Updating UC regarding 'Capital'?

LocoLoco

Just editing to say ignore this, I've just seen there's another thread about the same thing!  There must be a new initiative  

Hi,
Is anyone able to clarify this; do you have to update your 'Capital' every time there's a change, even if it's just through paying a bill?  My work coach seems to think so but it would mean I have to contact them multiple times through the month as my money constantly goes up and down due to money going in and then going out again.  It's just not something I've been told I need to do before; if it's necessary I'll do it but it basically means I'd just be updating them on my ordinary everyday spending constantly which seems daft?

For example, if you tot up what I've got in my current account, savings account and premium bonds it's about £2,000 at the moment, but once all bills and food etc have been paid out this month it will be down to about £500, which is what my actual savings are at the minute.  Then next month it will be about £2,000 again and then it will drop again and so on.  So the actual amount of savings is well below the £6,000 mark and very unlikely to get that high (I wish! lol).

I've had compensation recently (£1,000) which I contacted them about, which is why this conversation about updating your capital has come about (and that's already gone as I've used it to get some decorating done - all above board and paid via bank transfer after being invoiced so it's clear there's nothing dodgy happening).

If anyone could advise I'd be grateful.  Thanks in advance.

TELLIT01

I know the OP said ignore thread, but for clarity - if you total savings are below £6k you do not have to inform UC/DWP about any change.

Spoonie_Turtle

And for further clarity, savings do not include any benefit payments or wages (or any other income payments) received during the present assessment period.

Income does not become capital until the end of the assessment period after the one in which it was received.

LocoLoco

Thanks both, I'd had in my head it's not until you get to the £6,000 mark that you need to start notifying people, I only did it with the compensation payment as it's an unusually large amount to go into my account and I didn't know if it would pop up on someone's screen somewhere.  And Spoonie, yes, I thought I'd read before it's not capital until after your assessment period date, maybe the work coach is relaying information that would apply if it's over 6 grand?  Either way, glad I don't need to update them each time I pay a bill, it did seem a bit unlikely.
 Thanks again