In a recent episode of The Martin Lewis Money Show Live, dedicated to addressing the growing mortgage crisis, Mr Lewis shared valuable advice on how to cope with increased costs.
The founder of MoneySavingExpert.com stressed the first step for everyone should be to contact their mortgage lender and inform them about their financial difficulties. Thanks to the new charter, most mortgage lenders are now obligated to offer help and guidance to borrowers under regulatory rules.
While reviewing your household budget is crucial, there is another important action that many people may overlook: checking for unclaimed benefits or discounts.
Astonishingly, there is currently a staggering £19 billion in unclaimed financial support being missed out on. Mr Lewis emphasised households with a total income of up to £40,000, especially those with children or high rent costs, should take advantage of online calculators to quickly determine if they are eligible for any unclaimed benefits.
During the show, Mr Lewis advised viewers: “Do a budget to work out where your spending goes, start with pain-free savings to find out whether you can get the same for less.”
This includes examining all expenses, such as mobile phones, broadband, and subscription services. If cutting back on these expenses is not enough, Mr Lewis recommends reducing other household spending.
He said: “If you’ve got household income of up to £40,000, especially at the higher level if you’ve got kids or a high rent, get yourself on to a benefits calculator and spend 10 minutes to see if you’re missing out on any entitlements – £19bn of entitlements are not being claimed by people who are due them so it’s worth the check.
Who should check for unclaimed benefits or discounts?
The range of benefits and payments available is extensive, and it is important to check if you fall into any of the following categories:
- Temporary inability to work, including due to ill health
- Working-age individuals with low income
- Individuals over State Pension age with low income
- Those who have been made redundant
- Individuals actively seeking employment
- Families raising children
- Parents of disabled children or children with health conditions
- Individuals with disabilities or health conditions
- Caregivers
- Individuals who have lost a loved one
To check eligibility for benefits or payments, the quickest and easiest method is to use an online benefits calculator. These calculators are confidential, free, and independent, ensuring your privacy and providing accurate results.
By entering details about your home, employment status, and savings, you can quickly find out what benefits you may be entitled to and how to claim them.
Moreover, an independent benefits calculator can inform you about the impact of starting work on your current benefits. This comprehensive tool allows you to assess your financial situation and make informed decisions regarding your entitlements.
A couple of free benefits calculators include:
Information on income-related benefits, Tax Credits, Council Tax Reduction, Carer’s Allowance, Universal Credit and how your benefits will be affected if you start work or change your working hours.
Information on income-related benefits, Tax Credits, contribution-based benefits, Council Tax Reduction, Carer’s Allowance, Universal Credit and how your benefits will be affected if you start work.
Information on income-related benefits, Tax Credits, contribution-based benefits, Council Tax Reduction, Carer’s Allowance, Universal Credit, how these are calculated and how your benefits will be affected if you start work or change your working hours.
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