Is this true?

Francis1980

Hi I'm new here

I am in receipt of IS and housing benefit and someone says if my savings change by more than £250 I have to notify the DWP. But what does it mean change by £250? From when to when? My balance varies by large amounts for starters I get £300 all at once every month from my DLA and sometimes I let my balance save up a littlle and sometimes I withdraw lots at once to go shopping or a day out or whatever.

Do I have to let the DWP know what I spend it on as well this is sounding ridiculous. If I'm spending it on "luxuries" does that mean I have to spend less so I can be charged for rent? I thought as long as I was under the threshhold I was ok?

This just sounds way complicated

Oldernotwiser

You sound as if you're talking about the normal fluctuations in your current account as money goes in and out. This isn't what's meant by savings.

healy

You only have to inform them when you are near the lower capital limit which is £6000, I think when you get to £5500, but if you are below that you do not have to inform then about the balance.

Francis1980

"You only have to inform them when you are near the lower capital limit which is £6000, I think when you get to £5500, but if you are below that you do not have to inform then about the balance."

So if I have say £3,000 I wouldn't need to tell them if it went to £4,000 or £2,000? If so that's cool.

The letters they send aren't very clear. A bit ambiguous in fact.

Francis1980

It's not that I have extra income coming in it's just that I have good budgetting skills and tend to save up for things e.g. a new bit of furniture or something for my computer or whatever, as opposed to spending it on lots of little things.

I also don't drink or smoke so I save a lot of money that way.

Penny-Pincher!!

You are allowed up to £6,000 in savings but if you go over that amount £1.00 is deducted for every £250 you have over the £6,000.....IYSWIM.

HTH

PP
xx