Martin Lewis made another appearance on the small screen tonight, and he discussed how thousands could gain additional financial help. The Money Saving Expert is well-known for pointing Britons towards the best deals, helping them put money in their pockets – and tonight was no different. This time, he looked at one of the most claimed benefits out there to support individuals at the moment – Universal Credit.
This means many families on Universal Credit can earn over £500 each month before they see their sum tapered off.
In addition, the Universal Credit taper rate is also being changed, which is important to note.
The Chancellor Rishi Sunak confirmed an alteration from 63 percent to 55 percent.
As a result, for every £1 a person who claims Universal Credit earns above their work allowance, payments will reduce by 55p instead of 63p.
It is hoped the measures will be particularly beneficial for those already on Universal Credit.
However, as Martin identified, it could also be good news for those who have never previously been entitled to support.
He added: “My very rough rule of thumb is that I would definitely check this if your family income is under £30,000.
“I’m not saying you will get it, but I’m saying it is worth checking.
“In fact, if you have a couple of kids and high rent, you might be able to get it for income under £50,000.”
People who have never received this kind of support from the DWP may be unsure of their eligibility.
Thankfully, Martin was on hand to point Britons in the right direction, suggesting the use of benefits calculators.
The Government usually recommends using free, independent services to find out what benefits they could get and how to claim.
Martin cited entitledto and Turn2Us as two examples, but others are also available.
Most importantly, though, the expert said taking action is the key to gaining this support.
He concluded: “Just spend five minutes on that to see if you are entitled to Universal Credit when you weren’t before.”
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip