MAXIMISING YOUR INCOME

One way of trying to clear your debts is to increase your income. Some ways of doing this include:

• If you have adult children or other family members living with you, make sure they are paying enough towards the household bills. Also check that you are getting the best deal on household bills and insurances by contacting Payplan on 0800 9177823 or click here to visit the site.
  
• Check with your local tax office that you have the right tax code. Also check if you can claim tax relief on work-related expenses.
  
• If you have dependent children, make sure you apply for the new Child Tax Credits. These are available to anyone (single person or couple) looking after children and whose income is less than about £58,000 per year. For more information visit the Tax Credits website at https://www.taxcredits.inlandrevenue.gov.uk/Home.aspx
  
• Check if you are eligible for the new Working Tax Credits. These are available to all adults who work a minimum number of hours per week. For more information visit the Tax Credits website at https://www.taxcredits.inlandrevenue.gov.uk/Home.aspx
  
• If you have children from a former relationship, you may want to claim child support or see if your existing arrangement can be changed.
  
• Check whether any loans are covered by insurance – this may apply if you have been made redundant or are off work sick.
  
• Consider the possibility of renting out a room in your home to provide some extra income.
  
• You may be able to make savings on some of your regular outgoings such as insurance premiums and utility bills. If you don’t have time to shop around yourself for the best deals.
  
• If you own your own home, you may be able to release some or all of its value by remortgaging. Use a company that specialises in setting up mortgages for people with adverse credit histories such as Whos lending. See http://www.whoslending.co.uk for more details.

There are also a wide range of Social Security benefits that you may be entitled to. Millions of pounds in benefits go unclaimed every year so make sure you are claiming all you should. Use this checklist as a guide to what may be available (depending on your circumstances).

If you work full or part time:

• Working Tax Credit
• Child Tax Credit
• Child Benefit
• Housing Benefit
• Council Tax benefit
• Maternity benefits
• Disability Living Allowance

If you are unemployed:

• Child Tax Credit
• Jobseeker’s Allowance
• Council Tax Benefit
• Housing Benefit
• Health Benefits

If you are sick or disabled:

• Incapacity Benefit
• Income Support
• Disability Living Allowance
• Housing Benefit
• Council Tax Benefit