May 13th 2024.
According to financial expert, Martin Lewis, it only takes a mere 10 minutes to determine whether you are entitled to additional funds. The founder of MoneySavingExpert.com revealed that households earning less than £60,000 may be unaware that they are eligible for extra cash. In his latest newsletter, he pointed out that a quick 10-minute check can reveal if you are qualified for Universal Credit.
Lewis explained that households with lower incomes, up to approximately £35,000 per year, may be missing out. However, he also noted that for families with children, high childcare costs, and rent, the threshold could be as high as £60,000. His advice comes after a report from think tank Policy in Practice revealed that an estimated £23 billion in means-tested benefits and social tariffs were not claimed in the previous financial year. Shockingly, this includes £8 billion in unclaimed Universal Credit by a staggering 1.4 million people.
The report by Policy in Practice also found that the average amount of unclaimed Universal Credit per person each year is a whopping £5,772. That's a significant amount of money that could greatly benefit those who are entitled to it. In fact, it's estimated that around £8 million of Universal Credit was not claimed in the past 12 months alone. Martin Lewis also emphasized that households receiving Universal Credit may also be eligible for other forms of financial assistance, such as free school meals or discounted utility bills.
To make things even easier, Martin's website features a benefits calculator where you can quickly determine if you qualify for additional funds. The process only takes about 10 minutes, so it's worth checking out. Just be sure to have all the necessary paperwork handy, including information on other benefits and pensions, as well as bank statements. It's important to stay on top of these things, especially since the government increased the benefit rates by 6.7% on April 8th to match the inflation rate in September 2023.
Last month, Martin Lewis brought attention to the fact that at least three million people who are receiving benefits are potentially missing out on up to £1,000 in Council Tax support. He stressed that households could receive a discount of up to 90% off their council tax if they are receiving Universal Credit or Pension Credit. With all of this in mind, it's crucial to take just 10 minutes to check if you are eligible for any additional financial assistance. You never know how much extra cash you could be missing out on.
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