Low Income - No Benefits or Tax Credits Allowed!!!

poppy12345

ROldfield wrote: »

My business has slowed down since she's been born and we could more than ever really benefit from the UC we're entitled to but because I won't put my savings into a pension and don't want to spend from my saving (unless I really have to) then it's difficult.

You can't expect to keep your savings of more than £16,000 and claim a means tested benefit, sorry but that's not the way it works.

KxMx

I am sorry to hear things are still tough. You are not going to get UC with your capital savings, no matter how unfair you feel it is.

You can however take control of the situation yourself and improve things. Remember, you are lucky to be able to do this, not everyone has that luxury.

Visit your GP for assistance with anxiety.

Look at what you can do now pension wise. This will benefit you long term when time comes to draw on it, and short term as a claim for UC may be successful (depending on deprivation of capital rules).

You are still allowed significant savings on UC (£6-16k). So if you do need a new car or boiler, you will be able to pay for it. Then, in your budget make repaying those savings as a priority so you can prepare for the next major expense.

When your daughter is 3 you may qualify for some free childcare hours
https://www.gov.uk/30-hours-free-childcare

Which would free you both up to work more, thus ending reliance on any UC and you can regain the ability to have more savings than is permitted on benefit.

Many families with young children go through financial struggles until the children get to nursery/school age. Not all have the cushion of savings you have now or are allowed on UC.

My Cousin and her partner suddenly needed PT paid childcare when their twins were not quite two. They managed for over a year with a lot less!

asdf1982

ROldfield wrote: »

If I could i'd give the money to a family member to be below the threshold but the UC look at where all the money has gone from years previous.

Please don't do this, or splash out and spend it all. It will be treated as deprivation of capital. You will get nothing.

Some of the posts here are confusing the OP.

[Deleted User]

ROldfield wrote: »

So a quick update.........

My daughter is coming up to 1 years old and its been tough, my wife is now by at work and I'm looking after my daughter 22 hours a week.
Taking into consideration the my struggles with anxiety and how tiring I feel looking after my daughter I am struggling to balance work with everything else.

My business has slowed down since she's been born and we could more than ever really benefit from the UC we're entitled to but because I won't put my savings into a pension and don't want to spend from my saving (unless I really have to) then it's difficult.

A lot of people are saying I should spend my savings, but why should I?!
I'm a pretty fair and diplomatic person but I really don't think thats fair at all.

I honestly feel penalised by the system and there's nothing we can do or speak to to help us so that's why I opened this chat.

It was about 2 years ago when we calculated UC would give us £400 based on our earnings, this may have changed now, even if it was £50 it would help.

No you're not entitled to UC because as you state you have savings! Your calculations were obviously omitting your savings.

You're not being very fair or diplomatic in your attitude towards benefits or your savings. The "I'm entitled" line of thinking isn't helping your anxiety or situation.

thorsoak

What are you saving for? How long do you think you will live? You could die tomorrow - and then what value your savings?

I've always believed in saving for a rainy day - and recognising when the rainy day arrives!

Oh - and btw - I'm a 76 year old widow, who is still working. The reason I'm still working? Because my income is £2.00 per week above the cut-off for pension credit ….£2 less and I wouldn't have to pay £118 per month council tax!

xylophone

My business has slowed down since she's been born and we could more than ever really benefit from the UC we're entitled to but because I won't put my savings into a pension and don't want to spend from my saving (unless I really have to) then it's difficult.

But you are not entitled because you have savings in excess of £16,000.

You do not have to put all your savings into a pension.

You could put some of your savings into a pension and use some of your savings for day to day expenses and thereby qualify for some UC.

https://www.moneyadviceservice.org.uk/en/articles/pensions-for-the-self-employed

You might consider a simple stakeholder.

https://www.cavendishonline.co.uk/stakeholder-pension

sevenhills

ROldfield wrote: »

My business has slowed down since she's been born and we could more than ever really benefit from the UC we're entitled to but because I won't put my savings into a pension and don't want to spend from my saving (unless I really have to) then it's difficult.

A lot of people are saying I should spend my savings, but why should I?!

You are managing ok then, this thread is just to prove a point?

Blatchford

Who are the "privileged" people that the poster seems to think are so much better off than they are? If I want to fix my boiler, I also have to have savings to use. I have had to save / contribute towards my pension and future just as they have. I could lose my work / job and need money to fall back on. There is absolutely nothing unique or special about the poster, other than their opinion that everyone else should pay for them to both save and raise their child. If one finds the cost of raising a child too much, perhaps that is something they ought to have thought of before they had one (and think about before they have any more). What is it about society today that people seem to think that having children entitles them to expect everyone else to pay for them?

8ofspades

If £50 is all it would take to make a big difference to your financial situation, I'd take it from your savings. £600 a year taken from £16k until you've adjusted to having a child is not going to deplete your rainy day savings in an irreplaceable way.

Getting this worked up about not getting UC based on, at best, out if date figures, is a huge waste of energy. You're not on your uppers. If you have to dip into your savings, it sounds like you have the mindset and ability to build it back up again for your retirement.

Nullboris

Actually beyond your characterization of benefits claimants as !!!!less and workshy, my own understanding is [STRIKE]that the self employed with low incomes and high savings are simply thieiving beggars who are getting cash in hand and NOT paying the correct taxes[/STRIKE], but that is not YOU.
Also IF you put some of your savings into a pension you ARE allowed to access it early if you have ill-health.
Get yourself a simple easy to understand stakeholder pension .. remember the GOV will give you a 20% bonus on much/all of what you put in.
If you put in enough it can take your income to below certain thresholds making you eligible for some benefits.
The grass is not as green as you think it is.