Plata

Cost of living

 

With high costs of living having an ongoing effect on society, we understand that this can be stressful for many. We have put together some information below that you might find helpful. 

Track your spending and draw up a budget 

Go through your bank statements and list down all your expenses whether that's a one-off purchase or a regular monthly outgoing. This will help you assess which areas can do with some cutbacks and which expenses are essential to budget for. Creating a budget will help you develop healthier spending habits. 

Set up an emergency fund 

No matter how little, putting aside some of your income each month can help build up an emergency fund for when an unexpected expense comes up. Once you've worked out your budget, you can even set up a direct debit for some of your money to go into your savings automatically each month. 

Make sure you are getting the best deal 

You can use a site such as Compare the Market to compare mobile, broadband, television, streaming services and even insurance providers. You may be able to save money by moving to a cheaper provider package.   

Adopt energy saving habits 

Adopting an energy saving mindset and implementing energy saving tricks around your house can help reduce the cost of your energy bill. If you are struggling with the cost of your energy bill, you can explore which grants or benefits you may be eligible for. You can also speak with your energy supplier if you are struggling to pay your bills.  

Coping with financial stress 

  • Talk to someone 

  • Take control of your budget 

  • Rethink your spending 

  • Prioritise your debts 

  • Get independent advice 

  • Talk to us 

Here to help 

If you are worried about missing or have missed a loan repayment with Plata, please do not hesitate to get in touch with us. We have a team of experts who work with you to come up with a tailored plan that is best suited to your individual circumstances. We are here to help. 

Help with rent 

  • If you are on a low income or unemployed, Universal Credit may provide help towards the cost of your rent or mortgage. Check if you are eligible
  • If you are in supported, sheltered or temporary accommodation or are of state pension age, you may be eligible for a housing benefit
  • If you are already claiming a housing benefit, you might be able to get help with additional housing costs through your local council
  • You might also be able to get help with your council tax bill. Contact your local council to see if you qualify. 
  • Discretionary housing payments are also being offered to people on certain benefits to help them with their housing costs or rent. Check if you qualify

Help with energy costs 

  • Cold Weather Payments  - Those on certain benefits may be able to get an additional £25 a week during the winter months when the temperature is zero or below for more than seven days. The next eligible period for cold weather payments is from 1st November 2024 to 31st March 2025. 
  • Help to Heat  - You might be eligible for a grant to help make your house more energy-efficient. You will need to contact your energy supplier or your local council to see if they are participating. 
  • If you are on a low income, have a disability or a long-term health condition, or are over the age of 65, you might be eligible for additional support in the winter months. Check on your local council's website for more information. 

Debt advice 

If you find yourself struggling to keep up with debt, speaking to a debt advisor is the best first step you can take. You can get free, confidential debt advice from Money Helper, StepChange, or  National Debtline

Entitled to has a free benefits calculator that you can use to check that you are getting all the benefits you might be entitled to. 

Your local council's website is another good place to check and see what help might be available. Some councils offer emergency grants for help with urgent things like food, rent, energy bills, etc. and the good thing about a grant is that they do not have to be paid back. Find a link to your local council on GOV.UK and search for local welfare assistance on your council's website. 

  • If you have a child under the age of 4 or are pregnant, you might be able to get help with buying food and milk under the NHS Healthy Start programme. 
  • If you are on benefits and have a two-year-old, you might be eligible for up to 15 hours of free childcare a week. 
  • If you are a working parent of a three- or four-year-old, you can also get up to 30 hours of free childcare a week. 
  • Your child might also be eligible for free school meals. If they are, they might also qualify for the Holiday Activity and Food Programme. 

  • National Rail offers discounts for some people. You may be eligible for one of their special offers and promotions.  
  • Getting a rail card can also help save up to £140 a year on rail costs. There are several different types of railcards. You can apply for the one that suits you best. 
  • If you are of State Pension age, you might qualify for a free bus pass for travel
  • If you live in London and are of the age 60 or above, you can get free travel on buses, tubes, and other transport within London. You can check your eligibility here.