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Reduction of savings when on universal credit
- janerg63
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6 hours 28 minutes ago #311763 by janerg63
Reduction of savings when on universal credit was created by janerg63
Hi, I would really appreciate some advice regarding a reduction to my saving whilst on universal credit please.
I have been on universal credit for almost a year. When I first applied I had around £14K and have, therefore, been getting a reduction to my universal credit payments due to the savings.
I had thought the DWP would request update and proof of my savings periodically but I have not been asked for this thus far.
I have got less savings now than when I applied due to replacing a broken cooker and sofa, amongst other things, but as I get PIP and the additional payment due to having LCWRA I wasn’t sure how things would be financially as the months went by. I knew if my savings were higher than when I first applied I would have to let the DWP know as they would reduce my payments but I am unsure how often it advisable to inform them if savings have reduced. I feel it could get stressful if it was necessary to keep providing proof of savings to prove they are lower and, with my health conditions, I do want to try to keep my stress to a minimum. If this means I get slightly less Universal Credit than my up to date, lower, savings would make me eligible for I could cope with that better than repeatedly providing evidence of a reduction. Could you please advise how often I would be expected to inform of a reduction of savings if you can please.
Many thanks,
Jane
I have been on universal credit for almost a year. When I first applied I had around £14K and have, therefore, been getting a reduction to my universal credit payments due to the savings.
I had thought the DWP would request update and proof of my savings periodically but I have not been asked for this thus far.
I have got less savings now than when I applied due to replacing a broken cooker and sofa, amongst other things, but as I get PIP and the additional payment due to having LCWRA I wasn’t sure how things would be financially as the months went by. I knew if my savings were higher than when I first applied I would have to let the DWP know as they would reduce my payments but I am unsure how often it advisable to inform them if savings have reduced. I feel it could get stressful if it was necessary to keep providing proof of savings to prove they are lower and, with my health conditions, I do want to try to keep my stress to a minimum. If this means I get slightly less Universal Credit than my up to date, lower, savings would make me eligible for I could cope with that better than repeatedly providing evidence of a reduction. Could you please advise how often I would be expected to inform of a reduction of savings if you can please.
Many thanks,
Jane
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- latetrain
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1 hour 50 minutes ago #311774 by latetrain
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by latetrain on topic Reduction of savings when on universal credit
Hi janeg63
What you need to do is before the end of your assessment period is write down in your journal how much you have in savings. I would keep to the same date each month, once your savings go below £6k then you do not need to inform DWP.
Any large items you purchase, keep receipts as sometimes DWP will want to know what you spent your money on, if you cannot prove what you spent your money on you could be affected by something called Notional Capital.
Gary
What you need to do is before the end of your assessment period is write down in your journal how much you have in savings. I would keep to the same date each month, once your savings go below £6k then you do not need to inform DWP.
Any large items you purchase, keep receipts as sometimes DWP will want to know what you spent your money on, if you cannot prove what you spent your money on you could be affected by something called Notional Capital.
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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