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Hi, my name is confusedcornwall! Compensation payout. What can I spend this on to get below £16k?

confusedcornwall

Hi,I am about to recieve a lump sum compensation payout from a previous employer. It has been settled out of court rather than me going through the extra stress of going to an Employment Tribunal.I currently recieve universal credit as I am not able to work full time. But this lump sum will take me over the savings limit for universal credit .I would like to know what I can legally use this money for and then be below the £16,000 threshold ie pension, home repairs etc.i have asked on the universal credit website but they say ..Once I declare this money a decision maker will determine the outcome and that they can not advice me on what I can or can not spend the money on .

Does any one have any person experience or knowledge on this subject ...

Many thanks for taking the time to read this post

Andy

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Comments

Kimi87

Debt repayment (especially within the same Assessment Period as the money is received) of formal debts is usually not considered deliberate deprevation of capital.

confusedcornwall

Thank you for your response .x

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