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Would paying off my IVA and credit card with pension pot affect my UC?

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TheOriginalDoubleG
TheOriginalDoubleG Community member Posts: 3 Listener
edited June 2022 in Universal Credit (UC)
Hello people.  I'm new to Universal Credit.  I'm looking for some help :-)
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Comments

  • chiarieds
    chiarieds Community member Posts: 16,142 Disability Gamechanger
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    Hi @TheOriginalDoubleG - & welcome to the community. Please say what your query is about UC, & I'm sure someone will help. :)
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  • TheOriginalDoubleG
    TheOriginalDoubleG Community member Posts: 3 Listener
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    Hi @chiarieds,  I'm looking to pay off my IVA and credit card with some money from my small pension pot that is available to me in Aug.  Would this affect my UC? 
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  • Biblioklept
    Biblioklept Community member Posts: 4,755 Disability Gamechanger
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    Taking from the pension could but paying off debt isn't seen as deprivation. @calcotti is really good with universal credit and so is @poppy123456 so they may be able to help answer you <3
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  • poppy123456
    poppy123456 Community member Posts: 55,515 Disability Gamechanger
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    That's correct @Biblioklept. Savings of up to £6,000 are ignored anyway. If this amount takes your total savings on the last day of your assessment period to more than £6,000 then there's a £4.35 per month deduction for every £250 or part there of over this amount.
    Savings of more than £16,000 will end your UC and any other means tested benefits you maybe claiming.
    If you're also taking a weekly/monthly draw down then this will reduce your UC £1 for £1 so it's not worth doing this.
    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.
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  • TheOriginalDoubleG
    TheOriginalDoubleG Community member Posts: 3 Listener
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    The money will leave my account almost the moment it hits.  I'm 55 in aug but not planning on retiring yet.  I'm looking at taking £7000 and pay it out straightaway 😎 
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  • Biblioklept
    Biblioklept Community member Posts: 4,755 Disability Gamechanger
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    Best to do it in middle of your assessment period not close to the end and also keep any receipts or stuff showing what it has been spent on. 
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