Debt concerns as tax credits are missed
21/07/2010Thousands of families are unnecessarily finding themselves looking for debt help after failing to claim their child and pension tax credits.
New figures from Unbiased.co.uk show that almost £4bn (£3.9bn) will remain unclaimed for the 2010/2011 financial year, resulting in huge tax overpayments and financial problems for many.
The website's Tax Action report estimates that 9 per cent of entitled families won't claim for their credits, meaning each will miss out on nearly £3,500 (£3,411) on average.
Karen Barrett from Unbiased.co.uk encourages people to check if they are owed any tax credits in order to alleviate any debt concerns they may have.
She remarks that "the system has been set up to help those who need it most and quite simply if you don't claim your credit, it expires."
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