Maximising Income
Maximising your income means that you are taking all the opportunities
available to you:
-
To increase your earnings
-
To reduce the amount of tax you pay by making sure your tax code is correct and
checking that you are claiming any tax credits you are due
-
To claim any benefits you are entitled to
You should start by checking that you are receiving all the tax and welfare benefits
that you are entitled
to.
Inland Revenue
Information about Tax credits can be obtained from the Inland Revenue website
Welfare Benefits
Information about benefit entitlement can be obtained from your local Citizens
Advice or local authority welfare rights office. Information about how to claim
can be found on Benefits Agency website
Other Possible Sources of Income Maximisation
Employment - overtime. This can be useful to help
clear priority arrears.
Lodgers - but, bear in mind the following points:
-
You may need permission from the landlord or mortgage lender under your tenancy
or loan agreement.
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The effect on any benefit income.
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Contents and/or buildings insurance policies may sometimes be affected,
although this is less likely where the owner or tenant remains in the property.
-
The personal situation of a family should be carefully considered. Debt is
extremely stressful and the family may not be able to cope with the additional
stress of a lodger.
Downshifting - if you have a substantial amount of
equity in your property you may consider selling and moving to a smaller
property. This has considerable personal implications and sale/removal costs
must be considered.
CSA/Maintenance - it is well known that
relationship breakdown is one of the most common reasons for debt. In such
circumstances the possibility of obtaining maintenance through the Child
Support Agency needs to be investigated.