Coming into money - affect benefits?

Bakeybadoo

I'm due to get some money next month, can you tell me if I'll have to inform the DWP of this?

I get IB, DLA, CHB and Tax Credits.

I am expecting to receive arond £6000 but would only be putting maybe half in a savings account.

dmg24

You need to inform the DWP and the LA (I assume you mean Council Tax Benefit and Housing Benefit when you say CHB?).

IB and DLA are non means tested so these should not be effected. However, CTB and HB are means tested, are having £6K will have a small effect on your entitlement.

Bakeybadoo

I meant Child Benefit (I didn't think my savings would affect that but listed it just incase) but actually, I forgot that I DO also get Housing Benefit so you answered that for me!

So, my Tax Credits and Housing Benefit could be affected and will need to be informed? Ok. Do I have to tell them I got the entire amount or only what I'll be keeping in savings?

dmg24

Tax Credits are not affected by savings, unless the interest is over a certain amount (£300 a year? Not 100% on that figure).

Yes, HB will need to be informed. You have to tell them of the whole amount.

healy

dmg24 wrote: »

Tax Credits are not affected by savings, unless the interest is over a certain amount (£300 a year? Not 100% on that figure).

Yes, HB will need to be informed. You have to tell them of the whole amount.

Yes you are right it is £300 per year interest with Tax Credits.

H_is_for_H

Just for reference, the amount you get will definitely end your entitlement to Housing and Council Tax benefits (anything over £16000-00 does this) It won't matter where the money goes (savings accounts etc)

H_is_for_H

oops - sorry, mis-read your figure (says 6000, not 60000)

If your total capital (money in banks etc) goes over 6000 then it will have an impact on your HB/CTB but may not take you out of entitlement - depending on whatever other money you have in banks, etc your new money may have little effect on your current entitlement

healy

H_is_for_H wrote: »

Just for reference, the amount you get will definitely end your entitlement to Housing and Council Tax benefits (anything over £16000-00 does this) It won't matter where the money goes (savings accounts etc)

The amount quoted was £6000, maybe you read it as £60000.

allen35

On £6000 savings you will be classed as having £1 pw income which will decrease your benefits like for like so if you spend a pound having £5999 in your bank account wont affect any of your benefits.

real1314

allen35 wrote: »

On £6000 savings you will be classed as having £1 pw income which will decrease your benefits like for like so if you spend a pound having £5999 in your bank account wont affect any of your benefits.

But they might ask how you spent the £1

Another point to note is that the OP said they would porbably only put half the £6k in an account, but Hb will want to know what has been done with the other £3k. ANY savings affects HB, whether it's in a bank, invested in shares or property or stuffed under the mattress. If you're intending to use the £3k for something you might want to be prepared to explain what you've done with it?

allen35

Paying for a holiday or any improvements to home that are needed, extra security, paying off arrears of debt should all be feasible ways of spending some of your savings but do keep receipts to prove it.

I'd like to thank everyone who is posting ideas 'cause i am dealing with someone at present who came into £7000 last year and spent the lot on alcohol, he has mental and learning disabilities. DWP haven't found out yet but i feel there's a case for no action anyway 'cause as he's dependent on alcohol my argument is gonna be like giving candy to a baby. Anyone have any ideas but i'm not taking away from OP, on the same lines, thanks.