New £812 loan available to those in receipt of benefits

The Department for Work and Pensions (DWP) has announced a new £812 loan available to those in receipt of benefits, which will not require repayment for two years due to amendments in borrowing regulations. These DWP loans are designed to manage unforeseen expenses such as home appliance replacements.

Current policy stipulates that Budgeting Loans must be repaid within two years; however, effective from December 2024, those accepting a new Budgeting Advance loan will have an extended repayment period of two years instead of the usual one year. Chancellor Jeremy Hunt previously addressed this change during his Spring Statement and Budget discussions. He mentioned in the Commons on March 6: "Nearly one million households on Universal Credit take out Budgeting Advance loans to pay for more expensive emergencies like boiler repairs or help getting a job", reported Birmingham Liv

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