What counts as savings ?

travelmate2410

BODY { font-family: Segoe UI; font-size: 10pt; color: 000000; margin-left: 10 px; margin-top: 15 px; background-position: top left; background-repeat: repeat; } Hello,

I am a c5 tetraplegic who receives DLA,HB and IS ,and am considering taking out a personal loan from the bank using my mobility allowance as payment.....i then plan to search for a suitable wheelchair accessible car or van....as these vehicles are expensive the loan could be quite large and finding a suitable vehicle time consuming.....what is the position regarding my means tested benefits...obviously the loan would take you over the allowed savings threshold for most means tested benefits ......would the loan be deemed as savings by the DWP and HB......or if you provided proof from the bank that you received the money as a loan would this be ok..and be disregarded..also would there be a time limit that you would have to use the money by.

many thanks

[Deleted User]

You really need to tele the dwp to find out about this,with there permission it may well be ok.
I am in the middle of a simlar cash situation but as the money will only be in my account for 48 hours they have told me no problem.

Aputsiaq

Its a loan so isnt classed as savings.
However, why would you take out a loan that you have to pay Interest on when you could get a vehicle from mobility and have it made to your specifications?

Indie_Kid

Aputsiaq wrote: »

Its a loan so isnt classed as savings.
However, why would you take out a loan that you have to pay Interest on when you could get a vehicle from mobility and have it made to your specifications?

Sometimes works out to cheaper to get a loan, plus you don't have to give the car back after 3 or 5 years.

sox8369

You dont have to give back the motability cars. They also run a scheme where you can purchase the vehicle, not hand it back via lease. They offer both options.