Credit, collections & insolvency news
The Money Advice Service has launched an Online Money Manager service. The new service is an interactive tool that offers personalised advice, on making the most of money for Universal Credit claimants. It offers help and advice on a range of money topics, including opening a bank account, keeping on top of bills and dealing with debt. Universal Credit is built to mirror the world of work to make the transition much easier for claimants and so there is always an incentive to work. New claimants receive monthly benefit payments, just like a pay cheque, and some may need extra help to manage this change.
Employment Minister Damian Hinds said “Universal Credit gives people back control of their own lives and finances, and makes the transition into work much smoother. We know that this can be a big change. Our work coaches offer budgeting support to all new claimants and this new tool will help more people get all the skills they need to manage their money.”
Caroline Rookes, Chief Executive for the Money Advice Service, said “The Online Money Manager is an essential tool that will help people to plan and budget for this new way of receiving their money and paying their bills. They will be able to find personalised information about bank accounts, help with setting up direct payments to landlords, budgeting and saving money on regular bills, as well as where to go for additional support if they are struggling with financial commitments. We are pleased to be working closely with DWP to bring this tool to the people who can benefit the most.”