Banking and managing your money
Banking
You will need a bank account (or similar account) before being able to apply for Universal Credit. If you do not have a bank account (or similar account) then you may like to open an account with the Wolverhampton City Credit Union. Credit Union accounts are ideal for people getting Universal Credit. This is because the Credit Union can help you to budget by arranging for your bills, including the important ones like your:
- rent
- gas
- electric
- council tax
- water rates
to be paid on time direct from your account. You may also be ablwwe to access low interest loans from the Credit Union, including a ‘Crisis Loan’ should you be in financial difficulties.
Please visit Wolverhampton City Credit Union for more information.
Managing your money
Universal Credit is paid monthly in arrears. Many people, even those in paid employment, are not very good when it comes to making ends meet - budgeting, particularly budgeting on a monthly basis.
If you are applying for or actually getting Universal Credit and you are finding it difficult to make ends meet then you might benefit from getting some practical tips on how best to manage when finances are tight and how you might be able to actually save some money on everyday bills and expenditure.
If you are in debt (including arrears with your rent and/or council tax) or you struggle to find money for food, gas and electric bills then some FREE ‘managing your money’ information and advice might be just what you need.
Our Places to go for support page will help you should you need further advice and assistance on managing your money when you are applying for or getting Universal Credit.
Alternative payment arrangements
If you cannot manage budgeting month to month e.g. because you are disabled or you are alcohol or drug dependent or you have a gambling addiction then you can either speak to the Universal Credit Service Centre on 0800 328 5644 or speak with your Work Coach at your local Job Centre. They can arrange for you to get paid weekly or fortnightly. If you know, because of the way Universal Credit is paid, that you are going to have real problems managing your rent payments (or you are already in significant rent arrears) then you can ask for ‘managed payments’ whereby the amount allowed in your Universal Credit payments for your rent will be paid direct to your landlord instead of being paid to you. If this amount is not for the whole amount of your rent (e.g. because you are affected by the ‘bedroom tax’ or ‘benefit cap’) then you will be responsible for making up the difference. If you are in significant rent arrears you could talk to your landlord about them apply for ‘managed payments’ directly. Please visit our Help for Landlords page for more information.
If you have no money now or you are struggling to make ends meet then you can:
Discretionary Housing Payments
These payments are administered by the City of Wolverhampton Council (Revenues and Benefits Team) to people living in Wolverhampton who get Universal Credit or Housing Benefit. If you get Universal Credit then your assessment of Universal Credit must include an award of the ‘housing costs element’ because you are liable (or may be treated as liable) to pay rent for the accommodation in which you live. It does not matter if you pay rent to either a social landlord or private landlord. Discretionary Housing Payments are intended to help you if you are in need of extra financial support because your full rent (excluding ineligible service charges) is not met by your Universal Credit (or Housing Benefit) payments. Discretionary Housing Payments can be extremely helpful to you if you are in rent arrears and or you find it difficult to pay your rent because you are affected by the ‘bedroom tax’ or the ‘benefit cap’.
Please visit the Discretionary Housing Payments for more information, including how application may be made.
Quick link
- Wolverhampton Homes tenant?If you are a Wolverhampton Homes tenant you can email homes.direct@wolverhamptonhomes.org.uk or ring 01902 556789 for further information. Members of its Money Smart Team will be able to meet with you face-to-face and provide you with practical help and advice on money management good practice.
- Refused Benefit or Sanctioned?Our Places to go for support page will help if you believe you have been wrongly refused Universal Credit or other benefits or you have been sanctioned and you would like some help and advice in what can be done if you wish to dispute the decision.
- Need help to find work?Look no further, Wolves WorkBox is an exciting new project to help you get in work and stay in work. to see details of local groups and organisations who will help you to find paid employment.