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Universal credit and home loss payment
majove
Member Posts: 1 Listener
I have to leave my flat this year as its structurally damaged,I'm receiving a £6,000 compensation payment,will universal credit count this as income for saving purposes
Comments
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Hello @majove. If this is counted as savings/capital the amount will be added on to any savings or capital you already have. For every £250 you are over £6000, your UC will reduce by £4.35 a month. So for example if you have £6500 your UC will be reduced by £8.70 a month.
It would be worth getting some expert advice as rules around capital are quite complex and you need to be certain you report it correctly. You may be able to get some advice via our helpline: 0808 800 3333
Or look for advice local to you at: https://advicelocal.uk/
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