Tax Credit Renewals - support thread

georgiasdragons

Ive checked it does say payments are provisional

UnderPressure

ha ha lol I suppose it was part nosiness and also genuine intrigue, as said I never get asked for proof of ours but then again I do not see why I would, if you see what I mean that is why I was curious..............

I cannot understand why yours and the other posters payments have gone down by £15 a week, never ever happened to us or in fact anyone I know, you are the first I have ever heard of this, even looking back at the old threads that relate to this renewal every, I cannot see anyone has ever mentioned payments going down by means of a "provisional" award, very strange.

In fact looking at other sites as well I can see no mention of this anywhere, how weird is that? GLad it has not happened to me I would be worried to death, I can see your impatience to get it all sorted now, you must have all sorts running round in your head, it is not like anyone else is even in the same boat as you and with all this time taken to sort it out crikey what could they be looking into?? And to reduce your payments as well.

ooooohh I am sorry to hear all this, I do hope all will be well for you and you get it all sorted soon, maybe you should go and see the MP just in case, the if they are thinking something is amiss at least your MP will already have a heads up.

Best of luck with it all both of you

Clarabellax2

Sparklebabey wrote: »

Of course what you mean by the words in bold is nosey....plain and simple.

But just to keep you going, it's nothing to do with HB (am a homeowner) or other benefits (I work obvs since I claim WTC).

Sleep tight with all that intrigue you have swirling around.

I am a homeowner too

csh_2

Underpressure: I have to show my award to the student office at college to claim some grants.
Some banks take TC's into account for mortgage lending so you may need it for that too...

I haven't had any new paperwork for this year but have had a letter yesterday finalising last year with a £500 overpayment when I updated with every change and my actual income was a couple of ££ within the estimate, grrrrr!
Might as well wait til I have the new award before trying to phone as they never really seem to know what they are talking about anyway

andi2

I need my tax credit award notice to send off so I can get my Watersure back x

UnderPressure

Thanks CSH and Andi2 sensible answers I was genuinely curious, I did not think banks were allowed to take tax credits into account as income, I have learnt something new today

CornishWildFlower

I'm really surprised that a bank would take any award notice as proof of income, they're churned out like confetti with every change in detail and not finalised until year end.

Given the amount of people finding themselves in hot water due to having to repay overpayments, I certainly wouldn't want a bank lending to me using that as surety of income.

csh_2

I am surprised tax credits can count towards income for a mortgage but I have read somewhere that at least 2 banks do. Natwest for one (I think but memory fails sometimes!)

georgiasdragons

Black Horse finance do too for loans and car finance.

shedboy94

The reason banks want a Tax Credit award as they want to see as much income coming in as possible so they can give a higher mortgage.
Tax Credits SHOULD NEVER be used as income for a mortgage because if TC's stop for any reason then the money you were counting on to help pay your mortgage will no longer be there.
A Tax Credit award notice IS NOT PROOF OF INCOME.....it is proof of what you have told Tax Credits - if for example you call and give a figure of £10k, your award notice will show £10k......doesn't mean it's true!!!! A P60 (assuming it's correct, not all are, is proof of income - from employment certainly).
Provisional payments can change, generally because they are based on the PY inc, so if for example your inc in 10-11 was £10k and your 11-12 est was £15k......for the whole of 11-12 you will have been paid on £10k, but as soon as it hit 06-04-12, your provisional payments would be based on the est of £15k so would reduce.
But really, there is no reason why estimates should be drastically wrong from the renewal figure as you can provide estimates of income right up until 05th April so I never get the posts where people come on and say...."my actual inc was £7k, £8k less etc.....why wouldn't you know by April?
Bearing in mind Tax Credits are a means tested benefit, the fact that people are living off a lower amount than they are 'entitled' to because their income was set too high shows that perhaps the amount paid in TC's are too generous.
No doubt someone will reply and said that maybe people were struggling because they were receiving the wrong amount - surely then they would have called and said the inc held was too high and would have adjusted it to receive what they should have been entitled to???