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Universal credit saving limit

cherryblossom

So I am in UC and one of my friends want to give me money each month. I get UC and PIP. I’ve already spoken to the UC people but I don’t get a few things.

So if I get 6k in my account, does it have to be a monthly thing for my UC to be affected? Or is it 6k for the year? Also
Do they mean 6k after the month has ended or the amount of 6k put into the account?

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poppy123456

The lower capital limit is £6,000 before your UC is reduced. It’s not based on any timeframe. Over £16,000 and entitlement ends.

The money you receive from your benefits isn’t counted as capital until the following assessment period after you receive it. (If you have any left.

The money you receive from your friend will be treated as capital.

The cost of living payments are disregarded indefinitely.

cherryblossom

poppy123456 said:

The lower capital limit is £6,000 before your UC is reduced. It’s not based on any timeframe. Over £16,000 and entitlement ends.

The money you receive from your benefits isn’t counted as capital until the following assessment period after you receive it. (If you have any left.

The money you receive from your friend will be treated as capital.

The cost of living payments are disregarded indefinitely.

So does the money have to stay in the account for it to count as capital? Is it the 6k all in one go that counts or is it what everyone sends me during the year that adds up?

I think I’m struggling to wrap my head around the timeframe part of everything.

My questions are a bit stupid I apologise it just takes me a little while to fully understand things and sometimes I need things over explained to me.

chiarieds

If at any time the money you have whether in the bank, building society or cash (your capital) is £6,000 or over, you need to notify UC. If this is £16,000 or over, then UC will stop. You can however subtract any Cost of living payments you have already received from your capital, as they are disregarded indefinitely.

Money you receive from any benefits doesn't count unless you have anything left from these in the following assessment period from the one in which it was paid to you.....then this is considered to be capital too.

Please don't worry; all questions are fine.

cherryblossom

chiarieds said:

If at any time the money you have whether in the bank, building society or cash (your capital) is £6,000 or over, you need to notify UC. If this is £16,000 or over, then UC will stop. You can however subtract any Cost of living payments you have already received from your capital, as they are disregarded indefinitely.
Money you receive from any benefits doesn't count unless you have anything left from these in the following assessment period from the one in which it was paid to you.....then this is considered to be capital too.
Please don't worry; all questions are fine.

Oooo so if I have £6000 in my bank account all at once I need to tell UC?

If the answer is a yes then I understand

poppy123456

As we've advised, it's not just your bank account, it's everything you have, whether that's at home, in a savings account, any shares, investments etc etc. If you have more than £6,000 you need to report the changes. I don't really know how else to explain it.

rubin16

cherryblossom said:

chiarieds said:

If at any time the money you have whether in the bank, building society or cash (your capital) is £6,000 or over, you need to notify UC. If this is £16,000 or over, then UC will stop. You can however subtract any Cost of living payments you have already received from your capital, as they are disregarded indefinitely.
Money you receive from any benefits doesn't count unless you have anything left from these in the following assessment period from the one in which it was paid to you.....then this is considered to be capital too.
Please don't worry; all questions are fine.

Oooo so if I have £6000 in my bank account all at once I need to tell UC?

If the answer is a yes then I understand

Yes, you can have money come in like for example 2k or 3k a month and spend it, but as soon as it reaches over 6k you have to inform them. Once its over 6k at any point your UC will be reduced and if it reaches 16k or over it'll automatically stop. They may start asking for bank statements from you to confirm.

cherryblossom

rubin16 said:

cherryblossom said:

chiarieds said:

If at any time the money you have whether in the bank, building society or cash (your capital) is £6,000 or over, you need to notify UC. If this is £16,000 or over, then UC will stop. You can however subtract any Cost of living payments you have already received from your capital, as they are disregarded indefinitely.
Money you receive from any benefits doesn't count unless you have anything left from these in the following assessment period from the one in which it was paid to you.....then this is considered to be capital too.
Please don't worry; all questions are fine.

Oooo so if I have £6000 in my bank account all at once I need to tell UC?

If the answer is a yes then I understand

Yes, you can have money come in like for example 2k or 3k a month and spend it, but as soon as it reaches over 6k you have to inform them. Once it’s over 6k at any point your UC will be reduced and if it reaches 16k or over it'll automatically stop. They may start asking for bank statements from you to confirm.

Ok I get it now thank you so much

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