Savings threshold over the limit
hello , just wanted some advice as my 2 accounts have gone over the first threshold of £6,000 just slightly .
How would it be best to notify UC on my journal ? Or should I just write a message to my work coach
I can see that they have change of circumstances section but have never used
Appreciate any advice
Thank you Louise
Comments
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To be clear are you saying that you have just over £6,000 in each account so more than £12,000 in total? Or just over £6,000 in total?
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Hi Poppy thank you for your message.
I have £6,000 in total .
thank you
Louise
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Thanks. Do remember that your UC payment isn’t treated as capital until the end of the following assessment period after you receive it.
If you still have more than that after you deduct this then report a change of circumstances and then click money, savings and investments. Then report it through there.
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Hi poppy, thank you for your help, really appreciated. It’s so confusing.
many thanksLouise
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You’re welcome. Yes it’s very confusing. Also if you received any of the cost of living payments in the past and your capital didn’t drop below the total amount you received they are disregarded indefinitely.
When reporting capital they have now updated the system for people to include details of the cost of living payments. This never used to be there, so it’s good to see they’ve finally amended that.
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can I ask Poppy, I got all the CoL payments for UC total £1550 , should I report when my saving reach £7550 ? Or when I go £6000?
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You're meant to report it when you pass £6k in total. Then UC should calculate the deductions…but that isn't how it's happened with mine so far. It's just been an automated change based on the exact amount I provided.
I am pleased to hear they've now changed it to include the cost of living payments as part of the process. That should make it easier next time I report mine.
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ok thanks .
so as soon as I go over £6000 I need to report it on journal and deduct the £1550 CoL ?Sorry I need to give example so I understand.
If I have £6050 in my account I log onto journal , change of circumstances the put in the total amount £6050 and in CoL column put in £1550 ( that then takes me down to £4500 ) so they won’t make any deductions until my total is £7550 + ?
A part of me thought it be easier to wait until I had £7550 + then report.
So as soon as I reach £6000+ ?
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There will be a section where you can include the cost of living payments. Although the CoL payment is disregarded (providing you never went below that actual amount of capital) you should still report your capital once you reach £6,001.
There will be a deduction of £4.35/month once your total capital reaches £7,551.
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ok thx poppy that makes sense x
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Ok thank u
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I've just checked and can't see a specific box for cost of living payments?
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It's not a box to tick, the system will ask if any of your capital is from the CoL payments.
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I've been all the way through it this morning. No mention of CoL payments at all. 🙁
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That's very frustrating because it was supposed to have been completed mid November. 🙄
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honestly some things frustrate you living with a disability in the UK don't they
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