Advice on entitlements could help ease financial pressure


25th of March, 2011 Bookmark and Share
Financial solutions company Think Money has advised consumers to check what benefits and tax credits they may be entitled to, commenting that claiming entitlements could help to ease some of the financial pressure caused by rising costs of living and falling incomes.

The comments come after research by unbiased.co.uk found that UK consumers will pay a combined £13.5bn in unnecessary tax payments this year - in many cases because they wrongly believe they are already paying as little tax as possible, or because they don't know how to claim tax credits.

An expert at Think Money commented:

"There are various tax credits and benefits available that could make a big difference to your finances, especially if you're on a low income, unemployed, raising children or disabled. But this report demonstrates how many people are completely missing out on much of this: £8.5bn may be lost in unclaimed child benefit, child tax credits, working tax credits and pension credits this year, with an additional £5bn being missed in other areas.

"With that in mind, it's important that people check what they are entitled to and claim accordingly. There are a few resources for doing this online, but some people may prefer to talk things over with a professional financial adviser to make sure.

"Claiming entitlements is unlikely to help with any significant financial worries - for example, people with unmanageable debt problems would be better served talking to a debt adviser about the various options, such as a debt management plan. But benefits and tax credits could take some of the pressure off many of the people who have been affected by the difficult financial climate of the last few years."

-ENDS-

Notes to Editors

Think Money is one of the UK's leading financial solutions providers, delivering a comprehensive range of financial solutions, including loan, insurance and banking solutions.

Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.

For more information, visit the Think Money website at http://www.thinkmoney.com/.
Melanie
Melanie Taylor Think Money Melanie.Taylor@thinkmoney.com Tel: 0845 056 6480