UC declaring money in bank (rent money)

_Jem_

itsthelittlethings said:

_Jem_ said:

huckster said:

Benefit money does not become savings until after the end of the next assessment period.

So that would mean I wouldn't include the rent money?

I think you declare it all and apply to have it disregarded.

That does make sense and doesn't make it look like I'm trying to hide money.

peteuk

To put it in plain English, forget the rent money.  You need to declare on the last day for your assessment period all the money you have.  To then work out what is capital take that sum and remove any benefits or income recieved during the assessment period.

So if you have £3000 at the end of the assessment period but £1500 was your income and UC £500, your capital would be £1000. You then use the £3000 to pay bills, food ect.  So come the end of the next AP what ever is left say £1500, but youve again had wage and UC in the AP, then your total may be £3500, so £1500 is capital (£3500 minus £1500 income UC and £500 UC)

born_again

_Jem_ said:

When updating my savings I will have my rent money in my bank account do I exclude that? the UC AP falls on a Sunday and the rent comes out on the Monday, I was going to update the savings on the Sunday and exclude the rent money as it will be out of my bank on the Monday.

So are you on the cusp of either £6,000 or £16,000?

As we are under £6K, we do not declare anything each month. Only time UC ask is when they do a review & want a total of all funds in bank accounts.

_Jem_

born_again said:

_Jem_ said:

When updating my savings I will have my rent money in my bank account do I exclude that? the UC AP falls on a Sunday and the rent comes out on the Monday, I was going to update the savings on the Sunday and exclude the rent money as it will be out of my bank on the Monday.

So are you on the cusp of either £6,000 or £16,000?

As we are under £6K, we do not declare anything each month. Only time UC ask is when they do a review & want a total of all funds in bank accounts.

I'm over £6,000 but no where near £16,000.

Saying that the ISA shares is rapidly increasing.

Bigwheels1111

I must be missing something here.
Or in general regarding benefits and savings.
If I’m correct, you have more than 6k or 16k and the benefits are affected, reduced and stopped.
If so why not spend the amount over the limit.
That is the way I see it.
Pay off debts, bills, car repairs etc, etc, etc.
Then the problem goes away.
Just one example I know about.
My neighbour just retired last year.
He found out that his rent, council tax and pension credits would be reduced of removed because of savings.
So he cleared his credit card debt, got all other household bills paid in full, paid a year car insurance upfront, serviced the car, new tyres etc. All genuinely needed.
None of that is depredation of assets.
This solved his issues.

Or as I said is this wrong ?.

kaMelo

Whilst paying off debts and the other suggestions you make are a sensible thing to do not everyone has debts. Spending money on something you don't want/need with the sole purpose of reducing capital is a false economy.

Sometimes it's better to just have the deduction for capital because you're in a more resilient position should something happen.

Bigwheels1111

kaMelo said:

Whilst paying off debts and the other suggestions you make are a sensible thing to do not everyone has debts. Spending money on something you don't want/need with the sole purpose of reducing capital is a false economy.

Sometimes it's better to just have the deduction for capital because you're in a more resilient position should something happen.

I understand, I think I would sleep on it.

TimeLord1

You can also ask for the uC rent payments to be paid directly to the landlord then it's not entering your bank account.

_Jem_

Bigwheels1111 said:

I must be missing something here.
Or in general regarding benefits and savings.
If I’m correct, you have more than 6k or 16k and the benefits are affected, reduced and stopped.
If so why not spend the amount over the limit.
That is the way I see it.
Pay off debts, bills, car repairs etc, etc, etc.
Then the problem goes away.
Just one example I know about.
My neighbour just retired last year.
He found out that his rent, council tax and pension credits would be reduced of removed because of savings.
So he cleared his credit card debt, got all other household bills paid in full, paid a year car insurance upfront, serviced the car, new tyres etc. All genuinely needed.
None of that is depredation of assets.
This solved his issues.

Or as I said is this wrong ?.

Yes that's sensible no debts to pay off though. And when I transfer some of the ISA over it will be used on essential things for the home and topping up my heating and electricity bill.

I can't do anything yet until I have heard back from UC after I update my savings. The ISA is the problem as I completely forgot about it when I first applied for UC.

born_again

Slightly off topic. If you keep dipping into a S&S ISA, is that the right ISA for you? Due to the fact the value of the shares can go up or down.