UC reduction in savings declaration

Mindboggled25

Hi, does anyone know if you are in receipt of UC and your savings total reduces, do you have to declare it? I can understand reporting an increase, but if you’re already below the £6k limit anyway do you need to report a further reduction? And if so, how often? 

Thanks! 

HillStreetBlues

Mindboggled25 said:

Hi, does anyone know if you are in receipt of UC and your savings total reduces, do you have to declare it? I can understand reporting an increase, but if you’re already below the £6k limit anyway do you need to report a further reduction? And if so, how often? 

Thanks! 

No you don't as there is no affect on on benefit entitlement.

Mindboggled25

Thanks. Had an ‘interview’ with them this week and they are insisting reductions should also be reported. Doesn’t make sense to me

HillStreetBlues

Mindboggled25 said:

Thanks. Had an ‘interview’ with them this week and they are insisting reductions should also be reported. Doesn’t make sense to me

If that as the case you would be reporting capital at the end of every AP. Normally capital will increase/decrease throughout your AP

Mindboggled25

Thank you for that! 

Muttleythefrog

Unfortunately UC advisors often give some really stupid or downright incorrect advice or information. No need to report your savings level changes below £6k unless they specifically ask for an updated figure.

35har1old

Mindboggled25 said:

Thanks. Had an ‘interview’ with them this week and they are insisting reductions should also be reported. Doesn’t make sense to me

Hadn't studied you case and just gave a cover all answer 

NedS

Muttleythefrog said:

Unfortunately UC advisors often give some really stupid or downright incorrect advice or information. No need to report your savings level changes below £6k unless they specifically ask for an updated figure.

Indeed, and would lead to every UC claimant in the country having to redeclare their capital amounts every month. The workload that would generate for DWP staff to verify all those changes would grind the system to a halt and soon lead to a change in advice given.

HillStreetBlues

NedS said:

Muttleythefrog said:

Unfortunately UC advisors often give some really stupid or downright incorrect advice or information. No need to report your savings level changes below £6k unless they specifically ask for an updated figure.

Indeed, and would lead to every UC claimant in the country having to redeclare their capital amounts every month. The workload that would generate for DWP staff to verify all those changes would grind the system to a halt and soon lead to a change in advice given.

I agree.
Another issue is the incorrect terminology the DWP use. On a UC statement it states Money, Saving & Investments.
We take £X amount off because you have money, savings & investments of £X which is totally misleading as monies held will nearly always be higher than capital.

Muttleythefrog

HillStreetBlues said:

NedS said:

Muttleythefrog said:

Unfortunately UC advisors often give some really stupid or downright incorrect advice or information. No need to report your savings level changes below £6k unless they specifically ask for an updated figure.

Indeed, and would lead to every UC claimant in the country having to redeclare their capital amounts every month. The workload that would generate for DWP staff to verify all those changes would grind the system to a halt and soon lead to a change in advice given.

I agree.
Another issue is the incorrect terminology the DWP use. On a UC statement it states Money, Saving & Investments.
We take £X amount off because you have money, savings & investments of £X which is totally misleading as monies held will nearly always be higher than capital.

My statement says "You said you pay £481.70 each month in service charges" - I have never said any such thing...they never ask for a figure... they decided on that ridiculous number which reflects our quarterly charge in full on the bill they obviously didn't bother to properly look at... nor the itemisation also supplied which should have led to building insurance being taken off.

It also says "You said your health affects you at work or prevents you from working" - I'm not sure I've ever said that either...lol

I presume though it would take several years and hundreds of escalations and civil servants to eventually get anyone change such to be technically correct like on capital.