Universal Credit Savings and deprivation of capital

kingston1506

Unfortunately I have a mental health condition so have found dealing with UC extremely stressful 

peteuk

kingston1506 said:

can you let me know what uc will likely do as I have not declared savings on a month by month basis I declared them a year ago and they have fluctuated around the same amount but have gone over sometime will they just recalculate the overpayment made? 

My understanding is you have to declare monthly if you have over £6,000 as this then determines the reduction of your payment.

kingston1506

Looks like I will have to contact them and start reporting monthly I was unaware that this had to be done. Do you think likely they will issue me with a penalty for not reporting monthly? 

HillStreetBlues

kingston1506 said:

Looks like I will have to contact them and start reporting monthly I was unaware that this had to be done. Do you think likely they will issue me with a penalty for not reporting monthly? 

What has been your maximum savings? Have you deducted your income from your savings to get your capital?

Spoonie_Turtle

HillStreetBlues said:

kingston1506 said:

Looks like I will have to contact them and start reporting monthly I was unaware that this had to be done. Do you think likely they will issue me with a penalty for not reporting monthly? 

What has been your maximum savings? Have you deducted your income from your savings to get your capital?

Also any Cost of Living Payments.

kingston1506

HillStreetBlues said:

kingston1506 said:

Looks like I will have to contact them and start reporting monthly I was unaware that this had to be done. Do you think likely they will issue me with a penalty for not reporting monthly? 

What has been your maximum savings? Have you deducted your income from your savings to get your capital?

7500 I don’t work due to illness so no income and am on limited capability to work I didn’t know they don’t count COL payment as capital

kingston1506

I’ve received 915 as COL payment so this will not be taken into consideration as capital? 

HillStreetBlues

kingston1506 said:

HillStreetBlues said:

kingston1506 said:

Looks like I will have to contact them and start reporting monthly I was unaware that this had to be done. Do you think likely they will issue me with a penalty for not reporting monthly? 

What has been your maximum savings? Have you deducted your income from your savings to get your capital?

7500 I don’t work due to illness so no income and am on limited capability to work I didn’t know they don’t count COL payment as capital

Income is your PIP & UC payments paid in you AP
If you have kept all your CoL payments and with your UC & PIP income at £7,500 you are very unlikely (if not impossible)to be over the £6k capital threshold.

How much is your total UC payment and PIP payment and do you know what CoL paymets were made to you?

kingston1506

Uc payment is 1339 including housing Element of 546 and they have just awarded me higher rate if pip @600.  This is why my savings have accrued as I don’t go out all that often 

HillStreetBlues

If you have £7,500 savings the £1339 & £600 needs to be deducted from that to give capital. The total Capital you have is £5561
You are under the £6k lower limit  and that doesn't include any CoL payments you received.