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Savings over £6000 so UC lowered now savings are less. Will I lose money?
- Unsettled
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1 day 20 hours ago #308860 by Unsettled
Savings over £6000 so UC lowered now savings are less. Will I lose money? was created by Unsettled
As above, I am very frugal and had savings of £6600 when I applied for UC. My savings are now diminished by a fair amount due to paying insurances, some large bills etc. My fear is that is I tell them that my savings are now less than the threshold, they will see it as a change in circumstances and I would no longer be eligible for the top up amount due to me being on legacy benefits. I have been terrified of dealing with this for weeks.
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- David
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1 day 14 hours ago #308871 by David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by David on topic Savings over £6000 so UC lowered now savings are less. Will I lose money?
Hi Unsettled
You cannot lose all your Transitional Protection in one go from a reduction in the savings amount by £600. Your UC standard allowance would increase by £13.05 but you would not get that increase as your Transitional Element would be lowered by that amount.
Do you pay Council Tax? Your Council Tax Reduction may also be increased because of this. So you will need to contact your local Council.
David
You cannot lose all your Transitional Protection in one go from a reduction in the savings amount by £600. Your UC standard allowance would increase by £13.05 but you would not get that increase as your Transitional Element would be lowered by that amount.
Do you pay Council Tax? Your Council Tax Reduction may also be increased because of this. So you will need to contact your local Council.
David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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- Unsettled
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15 hours 16 minutes ago #308916 by Unsettled
Replied by Unsettled on topic Savings over £6000 so UC lowered now savings are less. Will I lose money?
Thank you so much! It’s primarily because of Council Tax Reduction that I am doing this. I went from paying £34 a month and when, because of the savings, they took away all allowances except the living alone allowance, I was paying £171 on UC payment of £414.
I shall put my big girl pants on and contact both UC and Council with the revised amounts. Thank you again.
I shall put my big girl pants on and contact both UC and Council with the revised amounts. Thank you again.
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