Life can throw unexpected financial challenges our way, leaving you wondering How To Get Money Now. If you’re facing urgent money needs, this guide outlines practical steps and support systems available, especially in the UK, to help you navigate these tough times.
Government Financial Support Options to Access Money Quickly
The UK government provides a range of financial safety nets and schemes designed to support individuals in various circumstances. It’s crucial to understand what’s available to you and how to access these resources when you need money urgently.
Benefit Entitlement Check: Are You Missing Out?
Many people in the UK are unaware of the full spectrum of benefits and tax credits they are entitled to. Billions of pounds go unclaimed each year. Before exploring other avenues, it’s essential to ensure you are receiving all the support you’re already eligible for. This includes various discounts and financial aid.
Utilize a free benefits calculator to assess your potential eligibility and uncover any overlooked financial support you can claim immediately. This initial step can be a quick way to get money now by accessing funds you are already entitled to.
Check you are getting all the benefits you can
Budgeting Loans: Government Help for Unexpected Costs
While crisis loans are no longer offered, Budgeting Loans serve as a viable alternative for those facing unforeseen expenses. If you’ve been receiving specific benefits for at least 26 weeks, you might qualify for a Budgeting Loan to help manage unexpected financial strain.
Eligibility Benefits:
- Income Support
- Income-based Jobseeker’s Allowance
- Income-related Employment and Support Allowance
- Pension Credit
What Budgeting Loans Cover:
- Essential furniture
- Household appliances
- Relocation expenses
- Maternity-related costs
- Travel expenses
The loan amount is determined by your individual circumstances, and repayments are conveniently deducted directly from your ongoing benefits. This can provide a needed cash injection to address immediate financial demands.
Hardship Payments: Emergency Funds During Benefit Sanctions
If you’ve faced benefit sanctions and are struggling to cover essential bills, Hardship Payments can act as a critical lifeline. These payments are specifically designed for individuals sanctioned on key benefits and facing severe financial hardship.
Applicable Benefits:
- Universal Credit (UC)
- Jobseeker’s Allowance (JSA)
- Employment and Support Allowance (ESA)
Hardship payments are intended to prevent extreme hardship when your regular benefits are temporarily reduced or stopped due to sanctions. Understanding how to apply for and access these funds is crucial when you urgently need money due to benefit-related issues.
Read our guide about hardship payments and how to apply
Short-Term Benefit Advances: Accessing Funds Sooner
For individuals awaiting their initial benefit payment or facing delays, Short-term Benefit Advances offer a way to access funds sooner. This is essentially an early payment of your benefit, providing immediate financial relief when you’re in a tight spot.
When to Apply for a Benefit Advance:
- Need money before your first benefit payment arrives
- Require funds before a scheduled benefit increase takes effect
- Anticipate a delay in your regular benefit payment
Repayments for these advances are automatically deducted from your future benefit payments, typically over a period of around 12 weeks. Applying for a short-term advance can bridge the gap when you need money now before your regular benefits are available. Applications for most benefits, including advances, can be made through your local Jobcentre Plus.
Read our guide to claiming benefits
Immediate Actions to Manage Debt and Free Up Money
Beyond government support, there are immediate actions you can take to manage existing debts, potentially freeing up money and alleviating financial pressure.
Payment Holidays: Temporary Relief from Debt Repayments
If you’re struggling to meet debt repayments, requesting a payment holiday can offer temporary financial breathing room. This allows you to pause payments on various debts, providing immediate relief and freeing up funds for urgent needs.
Debts Eligible for Payment Holidays:
- Mortgages
- Credit cards
- Personal loans
- Hire purchase agreements
Important Considerations for Payment Holidays: While payment holidays offer immediate relief, it’s crucial to understand that missed payments are treated as arrears. Interest and charges may continue to accrue during the payment holiday period, potentially increasing the overall debt in the long run. However, in the short term, it can provide crucial space to manage urgent financial needs. Utilize template letters to formally request payment holidays from your creditors.
Use one of our template letters
For personalized assistance in navigating debt challenges, seeking free debt advice can be invaluable.
Contact us for free help with your debts
Breathing Space: Time to Address Money Worries Without Creditor Pressure
The Breathing Space scheme, also known as the Debt Respite Scheme, offers legal protection from creditor action, providing you with valuable time to address your financial situation without the added stress of constant contact and escalating charges.
If eligible, Breathing Space halts creditor contact and freezes interest and fees for up to 60 days in England and Wales. A similar scheme, the moratorium, is available in Scotland for up to six months. This pause can be critical when you urgently need to get your finances in order and explore longer-term solutions without immediate pressure.
Read our guide to Breathing Space and find out if you can apply
Prioritizing Bills: Managing Urgent Payments First
When facing financial constraints, understanding which bills are most critical is essential. Prioritizing certain bills ensures you address the most urgent needs first, minimizing severe consequences like eviction or utility disconnection.
Priority Bills to Pay First:
- Council tax
- Rates
- Rent
- Mortgage payments
Focusing on these priority bills ensures you maintain essential housing and avoid legal repercussions associated with non-payment.
Learn more about which debts to pay first
Help with Essential Utility Bills When Money is Tight
Struggling to pay utility bills is a common challenge when facing urgent money needs. Support is available to help manage energy and water costs and prevent service disruptions.
Energy Bill Arrears and Support
If you’re behind on energy bills, immediate communication with your supplier is crucial. They are obligated to discuss payment options and help you manage arrears. Energy arrears are considered priority debts, and suppliers must work with you to create manageable repayment plans and avoid disconnection.
Energy companies also offer social tariffs – lower-cost tariffs for vulnerable customers and those on low incomes. These tariffs, along with hardship funds and priority services registers, provide additional support for those struggling to afford energy. Additionally, if you use a pre-payment meter and are out of credit, some food banks can offer small top-ups to help.
We have made a guide to dealing with energy bills
The Energy Saving Trust offers valuable resources and tips for reducing energy consumption and accessing financial aid for energy bills.
Water Bill Support for Low-Income Households
Water suppliers provide various support schemes for customers on low incomes and benefits. While the specifics vary by supplier, help with water bills is available to ensure access to this essential service remains affordable.
Find out more about support from water companies
Mortgage Payment Difficulties and Available Assistance
If you’re struggling with mortgage payments and urgently need financial help, immediate action is essential to prevent further issues.
Contact your mortgage provider as soon as possible to discuss your situation. They can assist in creating a plan to repay missed payments and may offer several options to alleviate immediate financial pressure.
Mortgage Support Options:
- Payment holidays
- Switching to an interest-only mortgage
- Extending the mortgage term to reduce monthly payments
- Assisted voluntary sale schemes in severe cases
Government assistance with mortgage payments might also be available if you are receiving benefits. Early intervention and communication with your provider are key to finding solutions and managing mortgage arrears effectively.
Find out more about mortgage arrears
Conclusion: Taking Action to Get Money Now
Facing urgent money needs can be overwhelming, but understanding the available support and taking prompt action is crucial. From government benefits and budgeting loans to debt management strategies and utility bill assistance, various resources can provide immediate financial relief. Don’t hesitate to explore these options, seek help, and take control of your financial situation to get the money you need now and build a more secure future.
