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Everything You Need To Know About Universal Credit Claim Loans

Feb 22, 2019 by

Budgeting loan is designed carefully to ensure that the people, who don’t earn an adequate amount to ensure their living, can easily meet their sudden financial needs. This social security system is prevalent only in the United Kingdom.

Features

The best part about universal credit claim loans is that they are interest-free. These loans are available to the people who claim benefits which are income-related. These loans are govt based. There should be a minimum amount of 100 pounds. The limit for the maximum amount depends on factors like the marital status of a person and if or not he has any children.

Freepost dwp budgeting loans can help you to pay for items as trivial as furniture, clothing and moving costs. The amount has to be repaid within a span of 104 weeks.

Criteria Which Determine Your Eligibility

 There are a number of factors which determine your eligibility. In order to qualify as a recipient of the budgeting loan, you should fulfill the following criteria:

  1. Must be a certified recipient of the UK benefits.
  2. Must be receiving the UK benefits for 25 weeks (consecutive) prior to the date of application.
  3. You should also be a recipient of the benefits at the time when your application is being processed. The processing takes around 15 working days after you have submitted your application.
  4. Your savings level and determination of whether you will be able to repay the amount.

Procedure: How To Claim Budgeting Loans

If you fulfill all the above-mentioned criteria and find yourself eligible, next you have to apply for the loan. You have to fill up an SF500 form. You can either get the form online or you can fetch it from any local “Jobcentre Plus” location. Enter your details which will include the credentials like your name, the national insurance number, the name of your partner and the types of benefits that you are a recipient of. You also have to mention the purpose for which you want to apply for a loan. The eligible purchases include facilities like household equipment, footwear, the expense for house improvement or maintenance, clothing, travelling expenses anywhere within the UK, maternity expenses, repaying the debts which have been accrued for any item which is present in the list and so on. If you aren’t applying for any of the above-mentioned purposes, you are not eligible for the loan.

What Is “Mandatory Reconsideration”

It may happen that your budget loan is refused. If you ever disagree with the decision of your Universal Credit claim regarding the benefits, child maintenance or tax credits, you can ask the officials to have a look at the decision of the organization again. This procedure is known as “Mandatory Reconsideration”. If you think that the office which is dealing with all your claims has mistaken or has missed an important part, you can definitely opt for universal credit mandatory reconsideration.

If you want to apply for a mandatory reconsideration, you have to do it within one month of the date in which the decision was published. Seeking the assistance of an advisor will increase your chances of being benefited with a loan.

Author Bio:

Lisa Ruiz is a blogger who specializes in financial domain. If you are looking for financial assistance, you can get in touch with her. She will unveil a multidimensional view of the section which you are searching for and help you have a bird’s eye view of the entire thing. This will include all the pros and cons which, in turn, will help you to come to a decision easily. She is the editor of Techfizy.

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