Rise in cost of living

We are here to help

Given the ongoing increase in the cost of living, we recognise that you may be worried about your finances. We are here to help if you are concerned about missing an upcoming payment or if you have missed a loan repayment.

Having early conversations with us regarding any financial difficulties you might be facing, is the best step you can take. We have a range of support options that can be tailored to your individual circumstances.

Contact us immediately if you are worried about your next loan repayment.

Cost of living tools and guidelines

Entitlements, wages and benefits

• In April 2024, there was a rise in National Living Wage and National Minimum Wage. You can check your pay to ensure you are getting what you are entitled to.
• If you are a carer looking after someone for at least 35 hours a week, you could be eligible for a Carer’s Allowance. You don’t have to live with or be related to the person you are caring for.
• If you are over the State Pension age and on a low income, you might qualify for help with your living costs.

Universal credit

Universal credit is a payment from the government to help with your living costs. Universal credit is available for some people who are on low income, out of work or cannot work.

• The government has made changes to help working families keep more of their money. If you are out of work, cannot work, or are on a low income, you can check if you are eligible for Universal Credit.
• If you are receiving Tax Credits, Pension Credit, or Universal Credit, you may been eligible for a  cost of living payment. Most eligible people should have already received their Cost of Living Payment for 2024. If you were expecting one of the Cost of Living Payments but have not received it, you can report it as missing.
• Certain people that receive working tax credit or universal credit may be eligible for the government Help to Save scheme. You can read more about this here.

For more information on Universal Credit, please visit Money Helper.

Entitlements 

• In April 2024, there was a rise in National Living Wage and National Minimum Wage. You can check your pay to ensure you are getting what you are entitled to.  
• If you are a carer looking after someone for at least 35 hours a week, you could be eligible for a Carer’s Allowance. You don’t have to live with or be related to the person you are caring for.  
• If you are over the State Pension age and on a low income, you might qualify for help with your living costs. 

Help with bills

• If you are struggling to pay your tax bills, you can contact HMRC to see what help might be available to you.
• The government has implemented multiple schemes to help commuters save money on travel costs. This includes free bus travel for older people or  eligible disabled people and 50% off travel if you receive Universal Credit.
• The government is also helping people improve the energy efficiency of their homes by offering energy grants that you can use to make your home warmer and cheaper to heat. Some energy suppliers are also providing grants to households struggling with their energy bills. You can check what your supplier is offering.
• If you are on a disability benefit you might be eligible for a one-off disability payment to help with the cost of living pressures.