Paying off Buget Loan early

miss_spooky

Hi,

I have a buget loan, is it possible to increase the payments so that I can clear it off earlier?

Regards

GrungeMeister

You can't increase the rate at which the payments are made from benefit, no. However, you can make additional payments toward your Social Fund debt by sending DWP a cheque or postal order or by making a cash payment at your nearest Job Centre. Make sure you get a receipt.

Remember, budgeting loans are interest free. You might want to pay off other debts first, those which incur interest, assuming you have any other debt.