Money Mentor

The Money Mentor has been launched by HPCH during 2011 to help tenants with their finances. We will be updating this section regularly, and in the mean time if you would like some help or assistance with your finances, particularily if you are having difficulties with paying your rent - contact us on 0845 129 8075.

If you would like information on debts or benefits please click here

Understanding the cost of running a home.

If you already have your own ‘Pad’ you’ll know just how much it costs to run. On top of rent and council tax, there are other services to be paid for such as gas, electricity and water.If this is the first time you have thought about setting up your own home, there are extra costs you will need to think about in addition to those mentioned above. You will need to think about the cost of furniture and ensure you have all the essential household items. These may include a cooker, fridge, settee, table, beds and carpet. 

This information aims to give you an idea of those costs that you will have to budget for when running your own home.  You need to make sure that you can afford these costs before you accept any offer that High Peak Community Housing makes you as failure to keep your rent account up to date will result in you losing your home. 

Paying your rent is a priority  

The figures below are some average rent figures for different property types managed by High Peak Community Housing: 

Property type                                  Average Rent 

• 1 bed flat                                    £63
• 2 bed house                               £70
• 3 bed house                               £75
• 4 bed house                               £83

If you are on a low income you may be entitled to Housing Benefit. Your Home Options Officer will assist you to make a claim when you sign up for your property. A rough calculation of how much Housing Benefit you may be entitled to can be done online via our own website or by logging on to High Peak Borough Councils website  www.highpeak.gov.uk , go to Housing and use the Benefits Calculator link, or  telephone Housing Benefit on 0845 129 7777 or 01298 28400.  

High Peak Community Housing offer a number of ways to pay your rent, you can pay by direct debit; standing order or Allpay card, you can even pay over the phone with a debit or credit card, you can also click at the top of this web site on ''Pay Your Rent''  All clear rent accounts are entered into a twice yearly prize draw to win £250 in High Street Vouchers. 

Council Tax 

Council Tax is payable in addition to rent for general services provided by High Peak Borough Council. Again depending on your circumstances, you may be entitled to Council Tax Benefit. You can apply for this on the Housing and Council Tax Benefit Form. The majority of homes for rent with High Peak Community Housing are in Band A, but there are some in Band B. You can find out which band the property is in by telephoning 0845 129 7777 or 01298 28400. 

                        Weekly           Monthly          Yearly

Band A           £19.00            £82.36            £988.37

Band B           £22.00            £96.00            £1153.09

if you live in your property on your own you will be entitled to 25% discount off your Council Tax bill. 

Utilities 

Water Rates 

The water suppliers for the majority of High Peak Community Housing properties are United Utilities and Severn Trent Water. You will have to pay these suppliers direct for the water supply to your home. Below are some examples of how much the weekly water rates could be:  

• 1 bed flat -                 £ 5
• 1 bed bungalow -       £ 6
• 2 bed house -            £ 7
• 3 bed house -            £10
• 4 bed house -            £11

Gas and Electricity 

You will need to heat and light your home, cook and operate electrical appliances. If you pay for your gas and electric by direct debit, and use the same supplier for both you can usually save money on your bills. Below are some average weekly costs for dual fuel:  

• 1 bed flat -                 £13
• 1 bed bungalow -     £15
• 2 bed house -           £20
• 3 bed house -           £30
• 4 bed house -           £38

Again you pay your gas and electricity suppliers direct for these services. Try the following websites for advice on energy suppliers:

www.energyhelpline.com,

 www.uswitch.co.uk  

TV Licence 

If you have a TV in your home you must buy a TV licence, even if the TV set is a black and white one. The cost for one year is currently £145.50; you can pay £12.13 per month or £2.80 per week. 

Remember if you are moving to a new address and already have a TV Licence you need to tell TV Licensing your new address so that your licence can be transferred. You can do this online at www.tvlicensing.co.uk or by calling 0300 790 6081. 

Food and Other Household Expenses  

For food and other household expenses you should allow on average:  

£25 - £35 per week, per adult, £25 - £30 per week, per child 

Clothing 

Allow £30 - £50 per month per child (especially very young children). allow £30 - £40 per month per adult. 

Home Contents Insurance 

If you rent a property from High Peak Community Housing, it is your responsibility to insure your home contents. You will find an application form in your sign up pack for Home Contents Insurance with Royal Sun Alliance. The lowest amount that can be insured is: 

£6000 if you are over 60 at a monthly cost of £2.12, £9000 for all others at a monthly cost of £3.18. There is also the option of covering your home contents for accidental damage. Your Home Options Adviser can help you with this.  

The following items are not essential, but if you are going to have them, make sure you include them in the budget sheet calculations, you will then know if you can afford your own place, or what you would have to give up to enable you to afford your own place.

Cable/Satellite TV 

You don’t have to do so but many people chose to subscribe to cable or satellite TV. The average cost of a package is between £19 and £46 per month but you need to check with individual suppliers for more details. You will also need our permission to install a satellite dish. Contact your Neighbourhood Coordinator for more details. 

Landline/Mobile Phone 

For a landline telephone you will need to pay a monthly line rental fee on top of the costs for calls, you would need to check with individual suppliers for more details. If you have a mobile phone don’t forget to budget for contract, call charges or top-up costs. The following website can help you find the best deal for landline and mobile phone contracts as well as a whole host of other money saving information:

http://www.moneysavingexpert.com

Car: If you own your own car you need to allow for the amount you spend on petrol, maintenance, servicing, tax and insurance.  Public Transport: If you regularly use public transport you may find that a Travel Card will help to keep costs down. You can find more information about this direct from www.derbyshire.gov.uk  

Don’t forget to include all your outgoings on the budgeting sheets, if you need any help contact the Financial Inclusion Officer on extension 3744 or email enquiries@hpch.co.uk.

You can download and print the budgeting sheets by clicking here.

 What is a basic bank account and how can it help me? 

Basic bank accounts are aimed at giving everyone access to banking facilities. They are a basic, no frills account. If you don’t currently have a bank account or you are not able to get a standard current account, a basic bank account could be the answer.  They are available from all major banks. Having a bank account can help you to manage your money, you can get your money paid into the account and you can pay bills from it.    

• A basic bank account is ideal if you are worried about overspending, as they don’t allow you to go overdrawn.   
• You can only spend the money you have in the account.   You won’t get a cheque book but you will generally get a cash card.  
• Cash withdrawals can usually be made at cash machines and at the post office. 
• You can get your wages, benefits, state pension or tax credits paid directly into the account.  
• You can pay in cheques for free and arrange for bills to be paid by direct debit or standing order (which can often save you money on your bills).  
• You would of course need to make sure there are enough funds in the account to cover these. 

How to open a basic bank account 

• First choose which Bank you would like to have an account with
• Check that they offer Basic Bank Accounts and the criteria for opening one
• Make yourself an appointment

 Proof of identity to open a bank account 

The law says that banks and building societies have to identify new customers, to help stop criminal activities like money laundering. They will explain which documents they will accept as proof of identity. They may ask you for documents such as: 

• Passport
• Driving Licence  

If you don’t have these they may accept:  

• A letter confirming a right to State Benefits (e.g. housing/council tax benefit or pension)
• A letter from a Care Home Manager or Warden from a Refuge
• A letter from a young persons workplace or educational establishment 

If you would like some  more information or help to open a basic bank account please call 0845 129 8075 extension 3744 and speak to the Financial Inclusion Officer. 

Have you heard about Smarterbuys?

Smarter buys is a new initiative which enables tenants to access essential household items at a much reduced rate. Going forward, the aspiration is that Smarter buys is run parallel to credit union services – so tenants can utilise affordable responsible lending options. We are still working towards a credit union for our area however in the interim there are still bargains to be had!. 

Smarter buys has a monthly deal – the first deal offered will be beds. Customers can choose from a single, double or king size mattress or complete divan bed from as little as £69 (for a single mattress) including delivery.  The impressive discount levels range from 51% to 54%. 

In terms of pounds and pence the chart below details various payment options:-

Double Bed (Mattress and Divan) (4’6”) Cost Comparison

To buy an equivalent double bed from a high-street store could cost over £430 more than the Smarterbuys deal. To make weekly payments for an equivalent double bed from a high street weekly payment store could cost over £650 more than taking out Credit Union finance for the Smarterbuys deal.

• All of the products are manufactured in the UK and come with a 3 year manufacturers guarantee which covers manufacturing defaults. 
• Delivery is included in all of the prices and the items can be delivered to any address in mainland England, Wales and Scottish Lowlands.
• Delivery of the item will be within 7-10 days of the order being placed and it will be delivered through APC courier service which is fully traceable and insured.

The website can be found at www.smarterbuys.org.uk and is definatley worth checking out!