savings and benefits

bengal-stripe

uponahill wrote: »

With Pension Credit, you could win £1m and it would never stop your benefit as they fix your benefit payments for periods up to life.

dodger1 wrote: »

Even though PC is fixed for various times you are still required to tell them of a change of circumstance.

If you are over 65 and you are on an 'Assessed Income Period', you do not have to report changes in capital until the AIP gets reviewed (after 5 years, unless you're over 75, then it might be indefinite).

By assessed income period we mean a period when you do not have to tell us about changes to your pensions, savings or investments. But you can tell us about any changes if it means you might get more Pension Credit.

http://www.dwp.gov.uk/docs/dmgch83.pdf

Zeery

nannytone wrote: »

yes, it needs to be delared.

if you receive means tested benefit, it would be reduced for any amount over 6k, tapering ubtil at 16k, all entitlement to means tested benefit would stop.
why would you think that its ok to have money to repay YOUR debts ... but no money to support yourself?

Ok so I'd declare "I now have xxxx amount in savings", and they'd reduce my benefit. Then I'd pay off credit card debt with it. Then I would no longer have xxxx amount in savings.
How long would it be before I could receive my full benefits again?
Is it a case of "with xxxx amount you can live off that for xx months, and so can't claim benefits for that amount of time"?
Or is it as soon as I no longer have that amount anymore, I can then once again make the full claim?
Or...?

nannytone_2

unless you have county court judgements against you, you will not be allowed to pay debts that arent 'due'
you wouldnt be allowed to receive full benefit until the excess is deemed to have been spent on normal living expenses.
a credit card debt isnt considered to be normal living expenses.