Universal Credit Savings.

poppy12345

There maybe a small fine of about £50 on top of any overpayment. You now just need to report the changes and just be honest.

Gary37

Thank you Poppy I reported the changes in my journal as soon as you good people told me, but I haven't heard nothing, and when I phone them they just say put it in your journal.
If it's a small fine of £50 and paying it back I'd be happy with that outcome and then make sure I report it every month after.

Gary37

Just saw your reply Spoonie thank you  I guess I can rest a little easier and await the outcome.

Yamor

I'm a bit late to this thread, but my advice would be slightly different to previous posters. It would depend on whether you are paying your rent in advance or in arrears.

If you are paying your rent in advance (probably more likely), then I agree with other posters that you do have excess capital.
However, I do not then agree that changing to paying your rent monthly would help for this (although there may be other reasons to change to paying rent monthly).
It would actually make things worse:
You currently have to pay £415*6=£2490 in advance. That means your savings are £415*5=£2075 lower in the first month after paying your rent than they would have been if you were paying monthly.
£415*4=£1660 lower in the second month.
Etc. Etc.

If however you are paying your rent in arrears, then changing to paying monthly could certainly help. However, I think there is a very strong argument to be made that at least the housing element of your UC which you receive each month should not be considered capital until you've actually paid your rent.
This would be similar to the clear case law (R(SB) 35/83) which provides that although earned income eventually changes to capital, any relevant liabilities (like tax) must be deducted first, and won't count as capital.
As your UC is tapered, there would be some interesting arguments to be made as to how much of the housing element you should be treated as receiving each month.

Gary37

Thank you Yamor    I do pay 6 months in advance as I am on zero contract works, and my landlord would only accept 6 months in advance payment..
This is why I'm confused when you say ( at least the housing element of your UC which you receive each month should not be considered capital until you've actually paid your rent.) and that's the way I read the answer uc gave me. All I can do now is wait for an answer, as I have been honest with them, I think the first thing they will ask me for is my bank details dating back, and I am more than willing to do this and pay them back.

Gary37

Sorry I just noticed Yamor was saying rent in arrears not advance, so it is considered as capital.

Yamor

OK, I thought it was more likely that you were paying in advance.

I suppose, despite my comments above, changing to paying your rent monthly would allow you to perhaps spend some more capital which you otherwise wouldn't do (as then you wouldn't need to worry about saving up for rent), so it could help in that way.

There may also still be scope to argue that the housing element shouldn't immedistely count as capital despite the fact that you are paying in arrears, but this is a more difficult argument to make. Perhaps seek advice on this.

Gary37

My rent money is now due in may 2024 as I've just paid my rent, so there is going to be a build up of capital when I pay monthly from may, I know I can spend a bit more but I have to watch for Deprivation of capital.

Spoonie_Turtle

Gary37 said:

My rent money is now due in may 2024 as I've just paid my rent, so there is going to be a build up of capital when I pay monthly from may, I know I can spend a bit more but I have to watch for Deprivation of capital.

Actually you can spend your income however you like. 
It's only if you start reducing savings that were over the £6,000 threshold that DoC could possibly come into it.

And right now, that's not applicable to you anyway since your savings are below £6,000.

Gary37

Spoonie It's only just under by £100 (this is the time I thought I had to report it but didn't have to cause it was under)
The thing is unless I spend all my wages and uc payment every month, It's going to go over £6000 by next may when my rent is due. Normally I would pay my 6 months rent but this time I'm going to pay monthly, so I will have capital well over £6000 come may as I don't intend spending all my money every month.