Martin Lewis, renowned financial expert and founder of MoneySavingExpert, is urging people to take a few minutes to check if they might be missing out on potentially thousands of pounds in extra help. In a recent newsletter, he highlighted that most benefits, including Universal Credit, increased by 10.1% from April, which is more than some people's wages. As a result, even low-income households that did not qualify for benefits last year may now be eligible for assistance.
Martin emphasized that those who start claiming certain benefits, such as Universal Credit, from now on may also be eligible for the second and third cost of living payments for 2023-24. This could mean an additional £600 in their finances.
To help people determine their eligibility, Martin recommends using the MoneySavingExpert benefits calculator, which was developed by specialists at Entitledto and covers most of the Department for Work and Pensions (DWP) payments. However, he cautions that it does not cover all benefits, so it should be used as a "ready reckoner" or a starting point for further investigation.
To use the benefits calculator, individuals need to provide details about their living situation, household composition, age, disability status, income, and monthly spending. If they are found to be eligible and successfully apply for benefits, they may also qualify for the next cost of living payment, which is worth £900 in total.
The first payment, worth £301, is scheduled to be paid between April 25 and May 17, and individuals receiving this payment need to be claiming a certain benefit or found eligible to claim one during the qualifying period, which is between January 26 and February 25.
The second payment, worth £299, is expected to be sent in the autumn of this year, and the third payment, worth £301, will be sent in spring 2024, although no official date has been announced yet. The qualifying periods for the next two payments have not been confirmed by the DWP but will usually be announced when the payment date has been set.
