LCWRA and Using & Saving Money

TheDJMC

Heyo! Wasn't sure if this is better here or in the work section so apologies if it's misplaced.

I applied for UC in 2019 when I left full time undergraduate education and I've been on LCWRA and the Housing Component since I started receiving payments in 2020. I'm now 27 and I've since finished my part time Masters in Biotech.

My genetic disability essentially ensures that regular employment without very lenient expectations wouldn't really be feasible for me and also entities me to pretty much every disability benefit I can find, which I am already the recipient of.

Currently UC pay for my adapted and energy efficient council flat and bills. I have most of my food intake via medical overnight feed, a care package from NHS England Continuing Healthcare, I don't drink, smoke, go out much and my hobbies are very inexpensive.

The result of all of this is that I'm effectively a rich pauper. I'm usually somewhat above the £6000 savings limit (£7-9000) and haven't been reassessed since I signed on. I'd like to be able to save more to... well I don't know what yet. Invest in something worthwhile I suppose. I'm currently just finding things that I can "waste" money on: kitchen equipment, computer upgrades, furniture, an as of yet unplanned holiday... all things I use but it's terribly unfulfilling and only ever a short term "firefighting" measure to avoid the dreaded £16000 threshold.

I'd really like to know what I can and can't do with my money without getting into trouble. Thanks to anyone who responds!

poppy123456

You can do what you want with the savings of up to £6,000. If you have more than £6,000 have you reported the changes to UC? There's a £4.35/month deduction for every £250 or part there of over £6,000.

If you're also claiming council tax reduction then please be aware than some local Authorities have a maximum savings limit of £6,000 before CTR ends.

TheDJMC

poppy123456 said:

You can do what you want with the savings of up to £6,000. If you have more than £6,000 have you reported the changes to UC? There's a £4.35/month deduction for every £250 or part there of over £6,000.

If you're also claiming council tax reduction then please be aware than some local Authorities have a maximum savings limit of £6,000 before CTR ends.

I wasn't aware of the council tax thing, I'll check that. No I haven't. I don't see much reason to unless asked. It's not additional money or anything, I just spend significantly less than most due to personal behaviour traits. Like, it'll be used, I'd just prefer to be more constructive with it, y'know?

poppy123456

TheDJMC said:

poppy123456 said:

You can do what you want with the savings of up to £6,000. If you have more than £6,000 have you reported the changes to UC? There's a £4.35/month deduction for every £250 or part there of over £6,000.

If you're also claiming council tax reduction then please be aware than some local Authorities have a maximum savings limit of £6,000 before CTR ends.

 No I haven't. I don't see much reason to unless asked. It's not additional money or anything, I just spend significantly less than most due to personal behaviour traits. 

Are you saying you haven reported the savings you have that’s more than £6,00 to UC? If so then you need to report it because you will have an overpayment from when your savings were more than £6,000. Any overpayment will need to be repaid back. 

You may not see it as additional money but any money you haven’t spend at the end of the period it’s paid for becomes savings. 

Your lack of spending doesn’t mean you don’t need to report your savings. 

When claiming means tested benefits like UC and council tax reduction then you need to report changes, it does say this on all your letters. 

Any disability benefits you maybe claiming like DLA or PIP are not affected by savings/capital. 

TheDJMC

poppy123456 said:

TheDJMC said:

poppy123456 said:

You can do what you want with the savings of up to £6,000. If you have more than £6,000 have you reported the changes to UC? There's a £4.35/month deduction for every £250 or part there of over £6,000.

If you're also claiming council tax reduction then please be aware than some local Authorities have a maximum savings limit of £6,000 before CTR ends.

 No I haven't. I don't see much reason to unless asked. It's not additional money or anything, I just spend significantly less than most due to personal behaviour traits. 

Are you saying you haven reported the savings you have that’s more than £6,00 to UC? If so then you need to report it because you will have an overpayment from when your savings were more than £6,000. Any overpayment will need to be repaid back. 

You may not see it as additional money but any money you haven’t spend at the end of the period it’s paid for becomes savings. 

Your lack of spending doesn’t mean you don’t need to report your savings. 

When claiming means tested benefits like UC and council tax reduction then you need to report changes, it does say this on all your letters. 

Any disability benefits you maybe claiming like DLA or PIP are not affected by savings/capital. 

Sure, I'll get on that then.

bobthedog

Got the same issue mate they want us to buy loads of food and get more ill won’t let us try to build wealth like everyone else sit on are bums play are game eat are junk and be good ill little boys and girls, disabled rights advocates need to address this stuff 

Invdisability

Buy gold bullion and a safety deposit box. You can buy gold bullion in various sizes of bars. And it always goes up with inflation. Its better than the alternative of keeping wads of cash under the mattress.