Universal Credit Journal and ISA

_Jem_

Newcad said:

_Jem_ said:

I'm in two minds on what I should do withdraw £3,000 on Monday or wait until

You mean withdraw £3.000 to deliberately get below the £6,000 limit?

Apart from the fact that doing so would look like a deliberate attempt at D-of-C, (because it would be just that), it would only be an attempt because your capital/savings would not have changed at all.

You would still have that £3,000, just no longer in the ISA, so your capital/savings overall would still be £8,000 plus.

A new cooker, and even if you also get a new sofa, is not reasonably going to cost anywhere near £3,000.

No I would be withdrawing £3,000 and putting it in my bank account to use as a substitute that universal credit will be taking away from me, if I had remembered about the money in the ISA I would of also used it to repair my car and also get things for my home as I don't really have anything in my home. When I applied for universal credit I only had £30 in my bank account, That's how bad things were.



Basically when my relationship broke down I had nothing afterwards.

Isn't that what you are supposed to do? Use the money wisely.

Fixing the car will be at least £6-700.

I'm definitely not doing it to get below the £6,000, basically my home is pretty bare as I have only been in it for 4 years.

Cooker (don't have one)

Washing Machine (I have one)

Fridge/freezer (I have one)

Sofa (very cheap and can only sit on it for a hour)

Wardrobe (don't have one, so I don't  own many clothes) 

Kitchen table (don't have one been standing up eating for the past 4 years)

Bed (new when I moved in but absolutely terrible the base was definitely not made well as it's sagging.)

The joys of moving when it was lockdown.

I'm not sure with the ISA if you can make small monthly deposits into my bank account.

I could probably ask the housing association to confirm what's in my home. And really alot of the money I want to put into my heating & electric account as for the past 4 years winter has been a nightmare (district heating is a joke) hardly putting the heating on because I wanted enough money for food.

kaMelo

I just noticed that your ISA is a stocks and shares rather than a cash ISA. The value of such will change on a daily basis as that's the nature of investing. You wold need to check it's value on the last day of your AP to report your capital accurately.  To withdraw you would have to sell some of your holdings first which may take a day or two before the funds are available to withdraw.
You may also want to check if SW charge transaction fees, if they do your wish for a regular monthly withdrawal could be quite expensive.

_Jem_

kaMelo said:

I just noticed that your ISA is a stocks and shares rather than a cash ISA. The value of such will change on a daily basis as that's the nature of investing. You wold need to check it's value on the last day of your AP to report your capital accurately.  To withdraw you would have to sell some of your holdings first which may take a day or two before the funds are available to withdraw.
You may also want to check if SW charge transaction fees, if they do your wish for a regular monthly withdrawal could be quite expensive.

Thanks I will ask those questions, I think I did read about a charge if I cash in, that was another reason why I thought taking a large sum would be better. Best get onto them on Monday, I did send a email to them asking what the procedure is.

It might be better to withdraw it all and put it in a savings account, but I would have to think about that.

Grumpy_chap

_Jem_ said:

I have updated my universal credit savings as now I have £8,000 in the ISA account, the last time I checked that account it was well under £6,000 I totally forgot about that ISA account when declaring my savings.

Are you saying that you claimed UC and declared total savings below £6k.

The ISA balance (whatever it was at that time) was overlooked when making the claim.

You now recalled that you have the ISA and the current balance is £8k.  So your total savings are the £8k plus any other savings (if any).

A DM may wish to understand when the total savings first exceeded £6k and whether there are prior overpayment of UC to be considered.

_Jem_

Grumpy_chap said:

_Jem_ said:

I have updated my universal credit savings as now I have £8,000 in the ISA account, the last time I checked that account it was well under £6,000 I totally forgot about that ISA account when declaring my savings.

Are you saying that you claimed UC and declared total savings below £6k.

The ISA balance (whatever it was at that time) was overlooked when making the claim.

You now recalled that you have the ISA and the current balance is £8k.  So your total savings are the £8k plus any other savings (if any).

A DM may wish to understand when the total savings first exceeded £6k and whether there are prior overpayment of UC to be considered.

Yes that's exactly the situation, I don't remember seeing anything asking about savings below 6k, as I was in absolute distress about having no where to live and no money for rent, I just filled everything in, It was the council who said the first thing you need to do is start a claim for UC.

I do remember going into a job centre to show them my bank statements probably because they didn't believe I had literally no money in my bank account.

I wouldn't of even thought about the ISA now, it was just a family member said about it on Friday about using it to get stuff for my home.

I'm not even sure how I would find out when it went over 6k.

I even had a review of my accounts last year and it didn't even enter my head.