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Original poster

Universal credit

10 replies

johnnicolaides · 20/01/2020 15:13

Hi,

I have long term deteriorating health problems and am worried I'm ultimately going to have to go on statutory sick pay and file for Universal Credit. I've heard having over 16,000 in savings makes you ineligible for universal credit. I have 20,000 locked away in a 5 year fixed rate bond, which I can't touch until it matures in 2023. It pays about 50 pounds in interest a month. I don't know how I'd be expected to live on that. I hate lying but does anyone know please, if it came to it, if and/or how the DWP would know about my savings I'd I did have to apply for universal credit?

OP posts:

AnchorDownDeepBreath · 20/01/2020 15:19

They have linked up reporting systems. It wouldn't be lying, it'd be committing benefit fraud. I'm not sure if it will be taken into account if it's genuinely completely locked up and you have absolutely no way of accessing it - is that the case; or would you just lose a lot of money for accessing it early?

I really wouldn't recommend committing benefit fraud. It always catches up with you in the end and you could be prosecuted.

dontdoxmeeither · 20/01/2020 15:25

Regardless of it being locked away, you have over the threshold. And it is accessible albeit paying a xyz fee to do that.

Wilma55 · 20/01/2020 15:26

There's a data matching service so they will know what interest you receive. Come clean

nocluewhattodoo · 20/01/2020 15:30

If you have £20k then you need to use that to live on until you are below the threshold, only then can you claim. Why should the tax payer fund you while you sit on a massive savings pot? You are lucky enough to have access to money, benefits are supposed to help those struggling financially not support those who have the means themselves. You will get caught if you try to lie.

Forestwitch · 20/01/2020 15:34

Sorry, but you'll have to use up your savings. Crap isn't it?

StylishMummy · 20/01/2020 15:50

@forestwitch why is it crap? That's what savings are for, why should the state pay when the OP has means of her own?

Babyroobs · 20/01/2020 19:55

Yes they will know. When you make the application you need to declare savings and agree to the declaration as being true. You can't hide capital.

slipperywhensparticus · 20/01/2020 19:57

Is there anyway of getting it out?

Lazypuppy · 20/01/2020 21:45

That £20k is enough money to live on for at least a year, depending what you're used to living on salary wise. You should use that to live on.

Surely you just have to pay a fre to withdraw it early?

MyDcAreMarvel · 21/01/2020 12:50

Many fixed bonds will not allow you to withdraw early even if you pay a fee. Why post if you don’t know what you are talking about!
Op you will need to Provide proof that you have no access to the funds.

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