We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Loan while on UC

Options
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: 18,879 Forumite
    Tenth Anniversary 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: 1,980 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: 6,034 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
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture