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What are utility bill debts?
With energy companies upping their prices and bills quite often, bills getting lost in the mail, and even the weather impacting how much we need to use our utilities, there are many different circumstances that can add to utility bill debt.
However, you need to make sure that you try and keep on top of your utility bills. One way to do this is to always set aside money from each pay check that is just for covering utility costs (and keep in mind that these costs may be considerably more expensive in winter).
You should also double-check you’re on the cheapest rate. There are plenty of price comparison websites out there that can check that you’re getting the best deal for your utility bills.
Worried about your Bounce Back Loan?
If you are worried about how you are going to repay your Bounce Back Loan, we’re here to help you! There are many people who will find themselves in a financial struggle after taking up the option of a Bounce Back Loan. Here at Business Helpline, We can discuss all of your options and help you plan for a better future.
Call our team today on 0800 088 2142.
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Did you know?
Are you eligible to claim Director Redundancy?
As a Limited Company Director you may be entitled to claim Director Redundancy – Average UK claim is £9,000*.
How much will you make when claiming Director Redundancy?
The most you can receive for redundancy and other statutory entitlements is:
▪️ Redundancy pay – £16.140 capped at 20 weeks
▪️ Notice pay – £6,456 capped at 12 weeks
▪️ Unpaid holidays – £3,228 capped at 6 weeks
▪️ Unpaid wages – £4,304 capped at 8 weeks
▪️ Payments are limited to £544.00 per week
How long does the process usually take from claim to payment?
A director should receive payments within 4-6 weeks, after the creditors’ meeting, so long as you have filled in and returned the relevant paperwork.
How long does it take to make a liquidation claim after redundancy?
You should be making a claim within 6 months of the company entering liquidation and ceasing trading. Some circumstances could lead to that time frame extending to 12 months but the process, in this case, is a little bit trickier.
What can stop a redundancy from going through?
There are a number of reasons why a claim may not work. Popular ones are that the company has been incorporated for less than two years, you leave the company before it has gone through the liquidation process, or your employment has been transferred using TUPE regulation.
What can you claim for with redundancy?
What you are eligible for with redundancy comes down to several factors:
▪️ How long you have been in the role
▪️ Your age at the time you have stopped trading
▪️ Your current salary
With redundancy, salary is capped at £544 per-week.
£16,140 is the overall maximum pay amount of redundancy pay that you can get. This remains constant, even if your actual earnings are higher or your length of service is longer than is required.
According to age, this is what you should be entitled to receive:
Under 22 – Half a week’s pay for each year of service
22 to 40 – A week’s pay for each year of service
Over 40 – A week and a half’s pay for each year of service
Your employee has to give you a minimum of one weeks’ notice for every year you have worked with them when you are made redundant. This goes up to a maximum of 12 weeks’ notice, worth £6,456.
Unpaid wages – Up to 8 weeks
Unpaid holidays – Up to 6 weeks holiday pay
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