Universal credit savings

[Jellywithyogurt]

So I have well over 50k in savings. I'm not bragging, it's our house deposit fund for one day when we can afford to move out of council. We don't touch this money.
We get tax credits and are about to move over to UC.
Would I be unreasonable to not even apply. Since I have over 16k in savings. Am I getting it wrong? I am reading that we no longer qualify.
Yabu - apply
Yanbu - don't bother, you don't qualify for it anymore

[spikypinkduvet]

I don’t think you’d be eligible with such a high amount of savings unless with transitional protection it’s disregarded for a short time initially ? If you could buy with if that time it could work out ?

[spikypinkduvet]

*within

[Springtime79]

I don’t think you are eligible anymore.surely with 50k savings you can get a mortgage and buy a place now?

[MarieMac]

You have migration protection if they have moved you over and you didn’t initiate the move? for 12 months -they will assess you as having threshold of 16k.

[BookArt]

I have newly applied for UC, the sale of my house with my ex is happening. I have 6 months to get my house sold (then need to prove I'm making reasonable moves to make that happen). When I then get the money I have six months to buy a new house. So it might be worth phoning and asking depending on your time line ans because you're moving over.

[x2boys]

@MarieMac

You have migration protection if they have moved you over and you didn’t initiate the move? for 12 months -they will assess you as having threshold of 16k.

I have just migrated over they only give you a few months to do so and give you a date to migrate over by

[Timetotalkhaspassed]

Can you claim tax credits with savings? I thought the limits applied to both tax credits and UC?

[Jellywithyogurt]

What seems a bit ridiculous is that I could have put that money into a house and they'd not consider that. So basically I could have assets in excess of 16k and all good but saving up and I'm disregarded for any help. Where we live a 3 bed semi is over 400k :( and we are both middle aged so less time to pay off the mortgage before we retire

[Lougle]

@Jellywithyogurt

So I have well over 50k in savings. I'm not bragging, it's our house deposit fund for one day when we can afford to move out of council. We don't touch this money.
We get tax credits and are about to move over to UC.
Would I be unreasonable to not even apply. Since I have over 16k in savings. Am I getting it wrong? I am reading that we no longer qualify.
Yabu - apply
Yanbu - don't bother, you don't qualify for it anymore

As long as you are migrating because you have had a letter telling you that you must do so, you'll get transitional protection. Your savings will be treated as if they are £16000, so you will have £174 deducted from your UC each month. If you still have over £16000 after 12 months, you won't be eligible for UC.

[Shouldbedoing]

Having been moved from TC to UC I find it really unsettling to not feel able to set a bit aside for emergencies like boiler, leaks etc You're condemned to stay poor. I'm self employed, worked very hard this month, took more money than usual but all that means is I'll get little or no UC. My kids had to fend for themselves, but there's no financial gain for the family. Before you ask, savings usually come from sporadic child maintenance payments which are disregarded in your claim since they cannot be relied on.

[Jellywithyogurt]

@Lougle

As long as you are migrating because you have had a letter telling you that you must do so, you'll get transitional protection. Your savings will be treated as if they are £16000, so you will have £174 deducted from your UC each month. If you still have over £16000 after 12 months, you won't be eligible for UC.

Thank you. I don't even get 174 a month in tax credits so I guess we're on the borderline already and it's bye bye to any support. It's small potato's but it all helps. We can survive without it though. Sounds like there are more hoops to jump through to even get UC and maybe it's just not worth the time and stress migrating over at all. I'll try to pick up some extra work instead I think.

[x2boys]

@Shouldbedoing

Having been moved from TC to UC I find it really unsettling to not feel able to set a bit aside for emergencies like boiler, leaks etc You're condemned to stay poor. I'm self employed, worked very hard this month, took more money than usual but all that means is I'll get little or no UC. My kids had to fend for themselves, but there's no financial gain for the family. Before you ask, savings usually come from sporadic child maintenance payments which are disregarded in your claim since they cannot be relied on.

You can have up to £16000 in savings they Will your universal credit over £6000

[IroningThrone]

I think you're BU to expect to claim anything with that much in savings.

[Lougle]

@Jellywithyogurt

Thank you. I don't even get 174 a month in tax credits so I guess we're on the borderline already and it's bye bye to any support. It's small potato's but it all helps. We can survive without it though. Sounds like there are more hoops to jump through to even get UC and maybe it's just not worth the time and stress migrating over at all. I'll try to pick up some extra work instead I think.

That's the intention. Lots of people are deciding that the rules of UC are more hassle than they're worth. People who really need the money (as in can't live without it) will still apply. People who see it as a 'help' might not.

[marniemae]

Why would you not try get more work anyway? If you are able to?

[x2boys]

@Lougle

That's the intention. Lots of people are deciding that the rules of UC are more hassle than they're worth. People who really need the money (as in can't live without it) will still apply. People who see it as a 'help' might not.

We have just migrated over there are so many hoops to jump through
My dh works full time but I'm my sons full time carer as he's disabled so we need it
But if we only got a bit I wouldn't bother

[GiveMyHeadPeaceffs]

@Jellywithyogurt it depends where you are. In Northern Ireland you'll get 12 months of transition protection and after that you won't qualify for UC due to £16k savings.

[WithACatLikeTread]

@Jellywithyogurt

So I have well over 50k in savings. I'm not bragging, it's our house deposit fund for one day when we can afford to move out of council. We don't touch this money.
We get tax credits and are about to move over to UC.
Would I be unreasonable to not even apply. Since I have over 16k in savings. Am I getting it wrong? I am reading that we no longer qualify.
Yabu - apply
Yanbu - don't bother, you don't qualify for it anymore

You wouldn't qualify anyway. I think the limit of savings is too low on universal credit but saving £50k on tax credits is the reason they are scrapping them. People taking the proverbial.

[Jellycatspyjamas]

You're condemned to stay poor. I'm self employed, worked very hard this month, took more money than usual but all that means is I'll get little or no UC.

But you have the money you’ve earned so won’t be worse off, you just won’t see the extra money you’ve earned, which is fair enough. UC is there to top up your income, if your income is higher one month you don’t need the top up.

You can save up to £16,000 which surely covers things like boiler repairs?

[DragonFly98]

@Jellycatspyjamas

You're condemned to stay poor. I'm self employed, worked very hard this month, took more money than usual but all that means is I'll get little or no UC.

But you have the money you’ve earned so won’t be worse off, you just won’t see the extra money you’ve earned, which is fair enough. UC is there to top up your income, if your income is higher one month you don’t need the top up.

You can save up to £16,000 which surely covers things like boiler repairs?

You loose of £2000 per year if you save £16k

[Greenfluffycardi]

@Timetotalkhaspassed

Can you claim tax credits with savings? I thought the limits applied to both tax credits and UC?

Yes you can. You can have ax much as you want with tax credits but you have to include the interest when putting your figures in each year.

[Jellycatspyjamas]

You loose of £2000 per year if you save £16k

It could be argued you don’t need £2k of tax payers money if you have £16k sitting in the bank.

[Notamum12345577]

@Jellywithyogurt

What seems a bit ridiculous is that I could have put that money into a house and they'd not consider that. So basically I could have assets in excess of 16k and all good but saving up and I'm disregarded for any help. Where we live a 3 bed semi is over 400k :( and we are both middle aged so less time to pay off the mortgage before we retire

I would buy the council and get the discount!

[Jellywithyogurt]

@Notamum12345577

I would buy the council and get the discount!

The discount is a pittance. Because I'm not a legacy tenant, It probably wouldn't be worth it.

[Notamum12345577]

@Jellywithyogurt

The discount is a pittance. Because I'm not a legacy tenant, It probably wouldn't be worth it.

Ah ok. I can get up to 60%, though max of 70k, which works out at about 20% really. But not to be sniffed at!