Here are 9 significant ways in which your financial affairs could be altered including those claiming Universal credit, inflation, PIPs, tax credits and switch offers
July is poised to bring significant changes to your finances, with expectations of a decrease in the Ofgem price cap and new regulations rolling out from major high street banks.
These letters will offer a three-month window for the transition to Universal Credit. The Department for Work and Pensions estimates that 55% of people will financially benefit from Universal Credit, while 900,000 might face financial loss. The price cap affects approximately 28 million individuals in England, Scotland, and Wales. However, contrary to its name, it does not impose an absolute limit on energy costs.
The monthly fee for the Club Lloyds Platinum account is set to increase from £21 to £22.50. This account offers worldwide multi-trip family travel insurance up to age 80 and AA Breakdown Family Cover with Roadside Assistance, National Recovery and At Home. The Club Lloyds account maintains its monthly fee of £3, which can be waived if a minimum of £2,000 is deposited each month.
Most Barclaycards, including Avios, Platinum and Rewards, will see a change from July 22. The highest repayment will drop to either 1% of your balance, 1% of your balance plus interest, or £5. The DWP has suggested making PIP assessments more closely linked to an individual's condition. For some, the PIP assessment could be reformed and removed entirely if they are severely ill.
Additionally, customers can reap the advantages of an associated regular saver that delivers a fixed interest of 6.25% on up to £400 per month. Nevertheless, remember that a £3 monthly fee is charged in association with the Club Lloyds account, except when at least £2,000 is deposited each month.
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