Confusing Benefits Leave Some Indebted Families Out of Pocket

Atlantic Financial Management provides free Pocket Guide to Benefits and Tax Credits

Leading debt solutions provider, Atlantic Financial Management, is warning that many families and individuals already in financial difficulty are facing further hardship because they are under claiming for the various welfare benefits and tax credits to which they are entitled.

"... for some people it's hard to make sense of welfare benefits and tax credits..."

"There has been much focus on over-payments of welfare benefits in recent weeks, but our Income Optimisation Team has actually seen an increasing number of our clients actually suffering because they are not accessing all the benefits to which they are entitled", explained Kevin Still, Director, Atlantic Financial Management.

"The reality is that for some people it's hard to make sense of welfare benefits and tax credits, especially as their circumstances change. And, perhaps because of the focus on benefit cheats which has received much press coverage in recent weeks as the coalition Government looks to cut wastage, many people actually under-claim!

"We have therefore produced a Pocket Guide to Benefits and Tax Credits which can be downloaded from our website. Or a hard copy can be obtained via our call centre on 0845 0 30 30 30.

"... accelerate the rate at which an individual can become debt free..."

"We have already issued thousands of copies of this Guide to our existing clients and many have found it immensely useful in identifying benefits that they hadn't previously claimed for – but which can make their financial situation that little bit easier. We also aim to update the Pocket Guide at the start of every tax year to ensure that people make the most of the benefits to which they are rightfully entitled."

Atlantic has revealed the top five under-claims it has seen amongst its clients:

1. When a client becomes 25, some benefits will increase such as Job Seekers Allowance (JSA). But some will become available for the first time. For example, Working Tax Credits can be accessed, where there are no children and the claimant works 30 hours or more each week.
2. Pension Credit was available from aged 60, but this is increasing to 65. These changes in the age limit may result in some 60-65 year old women not claiming Pension Credit due to the confusion.
3. Although men can only claim the State Pension from the age of 65, they can claim Pension Credit at the same age as women (60). It is a fact that many men between 60-65 are not aware of the Pension Credit and lose this and other linked benefits.
4. Owner occupiers often don't claim their Council Tax Benefit because they don't have contact with the Local Authority that administers this benefit.
5. The Sure Start Maternity Grant (SSMG) can be claimed before or after the child is born. But this needs to be reviewed alongside Tax Credit payments.

The Atlantic Financial Management Income Optimisation Team offers all clients the opportunity to maximise their income and reduce essential household expenditure wherever feasible.

"... there is a fast-track service which will help an individual start to tackle their debts within a matter of days..."

The company believes this is essential best practice to accelerate the rate at which an individual can become debt free or get their finances back under control. Trained staff with detailed knowledge of the Benefits and Tax Credit System are able to assess whether an individual is eligible for unclaimed benefits. Plus Atlantic's sister company, MoneySave Financial Solutions, can review where individuals and families might not be getting the best value for money for other financial services such as car and home insurances, their bank account and even their utility bills.

Atlantic offers a full range of debt solutions, including Debt Management Plans (DMPs), Individual Voluntary Arrangements (IVAs) and Bankruptcy Assistance. For those clients that elect a DMP as the most appropriate debt solution there is a fast-track service which will help an individual start to tackle their debts within a matter of days. For just £69.50, the expert Atlantic team will review an individual's current financial commitments and income and make recommendations of the best debt solution for their circumstances. This includes dealing immediately with any court actions on the individual's behalf as well as starting negotiations with creditors to freeze interest and charges.

To find out more about Atlantic Financial Management contact us or call 0845 0 30 30 30