Universal Credit should relax £16,000 savings eligibility rule

[DreamChaser23]

do you agree? This is to ensure other workers who were laid off and have 16k OR higher in savings should also be eligible for help.

www.google.com/amp/s/www.mirror.co.uk/news/politics/dwp-must-change-universal-credit-21792760.amp

@CatandFiddle We are about to see negative interest rates. By the end of the summer, I bet.

How would that work? If you leave money on deposit, the bank will actually shave some off the top?

Jellycatspyjamas why would you complain, when you are working and trying to save a bit ?

@TestBank

Do you honestly believe that you'll get away with that? That they won't check? Of course they will. When I claimed, I had to show six months statements and they queried any bank account I had paid anything out to, including my Mum. They cross check and reference everything. You intend to commit benefit fraud. That is a crime and I hope you're caught and convicted just like so many on here believe that much poorer benefits claimants should be. A nice little life long conviction you'll have to carry along with you as well as still having to spend your savings.

So entitled to believe your savings should be protected while the state pays your living costs that you yourself can afford to pay. As for 'its not fair' you're an adult get over it.

jellycatsoyjamas Do you think people on benefits should paid the average salary?

I honestly don’t know and I’m glad it’s not my decision to make. I do think everyone should be able to live with a modicum if dignity and the current benefits actively keep people in poverty - which is only an issue now that folk whose sole engagement with the benefits system was via a DM headline are needing to rely on them.

i am being punished for saving

You are not being punished.

The entitlement on this thread is so hypocritical, it’s beyond belief.

So tell me, there’s a person who’s never had a job. Lives on benefits, always has. Smokes and drinks too.

Then they inherit £30k.

Should they still get UC?

You can’t have it both ways

@Hester54

I don’t believe the value of your pension fund is included in the £16k.

PuzzledObserver People you pull their money out and the system would collapse

www.theguardian.com/society/2017/feb/20/one-in-four-uk-families-have-less-than-95-in-savings-report-finds

www.independent.co.uk/news/uk/home-news/british-adults-savings-none-quarter-debt-cost-living-emergencies-survey-results-a8265111.html

www.bbc.co.uk/news/business-37504449 - - "More than 16m people in the UK have savings of less than £100"

For something more recent (2019)

• • "1 out of 3 adults have less than 1. 5k in savings.... With 22-29 year olds being the worst at saving, with53% having no savings at all." www.finder.com/uk/saving-statistics

"According to the report, 32% of the UK’s workers have less than £500 in savings and 41% have less than £1,000"
www.theguardian.com/money/2018/jan/25/uk-workers-chronically-broke-study-economic-insecurity

Derbygerbil Isa i'm afraid. never had enough to pay into a pension, didn't want it tied up

Nope, if you have over 16k saved, its perfectly reasonable to use that first.

@Hester54

Based on your logic, a hedge fund manager worth tens of millions in the bank should be eligible for UC if they’re fired...

Even better ..it isn't actually fraud

Hope that annoys you even more

Somone with lots of money depriving themselves of assets to claim benefits happily saying this to people who live in poverty and actually need benefits is a very cold person.

Some of you are so naive

Anyway, it's my top tip of the day to those facing future but not current uc claims. You can thank me later xx

Derbygerbil if he hides his money well in a pension etc under this system if he hade savings under 16000 he would, as i say stupid system

@Hester54

I may be wrong, but you may legally be able to transfer some of your money into a pension fund to avoid this if it genuinely for your retirement.

You know, I wouldn't report a poor person committing fraud by working cash in hand. But if I knew you irl I would definitely report you Test.

I’ve always thought it was unfair that you could own a house an claim UC yet if you had a deposit for a house and lost your job your expected to give up on that and use your savings to live. Arguably the home owners are more wealthy, why should those that have cash savings be penalised but those with other assets not ?

Derbygerbil i'll look into it, but doesn't that make a farce of the system

@TestBank your posts actually make me feel a bit sick.

There's nothing to report. It's not fraud xx

@puzzledobserver yes. Negative interest rates would mean the bank will charge you to hold cash with them