Will my universal credit stop?

TinaDaisina

So here we are in a pickle over two things.
1.last winter we had to take out a loan to the tune of £10.000 to fix our roof.  We were new to the universal credit having moved from child tax credit,and didn't know at that time that this should be reported to universal credit. The money was spend within 2 weeks as we paid for our roof in 3  installments. 
I just read two days ago that loans should be reported.i did wrote a message in our journal about it and I am still waiting to hear.in the meantime I started reading more about the loan and Capital etc. And now I am getting scared,as they are mentioning something like"if your capital gets over 16.000 your claim is closed as you are no longer eligible for universal credit.our situation is:yes we took 10.000,but during the assesment period we also had "paid in" into our account ,with the loan,a total of 16.500. it was things like wages,and a money we had paid from the insurance etc. All of the money was spent in that month,and at any point our account was more that 12.000 in balance,but I don't know if that is the way UC will look at it? So start our "assesment period"we had 2.000,than all the wages and borrowed money came,but in the meantime the money was also coming out to pay the bills,than the loan came(by whci the other money was almost gone".so if looking at jow much money went into account in that month-yes it is more than 16.00,but at the end of that month there was 500 left. Will the uC look at it like we were having too much Capital,and will decide ,based on that,that we shouldn't be getting our UC ,and have our claim stopped? I am sick with worry now that if they will decide that,we will have to pay all 10 months of getting UC  that we were getting since we took out the loan.please help what we should do now,as the waiting is killing me.
2. Our young children have little Young Saver accounts,that are in their name,but I have an access to. They have 300,and 200 on it both respectively.when we were applying  for Universal credit ,the way I understood " the guidance"  was that they don't need to be declared,so we didn't,but now I was tol that it should have been deleted,so I also left a message about that in my Journal fir UC people to see,still waiting for  response. I don't want to be in trouble accused that I hid this from UC...do Yiu think that this is the way they will look at it? I also must add that all this info  I gave them voluntarly,meaning that I wasn't( still I am  not I guess) under any investigation,just so I could pout everything right. 
Now I am very worried and loosing sleep over it,waiting for their decision what will happen? Does anyone know what can happen in this situation? I am extremely worried that we will have to pay back all the UC if they say that our claim should have been closed that last winter. We won't have money to pay it back- already paying a mortgage and the roof loan back,we have two disabled children,and no other assets.bith working full and part time,our kids are 9 and7.

Spoonie_Turtle

What matters for UC is how much capital you have at the end of the assessment period.  And capital does not include income (including benefit payments) so even when your total was above 16k, if at least £500 was from income then there was nothing to worry about.

Worst case scenario they could decide to suspend your UC claim while they investigate - I don't know what the likelihood of that is.  But as long as at the end of any assessment period you didn't have more than £6,000 in savings (capital), there should be nothing to repay.

marcia_

 Children's savings in their own accounts are not taken into account in determining your uc claim. Try to not stress because in all likelihood if you paid out the money quickly to complete your repairs it won't effect your claim. 

TinaDaisina

Thank You everyone. I am so I overwhelmed with stress.  This is giving me sleepless night. We had disastrous month...first had to repair our car to the tune of12.000,than had door malfunction with emergency locksmith at£500( still not repaired,and we are in argument with the fitters over them honouring their warranty),and than 4days ago our beloved family pet-our service dog that was support for my children during their treatment-run out  of the doors-yes the one who we are fighting to get fixed,as the lock is not locking properly-he got hit by a car ,and we tried to save him (withing our means)  but after 2 nights hospital treatment it was clear he need to be put down.  And myself I have some serious health issues.All the expenses went on a credit card,and now this with the universal credit nightmare. I already left them 2message about it,but still no answer.
It is just all too much. I rang my GP  as I need to get some help  with my anxiety -since Sunday I keep having an attacks . Sorry for the long post,needed to just say it out loud 
Thank You for your comments,I hope it will all be ok,I let you all know here what they decided x

peteuk

Firstly well done for seeing you might have made a mistake and facing it front on, rather than burying your head in the sand.  By doing so you may get away with it to some degree. 

As you know any capital above £16K means you are no longer eligible for UC.  Equally anything over £6K means your UC is reduced by £4.35 for every £250 or part there of. 

The important point is the last day of your Assessment period and how much you have in capital on that day.  Assuming you have no other properties and didn’t have er £16K when you migrated, then the monies you have at the last day is classed as capital minus any income or benefits received in that assessment period.

The crucial point is the last day of your assessment period.  Youve noted that everything was spent within a month, so for me you may have to pay back some UC.

Starting capital - £2K
Paid in - £16.5K
End of assessment period -???? Minus your wage/benefit received. 
End of the month less than £16K

AS you can roof that the load was in and out fairly quickly, what you may need to look at is what was left at the end of the assessment period and if over the £6K you will owe the £4.35 per £250 or part there of. .