Do I have to report this change to Universal Credit?

poppy12345

Auti said:

You also do not count COL payments or (for a year since receipt)

CoL payments are disregarded indefinitely.

Spoonie_Turtle

Auti said:

Just being me and my different way of understanding I did not read it that way. I read that if your savings increase you must tell them. Your working money is not savings is not capital until the end of the relevant assessment period - eg pip received on 1st of month to be spent by time next months is received but during that month you do not count it as savings and the same for all other benefit/ other income that is regular. It is only savings if you have some left when the next payment is due.

You also do not count COL payments or (for a year since receipt) money owed by DWP and paid by them as a lump sum as that is not counted as savings during that time.

I think I have got it right but really happy to have it confirmed or not please. If I have, just for once, something has been written in a way I understand

You've got the savings bit right  
The way it's written definitely does sound like you have to report if your savings change, but see my previous post for why, logically, that's not always necessary:

Spoonie_Turtle said:

Numberwang_2 said:

HillStreetBlues said:

As Spoonie stated  no need to report. Actually it's much better not to report it, as could save a needless check.

Further to your comments, a new section has appeared on the UC Statements. As below

Money, savings and investments

minus‑ £0.00

We have taken £0.00 off your Universal Credit payment because you have money, savings and investments of £1200.00

The first £6,000 of your money, savings and investments does not affect your payment. If you have over £6,000 up to £16,000, every £250 reduces your Universal Credit by £4.35. For any remaining amount that is not a complete £250, a further £4.35 is also deducted.

You told us you have £1,200.00 You must tell us if this changes so that we can pay you the correct amount on time.

Based on the above this implies you must tell them of any change, not just if it goes above £6000?

It does seem to imply that, but:
- the purpose of notifying changes is to make sure they get the payments correct
- anything below £6,000 does not affect your payment
- therefore there is no need to notify of changes below £6,000.