PCU Shares - News from PCU - Out Now! (Aug22)

Inflation - which reflects the rate of increase in rising prices - is currently at a 40-year high of 10% and is set to rise to 13% by October 2022.

To curb spiralling costs, the Bank of England has raised interest rates six times since December 2021 and the base rate is now at 1.75%. Whilst raising interest rates can cool the rise in the cost of living, it makes borrowing more expensive, which impacts on things such as housing costs and mortgages.

The price cap on energy bills will be over £4,200 per year from January 2023 and housing costs are up by 11% compared to last year; 9.2million households could be in fuel poverty from October 2022.

Some people are finding life really difficult at the moment, with phrases such as ‘heat or eat’ becoming normal parlance, but it expresses the very tough choices that some households are having to make between spending on energy or food costs.

The PCU is acutely aware of the effect of the rising cost of living on our members and we can reassure you that we have put measures in place to help those of our members who face challenges meeting their obligations to the PCU as a result of this. Please get in touch straight away if you are affected in this way. We are a community bank and we are here to help. In the meantime, please see the details below for information about other help that may be available to you.

At these most challenging times, we are reminded of the message of hope that can be found in Jeremiah Chap. 29 v 11:

‘’For I know the plans I have for you... plans to prosper you and not to harm you, plans to give you hope and a future...’’

Download this article and the full version of our recent newsletter on the link below.

Download PCU Shares: News from the Pentecostal Credit Union August 2022

Help with the cost-of-living crisis

Soaring energy, fuel and food costs are a worry to us all. If you are struggling on a low income, here are some sources of support.

Energy crisis: extra Government support

In April 2022, the Government updated their energy crisis support package. Four extra grants will be paid before or during the winter - paying some households up to £1,500 in total. These amounts will not count towards the benefits cap and they will not be taxed.

Support for everyone

If you have your own electricity meter (your supply is not communal), you will get a £400 grant this winter. This does not have to be paid back. The money will come off your electricity bills between October 2022 and March 2023, or it will be added to your pre-payment meter (some people may be sent vouchers).

Pensioners

You will get an extra £300 on top of your normal Winter Fuel Payment of £100-300 (see below). This will be paid in November or December.

People on benefits

You will also get £650 if you claim any of the following:

• Universal Credit
• Child Tax, Working Tax or Pension Credits
• Income-based Jobseeker’s Allowance
• Income-related Employment & Support allowance, or
• Income Support.

The money is being paid in two amounts to the account your benefits are paid into. You should have received £326 in July, with a payment of £324 due in the autumn.

People with disabilities

You will get an additional £150 in September if you get:

• Attendance, Constant Attendance, or Disability Living Allowance
• Personal Independence Payment
• Armed Forces Independence Payment
• War Pensioners’ Mobility Supplement, or
• Scottish disability benefits.

Council hardship funds

You can apply to your local authority for awards from a number of funds.

Household support funds

The Government has given councils extra money - to extend, until the end of September 2022, the support schemes they set up last year. To apply, someone in your household must be vulnerable, or you must have suffered a serious setback you cannot manage. You should normally use the money to pay energy or water bills, or to meet other essential costs.

Welfare assistance funds

Many councils also have longstanding crisis funds for people struggling to pay for food, energy or household items.

Discretionary Housing Payments If you rent your home, you may be able to get a Discretionary Housing Payment (DHP) from your council to top up your rent for a time.

Council Tax Support reduces the amount of Council Tax you pay. Check whether you can claim in your area.

Maximise your income

Check whether you can apply for additional benefits by using the calculator at benefits-calculator.turn2us.org.uk

Use the turn2us online grants search at grants-search.turn2us.org.uk, to help you find social tariffs and grants in your area.

Debt advice

For advice, go to www.citizensadvice.org.uk/debt-and-money/help-with-debt Or for an online debt advice session, go to www.stepchange.org/how-we- help/debt-advice

If you are getting behind with energy or other bill payments, contact your provider early to agree a plan you can afford. They may also be able to help with advice or grant.

Download this article and the full version of our recent newsletter on the link below..

Download PCU Shares: News from the Pentecostal Credit Union August 2022