Savings and claiming UC.

maisie_cat

seatbeltnoob said:

I was going to post about the £16K savings limit, it's been £16K for a very long time and in the last few years the 16K has obviously gone down a lot in real terms.

It's a really unworkable limit, for anyone whose privately renting in the south east, 16K just wont be enough savings to prove to a landlord that you've got enough savings to cover the rent if you fall under hard times (housing element of universal credit does not cover all the cost of housing here).

The 16K cap really needs to be upped to 20k at this climate.

It's not limited to renters, homeowners need to keep savings for when the roof needs work or the septic/boiler/electrics need replacing. 

calcotti

seatbeltnoob said:
UC was introduced in 2012. the capital cap was 16K then. 

it's now 2023, the cap is still 16K today. 

The £16,000 capital limit for means tested benefits was set many years before the introduction of UC.

Robbie64

calcotti said:

seatbeltnoob said:
UC was introduced in 2012. the capital cap was 16K then. 

it's now 2023, the cap is still 16K today. 

The £16,000 capital limit for means tested benefits was set many years before the introduction of UC.

April 2006 to be exact, and that was the first increase since April 1990 for most benefits and age groups.

calcotti

Robbie64 said:

calcotti said:

seatbeltnoob said:
UC was introduced in 2012. the capital cap was 16K then. 

it's now 2023, the cap is still 16K today. 

The £16,000 capital limit for means tested benefits was set many years before the introduction of UC.

April 2006 to be exact, and that was the first increase since April 1990 for most benefits and age groups.

Thanks, Robbie (I didn't manage to find the date).