Skip to main content

Money Matters

Lady reading papers with younger lady

Money Matters

In this section you can find advice about welfare benefits. There is also information on whether you will have to pay for your support and if so how your contribution is calculated.

 

Managing money

Lasting Power of Attorney

Someone else managing your money

If you are having difficulty managing your own money, you can choose to have someone else do this for you, such as a friend or relative. There are a number of ways to achieve this, including:

  • providing authority to your bank or building society for someone to act on your behalf, known as a 'third party mandate'

  • drawing up a legal document known as an Ordinary Power of Attorney – to allow someone to manage your finances by acting on your behalf
    drawing up a legal document known as a Lasting Power of Attorney – to allow someone to manage your finances by acting on your behalf, even if you lose mental capacity in the future

  • choosing someone to act as an appointee for you, who can receive and manage your social security benefits. In some circumstances, the council can do this for you.

Managing someone else's money

If you care for someone and they lose their mental capacity to manage their own finances, you can manage these on their behalf in one of three ways:

  • by using the authority given to you by a Lasting Power of Attorney

  • apply to the Court of Protection to become a Deputy to manage their financial and property affairs

  • apply to the Department for Work and Pensions to become an appointee to receive and manage their social security benefits.

Independent Financial Advice

Financial Advice sign

As you get older, it’s important to think about planning for your later life, including any care and support that you may need. Independent financial advice can help you to:

  • make balanced and reasoned decisions

  • ensure you get the best from your money and investments that will help you to meet any long term care costs

  • provide some certainty and security.

It can be difficult making life changing decisions by yourself, so an independent financial adviser can provide specialist knowledge tailored to your own circumstances to help and support you.  

You can find independent financial advice yourself by visiting the Money Advice Service website or you may search for independent financial advisers for the category list on this page.

Welfare Benefits

Money

You can find out what benefits you may be entitled to by visiting the Benefits Calculator.

Paying for your care and support

Lady with carer

Paying for your care at home

Social care and support, unlike health care provided by the NHS, is not usually free of charge.  If you have been assessed by us as needing ongoing care and support, you will be offered a financial assessment to work out how much you may need to pay towards the care you receive, and to provide advice about welfare benefits. No-one is asked to pay more towards their care than they can afford.  You can find out more on the Paying for Care at Home page.

Paying for your care in a care home

A financial assessment calculates how much you need to pay towards the cost of your care in a care home by looking at your income, savings and capital and will also provide advice on welfare benefits which you may be entitled to.  You can find out more on our Paying for Care in a Care Home page.

 

Personal Budgets and Direct Payments

Asian ladies at computer

A personal budget is an amount of money made available to meet your social care and support needs following a care assessment. Personal budgets can help to give you more choice and control over how you receive the support you need to help you to live independently.  A personal budget can be taken as a payment made directly to you, which is known as a direct payment. Or, if you would prefer, it can be managed for you by the council, or a partner organisation.  You can find out more on our Personal Budgets and Direct Payments page.

The council has now closed the Cash Office

Are you visiting the Council’s Cash Office?  You don’t have to queue if you’re paying:

  • Council Tax
  • Business Rates
  • Parking Fines
  • Brown Bin Renewal

Many of the services carried out by the Cash Office are already available online, such as paying for your Council Tax, Business Rates, Brown Bin Renewals and Fines. The rest of our services will be made available through the council website.

You can find more details in the leaflet in the 'Downloads' section titled Questions and answers - Peterborough City Council closing its cash office

Listen or
translate

Feedback
How easy did you find this website to use?
Did you find the information you were looking for?
Comments