Over lower savings limit

Poormum

I have a situation which I’m worried about and would like some advice… earlier in the year I went from owning one bank account for my whole life, to several different accounts with money spread out to take advantage of interest rates etc… 

I’ve realised that in that time the total amount has gone to over the £6000 savings limit sometimes by around £2-2.5k… I’ve been on UC so long it didn’t even cross my mind. I’ve now calculated the current amount and reported the savings on my UC account.. should I contact them and let them know the situation? I assume I will have overpaid and need to pay it back but I’m not one for breaking the rules and scared what will happen!! 

Alice_Holt

I'd suggest you gather your bank / savings accounts details at the end date of each your UC assessment periods this year.

Total up the amounts for these dates, and notify UC of these amounts.
Have paper / printed statements for these dates to confirm the amounts (should UC want to see them).

You will have a monthly overpayment amounting to £4.35 for each £250, or part of £250, above the £6,000.

sammyjammy

There may also be a civil penalty of £50 for not reporting the changes.