informing dwp about savings

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does anyone know the amount of savings that you have to have before you must inform the dwp. i read that it is £6000 before this affects your claim but does this mean that you dont have to inform them if you have less than £6000 or is there an amount that you need to tell them about? any help would be great
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  • real1314
    real1314 Posts: 4,432 Forumite
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    when you make a claim, it ask you to tell them what savings you have, so at that point you have to declare ANY savings.
    If you receive any capital it's a good idea to just declare it to cover yourself regardless of the amount (ok, maybe not if it's just a few hundred quid and you have no other savings, maybe anything over £500?)
  • alwaysonthego_2
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    Any savings over £6000 affects the amount of money the claimant is entitled to. Anything below this figure does not. Although you are asked when you first sign on to declare any savings, I have not read that you must inform them if you suddenly win the lottery and do not get anything above the allowed amount before it affects any benefits.

    If you have more than £16,000 in capital you cannot get Income Support.


    Capital means anything that could provide you with a source of income. It includes savings, property and land (but not personal possessions or the home where you live).



    Capital of more than £6,000 will affect how much Income Support you get. You will be treated as getting £1 a week in income for every £250 of capital (or part of £250) above the £6,000 limit. This is regardless of how much money you actually receive from your capital, if any.
    http://www.adviceguide.org.uk/index/life/benefits/help_for_people_on_a_low_income_-_income_support.htm
    The above also is the same for JSA
  • healy
    healy Posts: 5,293 Forumite
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    lucinad wrote: »
    does anyone know the amount of savings that you have to have before you must inform the dwp. i read that it is £6000 before this affects your claim but does this mean that you dont have to inform them if you have less than £6000 or is there an amount that you need to tell them about? any help would be great

    As far as I know once your savings reach £5500 you have to inform the DWP if you are claiming means tested benefits.
  • robbiet27
    robbiet27 Posts: 49 Forumite
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    You must declare all savings / income / capital whenever you make a claim regardless of the amounts and continue to notify of any change of circumstance during your claim.

    Failure to do so could constitute fraud whether it actually affects your claim or not.
  • alwaysonthego_2
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    robbiet27 wrote: »
    You must declare all savings / income / capital whenever you make a claim regardless of the amounts and continue to notify of any change of circumstance during your claim.

    Failure to do so could constitute fraud whether it actually affects your claim or not.

    Can you provide a link for this?
  • [Deleted User]
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    robbiet27 wrote: »
    You must declare all savings / income / capital whenever you make a claim regardless of the amounts and continue to notify of any change of circumstance during your claim.

    Failure to do so could constitute fraud whether it actually affects your claim or not.

    if that were true then youd have to declare £10 profit from a car boot sale,or a £20 win at bingo?They`d be inundated on a daily basis if this were the case.
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