Savings- current account

lottiemalins90
lottiemalins90 Online Community Member Posts: 12 Listener
in Universal Credit (UC)

we have a review coming up and as previously posted I’m really worried about it. Purely due to not realising money in our current account counts towards savings and we’ve had money sat there due to house buying costs etc

I just wanted to clarifying something after reading it online. When they look at savings/capital left in an account at the end of the month how do they work it out? I read online if you total up everything you have in all banks at the end of your assessment period and then take away all income for that assessment period what you have left is your ‘capital/savings’ is this correct? As if so we have never been over the 6000 but we have had more in the bank so I’m really confused.

Comments

  • Kimi87
    Kimi87 Online Community Member Posts: 7,444 Championing
    edited October 5

    Previous advice here:

    https://forum.scope.org.uk/search?domain=all_content&query=Capital%20calculation&scope=site&source=community

    The top best match result is a good one which covers your question.

  • lottiemalins90
    lottiemalins90 Online Community Member Posts: 12 Listener

    thank you. I can’t work it out unfortunately. So say the assessment period was 25th-24 of the month and on the 24th I had 10700 across all accounts. Would I then deduct all income received that month from that figure and then whatever I’m left with would be savings?

  • lottiemalins90
    lottiemalins90 Online Community Member Posts: 12 Listener

    thank you. I can’t work it out unfortunately. So say the assessment period was 25th-24 of the month and on the 24th I had 10700 across all accounts. Would I then deduct all income received that month from that figure and then whatever I’m left with would be savings?

  • Kimi87
    Kimi87 Online Community Member Posts: 7,444 Championing

    As I understand it, you'd need to deduct unspent income for that AP.

  • lottiemalins90
    lottiemalins90 Online Community Member Posts: 12 Listener

    thank you. How can I work the unspent income out?

  • OverlyAnxious
    OverlyAnxious Online Community Member Posts: 5,179 Championing
    https://forum.scope.org.uk/discussion/comment/1072911#Comment_1072911

    It is not quick or easy.

    Basically you need to use your bank statement and add up every item that has gone out since you received the last UC payment. Then take that figure away from the amount of UC you received. That leaves you with the unspent income to deduct.

    For example:

    £10,000 bank account total today

    £1500 UC income this month

    £500 spent on rent
    £100 spent on electric
    £50 spent on water
    £200 spent on groceries

    £1500 UC income - £850 spent =£650 unspent income.

    £10,000 account total - £650 unspent income = £9350 capital to declare

    So far, I have not found a simple way to calculate it. I am interested to know as soon as anyone else does!

  • lottiemalins90
    lottiemalins90 Online Community Member Posts: 12 Listener

    thank you, that’s really helpful. Definitely sounds like it’s not easy. I’m so nervous about this review as I’m sure we have gone over for the last few months and to be honest I’ve not slept in days

  • OverlyAnxious
    OverlyAnxious Online Community Member Posts: 5,179 Championing
    https://forum.scope.org.uk/discussion/comment/1073083#Comment_1073083

    You're welcome. This has happened to a few members on here without any major consequences so far. The most likely outcome is just that you'll have to pay some back, plus a £50 fixed fine.

    Your future future payments will also be adjusted if you still have more than £6000 now. When your savings increase or decrease through a £250 threshold (£6250/£6500/£6750) then you can update that easily yourself through the online journal. This only needs to be done on the final day of the assessment period. Going up & down in the middle of the AP does not matter for UC.

  • lottiemalins90
    lottiemalins90 Online Community Member Posts: 12 Listener

    thank you for the reassurance. I suffer with extreme anxiety which I’m aware probably shows.
    I’m also worried about deprivation of capital as we’ve since had quite a few payments come out, solicitors fees, holiday payment (shows as credit card as always book holidays on that and pay it back), car insurance and a debt. I’m worried this will look like we are trying to get rid of money but in reality it’s things that were due/needed paying. Will they question this?

  • Kimi87
    Kimi87 Online Community Member Posts: 7,444 Championing

    Questions about outgoings are standard during these reviews.

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