Bitcoin & Universal Credits & Mortgage

shaun3777

HI,

I'm currently on universal credits working 24 hours, have 2 children age 8 and 9 and live with my mrs not married.

January this year i invested roughly £2000 into bitcoin and Matic (Cryptocurrency) and its now worth just over £20,000.

I read online that if i have savings over £16,000 i am no longer entitled to anything, I'm planning to use this money to put down for a deposit for a house.

Would i not be entitled to anything if i purchased a house with that money ?

please help I'm confused as to what to do..

Caz3121

once you have spent the money on a house deposit it will no longer be savings....until then it is and affects your entitlement (you will likely have an overpayment from when it went over £6k as your benefits would have been reduced then...and stopped when hit £16k)

poppy12345

Purchasing a house will not be deprivation of capital but as long as you have over £16,000 then you wouldn't be entitled to any means tested benefits, all changes need to be reported.

shaun3777

First of all thank you for your help and reply's,

So just to confirm as its still currently in the coin value and not fiat ie £ and not put into my bank yet,

Officially once i put the money into my bank, i am not entitled to anything.

Then i might be assessed and be entitled again once the deposit has been paid for the purpose of the house?

Nannytone

No.  You already have the savings. it doesnt matter where the funds are.
You alreaxy have too much to be claiming UC, and nees to inform them before they find out themselves

calcotti

poppy12345 said:

Purchasing a house will not be deprivation of capital but as long as you have over £16,000 then you would be entitled to any means tested benefits, all changes need to be reported.

There's a missing 'not' somewhere!

calcotti

shaun3777 said:So just to confirm as its still currently in the coin value 

that is still capital and if worth more than £16,000 you are not entitled to means tested benefits.

shaun3777

calcotti said:

shaun3777 said:So just to confirm as its still currently in the coin value 

that is still capital and if worth more than £16,000 you are not entitled to means tested benefits.

Cryptocurrency is very volatile, one day I could have 20k next have 10k, so I need to declare it even though its not in my bank and the changed daily are huge.

poppy12345

shaun3777 said:

calcotti said:

shaun3777 said:So just to confirm as its still currently in the coin value 

that is still capital and if worth more than £16,000 you are not entitled to means tested benefits.

Cryptocurrency is very volatile, one day I could have 20k next have 10k, so I need to declare it even though its not in my bank and the changed daily are huge.

It doesn't matter because all changes need to be reported, if you have savings of more than £6,000 you will see a deduction of £4.35 for every £250 (or part there of) over that amount. As has been advised, where ever your money is, it's counted as savings.

poppy12345

calcotti said:

poppy12345 said:

Purchasing a house will not be deprivation of capital but as long as you have over £16,000 then you would be entitled to any means tested benefits, all changes need to be reported.

There's a missing 'not' somewhere!

Thanks for that, i corrected my comment.

calcotti

shaun3777 said:

calcotti said:

shaun3777 said:So just to confirm as its still currently in the coin value 

that is still capital and if worth more than £16,000 you are not entitled to means tested benefits.

Cryptocurrency is very volatile, one day I could have 20k next have 10k, so I need to declare it even though its not in my bank and the changed daily are huge.

Must admit I don't see how this works from a practical point of view for volatile investments.