Martin Lewis’ MSE issues warning for anyone earning less than £60,000 to make 10 minute check – are you due free cash?
MARTIN Lewis’ MoneySavingExpert (MSE) has issued a warning to anyone earning less than £60,000 a year to make a quick check.
MSE said all families with an income less than this should check if they are entitled to Universal Credit.
Writing in this week’s newsletter, Martin Lewis’ team said: “Who’s likely missing out? Households with lower incomes, up to roughly £35,000 a year, though if you’ve kids, high childcare costs and rent, it could be £60,000.”
It comes after The Sun exclusively revealed that £23billion worth of means-tested benefits and social tariffs could go unclaimed this financial year.
The figure includes more than £8billion in Universal Credit which goes unclaimed by more than 1.4million people.
Policy in Practice said people are missing out on an average of £5,772 a year.
Universal Credit can also open the door to other support including free school meals or social tariffs.
Universal Credit
HERE'S everything to know about Universal Credit:
- What is Universal Credit? Everything you need to know including how to apply
- Universal Credit calculator: How much can I claim and how do I apply?
- Universal Credit login: How do I sign in to my online account?
- How much can I earn before Universal Credit is reduced and do I get a work allowance?
- What is a Universal Credit advance payment? How to apply and pay it back
- Are Universal Credit payments going up and how much more will I get?
- How to claim Universal Credit if you’re self-employed
- How many hours can I work on Universal Credit and will my payment be reduced?
- What is a Universal Credit budgeting advance and how much could I get?
- What is the Universal Credit housing element and how much of your rent does it pay?
How do I check if I’m entitled to benefits?
If you are not receiving benefits currently, it’s worth checking if you are eligible for any.
Not only will you start receiving money from the benefit, it might make you eligible for one of the cost of living payments.
A number of charities have benefits calculators that you can use to work out what you are entitled to, including:
- Turn2Us
- Policy in Practice
- EntitledTo
MSE also has a benefits calculator on its website – and it takes just ten-minutes to fill out.
Before checking, make sure you’ve got all the relevant paperwork to hand, including bank statements and any information on pensions or existing benefits.
How much Universal Credit could I get?
Benefit payment rates rose by 6.7% on April 8, in line with the consumer price index (CPI) level of inflation for September 2023.
Here’s a full list of the new benefit rates for 2024-25 so you can check how much extra you might get.
However, it’s important to note that while the new rates have become effective, most will not see their payments rise until May.
Universal Credit is paid monthly and is based on your circumstances each month.
Standard allowance (per month)
- For those single and aged under 25, the standard allowance will rise from £292.11 to £311.68
- For those single and aged 25 or over, the standard allowance will rise from £368.74 to £393.45
- For joint claimants both under 25, the standard allowance will rise from £458.51 to £489.23
- For joint claimants where one or both are 25 or over, the standard allowance will rise from £578.82 to £617.6
Extra amounts for children
- For those with a first child born before April 6, 2017, the extra amount will go up from £315 to £333.33
- For those with a child born on or after April 6, 2017 or second child and subsequent child, the extra amount will go up from £269.58 to £287.92
- For those with a disabled child, the lower rate addition payment will rise from £146.31 to £156.11 and the higher rate from £456.89 to £487.58
Extra amounts for limited capability for work
- For those deemed to have limited capability for work, the extra amount will go up from £146.31 to £156.11
- For those deemed to have limited capability for work or work-related activity, the extra amount will go up from £390.06 to £416.19
Extra amounts for being a carer
Universal Credit claimants can get an additional amount if caring for a severely disabled person for at least 35 hours a week.
The amount you get a month will rise from £185.86 to £198.31
The work allowance rates will also rise in April next year.
Increased work allowance
- The higher work allowance (no housing amount) for someone claiming Universal Credit with one or more dependent children or limited capability for work will rise from £631 to £673
- The lower work allowance for someone claiming Universal Credit with one or more dependent children or limited capability for work will rise from £379 to £404
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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