FUNDING CIRCLE/RATESETTER

CaptainTact88H

Hello
I have more than £16000 invested in these two peer to peer lending platforms. However almost none of the money is accessible and indeed i stand to lose a great deal of it it seems! Since effectively i have no access to (and may never have) the money do I still say i have these 'savings' when applying for Universal credit etc? This could make a huge difference to whether i can get any help from the Government.
Kind regards
Graeme

[Deleted User]

Thats an interesting question that I have never come across before, I suspect you will need to speak to the DWP when you apply for UC for a definitve answer.
Sorry I can't help further.

calcotti

Without knowing your exact circumstances https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/864936/admh1.pdf
Paragraphs H1601 onwards may be helpful to read, particularly H1612 and H1613.

CaptainTact88H

Is there a way of passing this question on to Martin Lewis himself as I believe it is indeed an interesting question?

calcotti

CaptainTact88H said:

Is there a way of passing this question on to Martin Lewis himself as I believe it is indeed an interesting question?

I don't think Martin reads these threads - nor is he a DWP Decision Maker.

CaptainTact88H

Perhaps but he'd certainly be able to get an answer. However, is there an email address to his office?

New_World_Man

That would mean that illiquid assets were not counted. If so, then you could just pay all your savings into a 5 year fixed term account and it would not be counted. Doesn’t seem likely, but of course I cannot speak for DWP.

cinereus

Have to agree with the above. Until they have been lost or passed to liquidators you have to assume they are still there.