social fund budgeting loan rates

TAZ

just wondered if anyone knew what the current rates are for the groups, i know in total you can owe up to around £1500 but they usually have rates for single people or couples or families, it is that figure i am trying to find out as i beleive that changes by the month.

thanks in advance
taz

richard9991

TAZ wrote: »

just wondered if anyone knew what the current rates are for the groups, i know in total you can owe up to around £1500 but they usually have rates for single people or couples or families, it is that figure i am trying to find out as i beleive that changes by the month.

thanks in advance
taz

m single applied for £500 and got £348 they said that was the max i could have being single

nordtraveller

richard9991 wrote: »

m single applied for £500 and got £348 they said that was the max i could have being single

How much a week are they deducting from your benefit, please?

AsknAnswer2

Single person £348
Couple £460ish (think it's £464)
Family £812

The amount the deduct from benefit can vary from case to case. They will send a letter offering an amount which will state how much the repayments will be, until you sign and return this, you aren't tied into anything.

Lou76

nordtraveller wrote: »

How much a week are they deducting from your benefit, please?

Nord, I've just recently applied (and since received) the single person allowance of £348. The weekly deduction they have applied is £7.23, over 48 weeks, with one last weekly payment of 96p. I think I've worked that out right.

The weekly amounts are correct anyway.

I've never had any crisis loans or anything else from the social fund, this is the first loan I've had, so not sure how these would affect the repayment amounts/timescale, if applicable.

dreamylittledream

Deductions are normally 12% of weekly benefit income providing the loan can be repaid within 104 weeks.

If you have other commitments they can be reduced to a minimum of 5% of weekly income subject to repayment over 104 weeks.

If your debt can not be repaid over 104 weeks then the percentage will rise to a maximum of 20%.

Lou76

dreamylittledream wrote: »

Deductions are normally 12% of weekly benefit income providing the loan can be repaid within 104 weeks.

If you have other commitments they can be reduced to a minimum of 5% of weekly income subject to repayment over 104 weeks.

If your debt can not be repaid over 104 weeks then the percentage will rise to a maximum of 20%.

I wondered how they'd worked mine out, thanks for clearing that up, I would never have thought to work it out as a percentage.

I thought it would be worked out over 26/52 etc weeks and couldn't fathom out the 48 weeks (+ 1 for the left over amount).

Easy when you know how. :rotfl: