Too much savings!!

TimeLord1

So what happens if within the six years, you transferred or closed accounts, it would be impossible to find that information or get access. 

born_again

TimeLord1 said:

So what happens if within the six years, you transferred or closed accounts, it would be impossible to find that information or get access. 

You get provided with 6 years statements now when they close accounts. You should also be asked if you want statements when doing a CASS transfer.

TimeLord1

born_again said:

TimeLord1 said:

So what happens if within the six years, you transferred or closed accounts, it would be impossible to find that information or get access. 

You get provided with 6 years' statements now when they close accounts. You should also be asked if you want statements when doing a CASS transfer.

That's the first time I've heard that since what year was that implemented, because when I transferred all I received was a closing statement and the amount transferred some years ago now  but no offer of statements.

kaMelo

TimeLord1 said:

born_again said:

TimeLord1 said:

So what happens if within the six years, you transferred or closed accounts, it would be impossible to find that information or get access. 

You get provided with 6 years' statements now when they close accounts. You should also be asked if you want statements when doing a CASS transfer.

That's the first time I've heard that since what year was that implemented, because when I transferred all I received was a closing statement and the amount transferred some years ago now  but no offer of statements.

It does not happen automatically, you need to ask the bank although I thought it was three years rather than six.

Of course, good practice is not to rely on any provider to keep your statements available, keep your own digital copies of all your statements as they are produced.

TimeLord1

Myself, I've only ever kept paper statements for 12 months. I used to download to a external hardrive but when the banks could happily send advertising by post.  I got annoyed and went into the online banking and turned on paper statements again.

HillStreetBlues

@Pandora_2
Now the most important thing is to make sure they calculate the overpayment correctly. Make sure they don't include your income as capital, and they apply the diminishing capital rule.
 

Pandora_2

HillStreetBlues said:

@Pandora_2
Now the most important thing is to make sure they calculate the overpayment correctly. Make sure they don't include your income as capital, and they apply the diminishing capital rule.
 

What's the diminishing capital rule?! So many things I don't know! 

TimeLord1

Pandora_2 said:

HillStreetBlues said:

@Pandora_2
Now the most important thing is to make sure they calculate the overpayment correctly. Make sure they don't include your income as capital, and they apply the diminishing capital rule.
 

What's the diminishing capital rule?! So many things I don't know! 

@HillStreetBlues

Newcad

Try this explanation (from the Shelter website)

Diminishing notional capital

When the DWP decides that a claimant has deprived themselves of capital, their universal credit entitlement is based on them still having it. This is called 'notional capital'.

It is assumed that the value of notional capital will reduce over time.This is called the 'diminishing notional capital rule'.

Where the claimant's capital is assessed as being more than £16,000, their notional capital is reduced each assessment period by the amount of universal credit they would have been awarded if they were not assessed as having capital.

Where the claimant's capital is assessed as being between £6,000 and £16,000, their notional capital is reduced each assessment period by the tariff income that has been calculated in the assessment period before.

HillStreetBlues

There are two diminishing capital rules the one @Newcad has posted above that is to do with 'notional capital', but that's not the one the OP needs to refer to.
For the OP's situation, it's Section 13 of The Social Security (Payments on account, Overpayments and Recovery) Regulations 1988 as that involves actual capital, not 'notional capital'.
It can make a difference especially if over a few years.