Spring Budget 2024

Universal Credit claimants will get more time to repay ‘Budgeting Advance’ loans

These interest-free loans are available if you’re claiming Universal Credit and need funds for an emergency, such as replacing a broken cooker.

You pay them back through your regular Universal Credit payments – you get paid less until the loan is repaid. Currently, you have 12 months to repay the loan. But, for new Budgeting Advances taken out from December 2024, the default repayment period will be extended to 24 months.

That’s pretty much it!


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