Martin Lewis’ MoneySavingExpert has explained how up to £15billion in cash benefits go unclaimed every year – but it only takes ten minutes to quickly check online if you’re eligible
Martin Lewis’ MoneySavingExpert has warned that 7 million people are missing out on extra money on welfare.
Up to £15billion in vital support goes unclaimed every year – but it only takes ten minutes to quickly check online if you’re eligible.
MSE’s benefit warning comes as the Department for Work and Pensions (DWP) restarted its “managed migration process” to move those receiving old benefits to Universal Credit.
Around 500 people will be invited to apply for Universal Credit starting May 9, with a deadline for transferring all of them until December 2024.
You can choose to switch earlier before the 2024 deadline if you think you’re feeling better – but it’s important to do your research first, as you won’t be able to switch back once you switch to Universal Credit.
In the UK, around 2.6 million people still claim old-style benefits.
Did you receive a letter saying you’re moving to Universal Credit? Let us know: firstname.lastname@example.org
These include tax credits, earnings-related unemployment assistance (JSA), income support, earnings-related Employment and Assistance Allowance (ESA), and housing benefit.
The DWP claims that 1.4 million people (55%) would get more money on Universal Credit and 900,000 (35%) would be worse off. The other 300,000 beneficiaries will see no change.
In its most recent email, MSE said: “So if you’re one of the 2.6 million people who will still be claiming tax credits, income support, housing benefit, income-tested unemployment benefits, and income-tested Employment and Assistance Assistance over the next 18 months, or you’re going to be on Universal Credit which replaces them all (with protected payments if you were less due under Universal Credit).
“But you can move earlier if you want, so the big question is what will get you more?”
Will I be better off with Universal Credit?
You should first use a free performance calculator – there are free ones from Turn2us and eligible – to see if you’re probably better off with Universal Credit.
However, since the performance system is complicated, you should also get free advice from the above organizations to check the results of the calculator.
Once you apply for Universal Credit, your old benefits will stop — you’ll then have to wait five weeks for your first Universal Credit payment to arrive.
Some legacy benefits will “roll on” for two weeks to fill some of this gap.
These include Housing Benefit, Income Support, Earnings-Related Employment and Support Allowance, and Earnings-Related Unemployment Assistance.
Both types of tax credits stop paying once you claim Universal Credit.
If you don’t think you’re better off with Universal Credit, you can stay and wait for managed migration to move you.
You’ll receive transitional monthly payments designed to ensure your performance income stays where it was before you switched to Universal Credit.
Transitional protection lasts until there is no longer a shortfall between the amount granted under Universal Credit and the amount previously received.
https://www.mirror.co.uk/money/martin-lewis-mse-issues-warning-26935429 Martin Lewis' MSE warns 7 million people are missing out on extra money