MARTIN Lewis has explained how millions of working Brits are missing out on FREE cash support.
As many as one million people could be missing out on a boost worth up to £1,900 simply from Universal credit claims.
In last night’s ITV Money Live show, the savings mogul explained how families and households could be missing out on an array of benefits and cash bonuses.
Martin Lewis addressed the advice to working Brits who might otherwise have thought they weren’t eligible.
Lots of Brits mistakenly think that benefits are only available if you’re totally out of work.
But even if your income is as much as £50,000 a year, you could still be entitled to the cash help.
Martin said to viewers last night: “The amount you get is based on your household income, your childcare costs, your housing costs and it could be up to £1,900 a month in very extreme circumstances.”
But he explained his “rule of thumb” is to apply if you have a family income of £30,000.
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With the cost of living rising, lots of families are feeling the pinch, so the extra support is welcomed.
The money saving expert, [object Window], also explained how huge changes to Universal credit payments mean there are now more people likely missing out.
Approximately 600,000 extra working households became eligible for Universal credit in November last year, and many who were already eligible could be entitled for more money.
It’s all because the Universal Credit work allowance (the amount you can earn before your payments are reduced) was increased.
The taper rate – the amount you can keep once your start earning over a certain amount – has also reduced.
Exactly how much you’re owed can be complicated to figure out, but free calculators can help work out how much you could be owed.
Martin explained on the show that many people could also be saving another £50 a month with the “Help to Save” skema.
Hy het gesê: “You get a 50% bonus, totally unbeatable, on the highest amount you have in over two years – even if you have nothing left in at the end.”
He said that even if you’re coming off Universal credit it’s worth adding as little as a pound into the scheme.
“That’s worth having having a look at too,” hy het bygevoeg.
One viewer wrote in and said: “I feel like I’ve won the lottery,” as they explained how they stumbled across realising they were eligible for Universal credit payments.
“I’d been used to living off £100 a month after all my bills were paid,” they explained, maar “I didn’t know I could apply. I did and I have been awarded £700 per month!”
Martin also issued another warning for the 3 million people on “nalatenskap” benefits like tax credits, income support, housing benefit, jobseekers allowance and employment and support allowance.
Most will be moved over to Universal Credit in the next few years but Martin said it might be worth making the move over now.
“You may find you get more support by switching over if you work and pay rent, especially in a city, or you are a relatively high earner that gets benefits,” he said on the show.
He also told of one reader who claimed they had lucked out on twice as much cash by making the switch.
But you have to consider deductions like rent or tax, and that payments won’t come as frequently as they’re paid monthly for Universal credit.
How much could I get on Universal credit and who is eligible?
The amount of Universal Credit you can claim is dependant on many different factors.
Everyone who is eligible to claim is entitled to the standard amount, which varies depending on your age and whether you live with a partner.
The standard allowances currently are:
- Single and aged under 25: £257.33 per month
- Single and aged 25 or over: £324.84 per month
- Joint claimants both aged under 25: £403.93 per month
- Joint claimants where one is aged 25 or over: £509.91 per month
You can then get additional cash if you’ve got children or are disabled, and extra to cover housing and childcare costs.
In order to qualify for Universal Credit, you must be on a low income or out of work, and need to be over 18.
Jy, or your partner, should be under State Pension age and must live in the UK.
But you won’t qualify if you and your partner have more than £16,000 in savings between you.