Savings..a little confused

Savvy2Be

removed ................................................................

zagfles

Savvy2Be wrote: »

Hi all,

I currently claim ESA (assessment rate) & HB & CTB. Im employed but on nil pay.

I have 3k in savings (declared to the benefits people). I have debts of 14k (from divorce etc) and one card is costing alot in interest. I want to use some of the savings to pay off the card. Am I allowed to do this? My savings are under the 6k amount, at 3k. I just think this would be the sensible thing to do due to the interest.

Ive read a few things on deprivation of capital, so wanted to check, but by using this money it would not be classed as that I think as im not over 6k? Is that correct?

Any advice much appreciated.

You should be OK - deprivation of capital is where you spend/use/get rid of your capital in order to become entitled to benefits (or increase your entitlement). You're already getting benefits and spending the capital won't entitle you to more.

Savvy2Be

zagfles wrote: »

You should be OK - deprivation of capital is where you spend/use/get rid of your capital in order to become entitled to benefits (or increase your entitlement). You're already getting benefits and spending the capital won't entitle you to more.

Thanks. Thats what I was thinking, just wanted to make sure it would be okay. Im paying a crazy rate of interest and it seems the best thing to do, but didnt want to break the rules in any way. I dont have over 6k anyhow, so isnt like it would change anything..thanks for confirming that for me.

Incyder

yes, pay it off then chop it up. Credit cards are an invention of Satan with the aim of creating misery.

Savvy2Be

Incyder wrote: »

yes, pay it off then chop it up. Credit cards are an invention of Satan with the aim of creating misery.

Couldnt agree more!:)...interest costing me a bomb, seems the sensible thing to do considering the interest it gets in a savings account is !!!!!! all!