If you are looking for a budgeting advance over your universal credit, don’t hesitate to dial the Budgeting advance phone number as it will help you claim one easily.
This article will revolve around the importance of the budgeting advance as well as the conditions under which you can claim for an advance. Budgeting advance is a component of the universal credit. If you don’t have a universal credit account with the UK, you will not be eligible for the budgeting advance.
To claim the budgeting advance, you need to have claimed the universal credit from the universal credit account.
When can you claim a budgeting advance?
You can claim the budgeting advance if you are in short of the funds or in times of emergency expenditure. If you are already claiming the universal credit, you are supposed to live within a budget.
Yet, during situations of exigencies which overshoot your budget, you have the freedom to claim for the advance. Suppose you have claimed for the universal credit, but, it has not yet been credited into your bank account, how to meet your needs?
Under such circumstances, you are given the freedom to claim the budgeting advance to meet your needs. As we know, the universal credit claim takes over a month to process, hence you are at free will to claim it.
Important facts about the budgeting advance
Certain important facts about the budgeting advance include the following:
- Once you have claimed the advance, you are liable to repay the advance. You will be receiving a reduced universal credit amount till your budgeting advance gets cleared.
- The advance amount that you have availed depends on a number of factors like your relationship status, number of children and disability status.
- You cannot claim the budgeting advance if you are still repaying an advance which is taken by you previously. Only after you have cleared your previous payments, you are eligible for claiming another advance.
- The amount of budgeting advance depends upon the savings that are present in your bank. If the amount is within a certain threshold, you can claim the budgeting advance.
- Claiming the budgeting advance with couples is more. If you are an unmarried couple, you can still file for the budgeting advance as a couple.
- You can make budgeting advance applications online. We need not be physically present while applying for the same. The universal credit online will make things simpler for you.
Difference between budgeting advance and budgeting loan
The technical definition of both of them is very different. A budgeting advance is something that you take on your universal credit. As you repay the excess amount taken over the universal credit, it gets deducted from the universal credit.
On the other hand, a budgeting loan is excess money that you have borrowed to meet an emergency. To meet your essentials, you take a budgeting loan. This is a non-taxable form of advance that you can take to support the extra family expenses.
Knowing the difference between them is important, especially if you are looking for financial help. Budgeting advance has helped a lot of UK citizens to establish themselves in the UK. It is one of the best initiatives on top of Universal Credit. If you have not claimed it yet, it is time you check with the authorities about it.