Yahoo News Lloyds Bank urges customers to check eligibility for free payment
Lloyds Bank has launched a new support calculator as £23billion a year goes unclaimed. The tool, which has already assisted thousands during initial testing, helps identify if customers could be eligible for various forms of support including council tax discounts, energy grants and pension credit.
Some households could be missing out on up to £5,772 per year in unclaimed benefits, according to recent analysis. Figures from Policy in Practice show as many as eight million households across the UK are currently missing out on valuable Government support.
The new app feature aims to give customers a “simple way” to identify the benefits they may be eligible for and find out how to make a claim. Tamara van den Ban, customer propositions director at Lloyds, said: “Billions of pounds of support is provided for those who need it through benefits, but many customers don’t know how to navigate the system or how to make a claim.
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She explained: “Benefit Calculator checks whether customers qualify for a wide range of support, including grants for home improvements and energy efficiency schemes.” Ms van den Ban noted that the calculator is “the first of a number of features” that will be introduced in the Lloyds Banking app over the coming months, all designed to help “put more money in customers’ pockets”.
She added: “This is alongside all the existing ways we help people keep close to their financial lives – including our subscription management service, our credit score checker, card controls and more.” The new Lloyds app calculator begins by asking customers basic questions about their household income, number of children and living situation. Based on these responses, it provides an initial estimate of potential benefit eligibility.
Customers can then access a more detailed calculator for a comprehensive assessment. The tool provides a final summary with direct links to relevant Government websites for making claims.
