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Loan while on UC

jemima72
jemima72 Posts: 43 Forumite
Third Anniversary 10 Posts
in Benefits & tax credits
If I was to get a credit union loan of £500 do I need to declare it to Universal Credit? It wouldn't take my savings above £6000 but not sure if it's classed as income?

Comments

  • poppy12345
    poppy12345 Posts: 18,886 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It's treated as capital (not income) and as yours is below £6,000 there's nothing to report because it's disregarded. 
  • peteuk
    peteuk Posts: 2,012 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I would seriously think about the impact of the loan and the repayments.  
    Proud to have dealt with our debts
    Starting debt 2005 £65.7K.
    Current debt ZERO.
    DEBT FREE
  • HillStreetBlues
    HillStreetBlues Posts: 6,179 Forumite
    1,000 Posts Third Anniversary Homepage Hero Photogenic
    Have you considered applying for a Budgeting Advance from UC?
    Let's Be Careful Out There
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