Universal Credit Savings.

Gary37

Hello Spoonie I've noticed you put    If that's over £6,000 (without your next wages on top) then you will have to report it.  And so on with each subsequent month. So does that mean I report my capital the day before I receive my wages?
Example - I receive my wages every month on the 25th so I report any capital over £6000 the day before and if it's under I don't report anything?

Spoonie_Turtle

Gary37 said:

Hello Spoonie I've noticed you put    If that's over £6,000 (without your next wages on top) then you will have to report it.  And so on with each subsequent month. So does that mean I report my capital the day before I receive my wages?
Example - I receive my wages every month on the 25th so I report any capital over £6000 the day before and if it's under I don't report anything?

I mean at the end of each assessment period you'd have to report your savings if they're over £6,000, without including the wages you received in that period.

For instance, and using rounded figures, let's say your bank total at the end of this assessment period (AP) is £7300.  £1400 of that was wages so your savings total is £5900.
Let's say by the end of the next AP you spent £1000 of this month's wages, and recieved the next £1400 wages.  So your bank total would be £7700 but because £1400 of that was wages, your savings total would be £6300. 
And so on for the next month, if you spent £1000 again and received £1400 wages again you'd have savings of £6700.
Because in this example £400 of your wages is unspent each time, so that's how much your savings increase by the end of the next AP.

*With the complicating factor that any Cost of Living payments you may have received are disregarded too, which may bring your total down if they just accumulated and weren't spent.

I'm really sorry if that doesn't make very much sense or sounds really complicated, it would be simpler to visually represent it but that's not really possible in a text box for commenting like this!

peteuk

This may help - (using figures from above). Pay day being 01 each month for demo.

01 Nov.  Savings £5900. Current account/Wage £1400. Total £7300

Having spent £1000

30 Nov.  Savings £5900. Current account £400.   Total £6300

01 Dec. Savings £5900. Current account/wage £1800.  Total £7700 amount declared £6300

After a month what is left over from your wage is treated as savings.

Gary37

Thank you ever so much I'm understanding it a lot better now Just another question if I may.
I don't know the exact day I applied for uc so I'm not sure what is my assessment day and I can't find it anywhere in my journal, But I have read It's 7 days before my uc payment date. So my payment date from uc is on the 25th does that mean I report it on 18th or 17th of the month?

Muttleythefrog

Gary37 said:

Thank you ever so much I'm understanding it a lot better now Just another question if I may.
I don't know the exact day I applied for uc so I'm not sure what is my assessment day and I can't find it anywhere in my journal, But I have read It's 7 days before my uc payment date. So my payment date from uc is on the 25th does that mean I report it on 18th or 17th of the month?

Your assessment periods are stated on your monthly statements which you can see in your UC account payments section.

Gary37

Thank you  sorry for all the questions just one more, Does the uc payment they pay me count as capital or do I take that amount off when I report it?

poppy12345

Gary37 said:

Thank you  sorry for all the questions just one more, Does the uc payment they pay me count as capital or do I take that amount off when I report it?

The same applies for this. If there's anything left at the end of the assessment period then it's counted as capital.

Spoonie_Turtle

poppy12345 said:

Gary37 said:

Thank you  sorry for all the questions just one more, Does the uc payment they pay me count as capital or do I take that amount off when I report it?

The same applies for this. If there's anything left at the end of the assessment period then it's counted as capital.

The next AP after receiving it, for clarity

Gary37

Thank you for all the replies   I'm a little concerned now as to what uc will likely do now.
I've worked out using the £4.35 every £250 over the £6000 and it comes to £900 over payment they paid to me.
I've told them I'm more than willing to pay it all back as it was a genuine mistake me misreading that I only have to report it after I pay my 6 monthly rent.
Will I get prosecuted, fined, takin to court? My mind is thinking all sorts now as I do have a worrying nature.
Thanking you.

Spoonie_Turtle

Gary37 said:

Thank you for all the replies   I'm a little concerned now as to what uc will likely do now.
I've worked out using the £4.35 every £250 over the £6000 and it comes to £900 over payment they paid to me.
I've told them I'm more than willing to pay it all back as it was a genuine mistake me misreading that I only have to report it after I pay my 6 monthly rent.
Will I get prosecuted, fined, takin to court? My mind is thinking all sorts now as I do have a worrying nature.
Thanking you.

I don't know (others will know what's realistically likely) but since it was a genuine mistake and you have brought it to their attention, you're in a much better position than if they'd found out later down the line

And while I don't know, I do think prosecution / court would be unlikely.  You haven't actively hidden anything, trying to defraud DWP.  It remains an honest mistake since you've acted on it now that you know.