Social Fund - Budgeting loan

Simon7685

I have used Budgeting Loans from the Social Fund a number of times now and have searched all over to try and find these answers but can't get anything definitive.

I was once advised that the best time to consider taking out a new loan if you can is after the start of April as this is when the 'pot' is at it's fullest and therefore the amount you can get is at its greatest.

Now that would seem logical to me but does anyone know if this correct or not?

Also how do they decide what the maximum you can get is? I know about the £1500 rule in total but I mean on an individual case by case basis?

Again I have found a formula regarding this but it works on if you are single/married or whether you have kids/how many but I can't find any amounts that they use. If you are married you get a single person amount plus so much for being married and then additions for the number of children you have. I thought it would go on what you asked for and what the money was for but this info came from DWP, so apparently not!

Any answers much appreciated

MCGONIS

Hi,

The Social Fund is being wound down.

The government is very concerned that too much is being spent at present. They want much much less spend between now and next year when it goes.

April is when the budget started and I cannot remember an April when you got more, compared to the rest of the year.

If you want one, put in for it now as it is unclear what, if anything will replace the scheme in 2013.

richard9991

Budgeting loans have a fixed sum for ie single ppl /couples family i know the max a single person can get is £348.00 dont no about familys and couples though.

Simon7685

I hadn't heard that social fund loans were being got rid of, that will leave a lot of people with no means of obtaining loans other than loan sharks. This is terrible news.

Thanks for the info on max for single people I might be able to try and work it out with any luck!

wellynever

Had a Budgeting Loan every year for the last twelve years as a couple it's anything between £400 and £480,

I have a bit on a in joke going with them when i fill in the form i put down i need a new car as the old one failed it's MOT never been turned down.

shedboy94

What is a budgeting loan and who can get one?

wellynever

shedboy94 wrote: »

What is a budgeting loan and who can get one?

Almost anyone,

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/On_a_low_income/DG_10018905

It's a interest free loan that is stopped off your money each week to pay it back, I've had a good laugh over the years with them even putting down that i needed one for a holiday in Spain, Good job they know me and know that it is impossible for me to fly

Morlock

uponahill wrote: »

Budget like the rest of us have to out of what you already get - that's the answer!

The average UK household's debt to income ratio is well over 150%, but don't let the facts get in the way of your ignorant statement.

missmontana

You'll probably get the maximum amount for a single person as long as you don't owe them anything already and fulfill all the criteria.

It'll be a shame if they scrap it, its really helped me out in the past.

Simon7685

uponahill wrote: »

Yeah !! Great!!!

No more funding for drugs, alcohol and holidays.

Best thing they have done so far!!

Budget like the rest of us have to out of what you already get - that's the answer!

Oh yes, I believe that the council will take it over and the criteria will be a lot stricter

What a thoroughly grown up thing to say, you must feel very pleased with yourself you small minded ignorant person!:mad:

A lot of people who are disabled, working part time, or not able to work through their disabilities rely on the Social Fund Budgeting Loans to be able to afford things that most people take for granted or to replace high end items like washing machines, beds, carpets and other furniture.

As someone who themselves is or has claimed benefits, you should be ashamed of yourself and your attitude towards others who use the social fund. Also as someone who has or is currently on benefits, you should be quite aware of how difficult it is to manage on the benefits you receive and almost impossible to be able to budget for expensive items. Or is it a case of because you can't get one nobody else should?

All this is going to do is result in a lot of vulnerable people having to resort to illegal money lenders or use the likes of Bright House and end up paying £1200 for a £300 washer.

Simon7685

Oh yes and just to add, I currently require a new washing machine because ours is on it's last legs, a new bed for my daughter and ideally a new sofa. Our worn out one was second hand when we got it but maybe I could budget out of our £105 a week!