct options. Find your local Jobcentre and call on the jobcentre budgeting loan number.
Universal Credit Claims
Once you claim a budgeting loan, your financial conditions might get better, or you may have other reasons that lead you into believing that this decision was not the best. You can fill in a form, before which you must ask for a “mandatory reconsideration.” If you do this within a month of your decision, you might be able to get your Universal Credit Claim. For a universal credit mandatory reconsideration, you have to fill the form SSCS1. You can also send in an appeal with the help of a letter. Try to provide as much wider as to why you do not need the loan. You must send your appeal to the address within one month of receiving the necessary reconsideration decision. Otherwise, the process would be proven absolutely futile.
Budgeting loan is a great way to deal with your expenses when you cannot provide adequately. Be well informed about all its strong and weak points to get the best out of it!
Author’s Bio: I am Lisa Ruiz. I am blogger.You can reach her at Techfizy