Notifying UC about my savings — Scope | Disability forum
If we become concerned about you or anyone else while using one of our services, we will act in line with our safeguarding policy and procedures. This may involve sharing this information with relevant authorities to ensure we comply with our policies and legal obligations.

Find out how to let us know if you're concerned about another member's safety.
Please read our updated community house rules and community guidelines.

Notifying UC about my savings

Options
Rosabug
Rosabug Community member Posts: 6 Listener
edited June 2023 in Universal Credit (UC)
I understand that I have to tell UC if my savings exceed a threshold of £6000.
I currently have about £6500 amount in my bank account.
I have a paid part time job and my last UC payment was approx. £700.

My questions are:
1) Do my savings actually exceed £6000, or am I supposed to deduct my last UC payment from my bank balance to calculate my 'savings', i.e. £6500 (bank balance) - £700 (my last UC payment) = £5800 (savings), meaning that my savings are below the threshold? 
2) If I do need to notify UC, when do I need to do this, should this be on the last day of my assessment period?
Tagged:
· Share on FacebookShare on Twitter

Comments

  • Cher_Alumni
    Cher_Alumni Scope alumni Posts: 5,741 Disability Gamechanger
    Options
    Hi @Rosabug

    I'm sorry your post hasn't garnered a response yet. I've done a little research but am not yet 100% sure of it's reliability so your post has been tagged as 'unanswered' for the meantime. If I can verify some information and get back to you, I will do asap!

    Thanks for reaching out and I'm sure we'll get you those answers. Bear with us.
    Online Community Co-ordinator

    Want to tell us about your experience on the online community?  Talk to our chatbot and let us know.

    Concerned about another member's safety or wellbeing? Flag your concerns with us.
    · Share on FacebookShare on Twitter
  • poppy123456
    poppy123456 Community member Posts: 54,530 Disability Gamechanger
    Options
    Income such as earnings and benefits are not classed as capital until the end of the period they are paid for. 

    Your UC entitlement is based on your circumstances on the last day of your assessment period. If you have more than £6,000 on that date then you need to report this. There’s a £4.35/month deduction for every £250 or part there of over £6,000.
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
    · Share on FacebookShare on Twitter
  • Rosabug
    Rosabug Community member Posts: 6 Listener
    Options
    Thank you Poppy.
    Just want to make sure I've got this ABSOLUTELY clear:
    Is it that on the last day of my assessment period, my 'savings' is the actual total amount of money I have in the bank?
    On my UC homepage, it says "The amount you get is based on your circumstances from 12 May to 11 June 2023", is it on the 11th of June that I would have to notify them (If of course the total amount in my account remains over £6000)?
    · Share on FacebookShare on Twitter
  • calcotti
    calcotti Community member Posts: 10,010 Disability Gamechanger
    Options
    Rosabug said:
    Just want to make sure I've got this ABSOLUTELY clear:
    Is it that on the last day of my assessment period, my 'savings' is the actual total amount of money I have in the bank?
    If you did not have any earnings then the account in your account would be capital.
    Because you have earnings then the earnings should be ignored as capital unless something is left over at the end of the earnings payment cycle.
    Information I post is for England unless otherwise stated. Rules may be different in other parts of UK.
    · Share on FacebookShare on Twitter

Brightness

Categories

Complete our feedback form and tell us how we can make the community better.

Do you need advice on your energy costs?


Scope’s Disability Energy Support service is open to any disabled household in England or Wales in which one or more disabled people live. You can get free advice from an expert adviser on managing energy debt, switching tariffs, contacting your supplier and more. Find out more information by visiting our
Disability Energy Support webpage.