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.

Universal credit saving limit

Options
cherryblossom
cherryblossom Community member Posts: 28 Listener
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? 

Comments

  • poppy123456
    poppy123456 Community member Posts: 57,180 Disability Gamechanger
    Options
    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. 
    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.
  • cherryblossom
    cherryblossom Community member Posts: 28 Listener
    Options
    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
    chiarieds Community member Posts: 16,176 Disability Gamechanger
    Options
    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
    cherryblossom Community member Posts: 28 Listener
    Options
    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
    poppy123456 Community member Posts: 57,180 Disability Gamechanger
    Options
    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. 
    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.
  • rubin16
    rubin16 Community member, Scope Member Posts: 794 Disability Gamechanger
    Options
    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.
    I have Autism, ADHD, Schizophrenia, Gilberts Syndrome and Crohn's Disease and have knowledge in these areas.


  • cherryblossom
    cherryblossom Community member Posts: 28 Listener
    Options
    rubin16 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 
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.
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.