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Deprivation of Capital question.
- phrank
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5 years 2 months ago #243773 by phrank
Deprivation of Capital question. was created by phrank
I understand that if under state pension age, the limit for savings is £6,000.
I am quite a bit below that at present but due to poor health over the last 18 months, I'm not eating much and hardly going out. Sometime in the not-too-distant future, if things carry on the same I will be over the limit.
My question is: I understand, once you are over the limit you inform the authoities and provide a bank statement.
So every time your savings increase by £250 you have to go and get another statement?
Or have I got it totally wrong?. I'm confused.
Phrank.
I am quite a bit below that at present but due to poor health over the last 18 months, I'm not eating much and hardly going out. Sometime in the not-too-distant future, if things carry on the same I will be over the limit.
My question is: I understand, once you are over the limit you inform the authoities and provide a bank statement.
So every time your savings increase by £250 you have to go and get another statement?
Or have I got it totally wrong?. I'm confused.
Phrank.
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- Gary
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5 years 2 months ago #243774 by Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gary on topic Deprivation of Capital question.
Hi phrank
You are correct, each time your capital moves into the next block of £250 over the £6k (even by one penny) an additional £4.35 a month is added to the assued income. If assume income is included in your assessment, let the DWP know if the amount of your capital changes.
You may want to consider forward planning and look into funeral plans, so that you do not go over. Always seek specialist advice from agencies such as Age uk, Citizens Advice.
Gary
You are correct, each time your capital moves into the next block of £250 over the £6k (even by one penny) an additional £4.35 a month is added to the assued income. If assume income is included in your assessment, let the DWP know if the amount of your capital changes.
You may want to consider forward planning and look into funeral plans, so that you do not go over. Always seek specialist advice from agencies such as Age uk, Citizens Advice.
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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- phrank
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5 years 2 months ago #243788 by phrank
Replied by phrank on topic Deprivation of Capital question.
Thank you, Gary.
That certainly gives me food for thought. I'll be looking at my options carefully.
Once again, many thanks.
Phrank.
That certainly gives me food for thought. I'll be looking at my options carefully.
Once again, many thanks.
Phrank.
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