Savings and benefits

char_student

I have just finished uni and unlike my friends I have saved some of my student loans (I am a single parent). Anyway now my savings just over £6k which is limit for income support, will these savings even though they are from my student money count as savings/capital?

Will I still get income support? I have just applied and have booked interview with them. I mean, my money is from a "loan" which I will be paying back for the next 25 years...thing is I wanted to use this money to do the masters at uni.

MRS_TO_BE_2

The limit for I.S is £16000. Money over £6000 is subject to capital tarrif...so they will take £1 per week for £6000. £2 for £6250 and so on for each £250 or part of.

seven-day-weekend

They will count it as savings but at just above £6k it won't make a lot of difference as MrsToBe above has demonstrated.

char_student

Thanks to both of you. My savings will go down dramatically in a few weeks anyway, because I am moving house and I will have to pay agency etc fees - will they take this as a change of circumstances then?

MRS_TO_BE_2

Yes. Make sure you send them copies statement before and after reduction for all accounts held and a breakdown of expenditure eg xxx Agency Fees £xxxx rent in advance £xxx deposit. They must receive it within 1 month of change occuring so they can reduce capital from start date of change.

char_student

Thanks Mrs to be. One final question - will housing and council tax benefit also deduct the £1 even though DWP deducted it? Im worried I will be out of pocket 3 ways (IS, HB, CTB)

MRS_TO_BE_2

Im pretty sure they wont. You are normally only penalised once. Maybe worth a call to housing benefits.

Oldernotwiser

Will you have finished your Masters by October next year?

char_student

Oldernotwiser wrote: »

Just to check something; how old are your children?

one child, shes 7

char_student

I have just realised actually housing benefit were underpaying me and I lodged an appeal and got £1700 back (thanks to a lovely poster on here who gave me some advice) that they owed me. Thats why I have so much in savings, so I will have to inform them of that as that £1700 is housing benefit money I was underpaid

char_student

Oldernotwiser wrote: »

Will you have finished your Masters by October next year?

Yes its a one year course, I will be off IS by the time they change the rules that you cant get IS for a child over 7 :beer: Can I get IS while I am doing my masters?