OPEN - ESDS

I
FAMILY INCOME -
SUPPLEMENT/FAMILY
CREDIT
FAMILY CRSDIT
FINANCE HOUSE LOAN -
FIXED INTEPJ3ST
SAVINGS CERTIFICATES -
FRIENDLY SOCIETY -
BENEFITS
FURTHER MORTGAGE -
GIRO
GOVERNMENT GILT -
EDGED STOCK
GRANNY BONDS
GUARDIANS ALLOWANCE -
H IRE PURCHASE
HIGH STREET BANKS -
HOSPITAL SAVINGS -
SCHEME
This supplement is available to families including one
parent families with at least one child under the age of
16 (or over 16 if still at school) where the head of
family is in full tires work, but the total family income
is below a certain level. The amount of the supplement
depends on the number of children in the family and the
total family income. It is paid by pament ~Ok. FIS can
continue to be receivsd for a year e vsn if the total
fsmily income rises during this period.
See Family Income Supplement abovs.
This works in much the same way as a personal loan from a
bank (see bank loan), but in this case the loan is
arranged directly with the finance company. Such loans
normally have a higher rate of interest than a bank loan.
Sores HP agreements may also bs arranged directly with a
finance house.
The value of the savings certificates remains the same
during the life of the certificates. Interest is paid on
the walue of the certificates with an additional smount
paid after five years. (See also Index Linked satings
certificates ).
Friendly societies protide a wide range of benefits for
members in need. The nmst common of these is a sickness
bsnefit provided for a member or one of the member’s
family. Some friendly societies provide a scheme whereby
a PenSiOn is paid on retirement. (NB This is not an
employer pension) .
Further mortgage can be used if mortgage gimn on
property is not large enough. Informant can go to other
mortgage company for balance of mortgage to buy property
(see top up mortgage) .
See Post Office Giro.
This refers to stocks issued by the gowrnment and
considered gilt edged because they are secure investments.
See index linked national savings certificates.
A weekly state payment for someone who takes an orphan
into the fami lY. In exceptional circumstances this may be
paid if one of the child’s parents is still alive but
cannot care for the child. It is paid by payment book.
This is one of the nmst common msans of purchasing goods
by installment. The goods are hired bsfore they are
purchased therefore, unlike many other types of loan, the
goods are not actually owned until all the installments are
paid plus a nominal purchase fee. This type of loan is
normally arranged by the shop where the goods are
a~uired, and the instalmsnts are paid to the shop.
These are the normal banks such as National Westminster,
Barclays, Midlands, Lloyds. Their two resin accounts are
‘Current’ and ‘Deposit’ .
These are run on a commercial bssis to provide financial
aid in the form of contributions towards medical
appliances or weekly payments when sick. Eg Hospital
savings Association (HSA), Hospital saturday Fund (HsF) .
109
355