Budgeting loan

mw112

Hi everyone first post so go easy.
I have read in many places that the maximum budgeting loan for a single person is £348. However the maximum is £1500 you could borrow in total.Could you therefore send off multiple applications as I need a £1000 for rent deposit.

Thanks

jacques_chirac

No, they will not grant maximum applications for the same thing.

Have you contacted your council to ask if they do a deposit guarantee scheme?

mw112

But you could apply multiple times for different requirements?

Can't say I've ever heard of it but will definitely have a look into it

Thanks

nannytone_2

it doesnt matter how many times you apply and for what. they will only let you have a certain amount outstanding at any one time

pmlindyloo

You need to be on a qualifying income related benefit for at least 26 weeks - Income Support/Income related JSA/Income Related ESA/Pension Credit to be eligible for a \budgeting Loan.

If you meet this criteria then you would be most likely be eligible for the Rent Deposit Scheme (Deposit Bond Scheme) which most councils operate. No money changes hand but they guarantee to the Landlord for any damages etc. Enquire at your local council offices.

£1000 deposit seems high so if this includes other fees you could then apply for the 'extra' through the Budgeting Loan.

tokenfield

pmlindyloo wrote: »

.

£1000 deposit seems high so if this includes other fees you could then apply for the 'extra' through the Budgeting Loan.

Are they still doing these loans? I thought that they had been done away with due to the level of abuse involved?

Sounds like a months deposit and a months rent in advance.

If so and you are claiming max HB, the month up front won't be needed as HB will cover it.

Upsidedown_Bear

tokenfield wrote: »

Are they still doing these loans? I thought that they had been done away with due to the level of abuse involved?

Sounds like a months deposit and a months rent in advance.

If so and you are claiming max HB, the month up front won't be needed as HB will cover it.

Yes.

https://www.gov.uk/budgeting-loans

tokenfield

Upsidedown_Bear wrote: »

Yes.

https://www.gov.uk/budgeting-loans

Well I never, I thought that they had all been done away with.

Seems a little one sided to me - whilst the rest of us have to pay interest on any borrowings that we enter into (bank loan, credit cards etc) whereas once again those on benefits are treated differently - they pay no interest!

No wonder people in this country are up in arms over the double standards that are being applied.

plum2002

tokenfield wrote: »

Well I never, I thought that they had all been done away with.

Seems a little one sided to me - whilst the rest of us have to pay interest on any borrowings that we enter into (bank loan, credit cards etc) whereas once again those on benefits are treated differently - they pay no interest!

No wonder people in this country are up in arms over the double standards that are being applied.

You are on benefits, by your own admission some via immorally making your capital inaccessible and yet you moan about those in real need receiving anything?

osdset

Are they still doing these loans? I thought that they had been done away with due to the level of abuse involved?

What abuse? It's a loan not a grant.

tokenfield

plum2002 wrote: »

You are on benefits, by your own admission some via immorally making your capital inaccessible and yet you moan about those in real need receiving anything?

I'm only talking about the loans. I have to pay interest on my credit cards, my overdraft and loans, if and when I use them. I can't see why those on benefits should get interest free loans.

Oh I forgot - yes of course I too can apply for one of these 'freebies' - oh no I can't silly me, I saved hard instead of spending hard and have more than £2000 in capital. This precludes me from getting one! Why oh why didn't we see sense and spend it as fast as it came in? My fault again!