Savings

sim123
sim123 Online Community Member Posts: 28 Connected
in Universal Credit (UC)

hi , I receive uc and pip. I have savings over £6000. I think I’ve been reporting wrong. For example my assessment period is from the 15-14 every month. I get paid uc on 22nd and pip on 3rd. I have been reporting savings on the 14th of each month. That only gives me 11 days with pip before reporting savings. Do I do it a month in arrears and calculate what is left. Please help

Tagged:

Comments

  • poppy123456
    poppy123456 Online Community Member Posts: 62,398 Championing

    For PIP what's left isn't treated as capital until the end of the following assessment period after you receive it. For example, for payment on 3rd December, it's not treated as capital until 14th January 2025.

  • sim123
    sim123 Online Community Member Posts: 28 Connected

    so I would report it on 14th? Is that the same for us payment on 22nd? Thanks

  • sim123
    sim123 Online Community Member Posts: 28 Connected

    I mean a uc payment on 22nd December would be reported 14th feb? Or would it be January? I get pip on the 3rd and uc on the 22nd

  • sim123
    sim123 Online Community Member Posts: 28 Connected

    I’m so confused

  • OverlyAnxious
    OverlyAnxious Online Community Member Posts: 3,457 Championing

    It is confusing. While it sounds fairly straightforward on paper, in reality there's no way to quickly calculate what is still income from PIP & UC in order to deduct that from your savings before reporting.

    I've just been reporting the whole lot on the final day of the assessment period each month. I know it includes some income but there's just no way to calculate how much.

  • newbie2017
    newbie2017 Online Community Member Posts: 10 Contributor

    Hi, I have not migrated from ESA to UC yet..

    What is this 'assessment period each month'?

    when migrated on u.c from ESA do they ask everyone to state how much you have in savings each month?

    I'm sorry I'm a bit confused 🤔

  • Kimmy87
    Kimmy87 Online Community Member Posts: 1,638 Trailblazing

    Each UC payment is based on your circumstances for the previous calendar month, known as the Assessment Period.

    You will be asked how much money you have when you apply.

    There is no need to update each month if you have under £6000.

  • newbie2017
    newbie2017 Online Community Member Posts: 10 Contributor
    https://forum.scope.org.uk/discussion/comment/954639#Comment_954639

    Thank you for the clarification kimmy.

Categories