Move to uc from Tc leaves us ineligible

[Joanne2015]

I’m currently on tax and working credits. We get around 600 a month and on a joint income at the moment of 24000 die to me losing my job. We have saved so hard the past years since we had kids to get our savings boosted and have around 10000 in savings account. I also have stocks that my grandad opened for me when I was born, around 11- 13000 depending on stock market. I haven’t touched them for 40 years and was planning on using it for a wedding. So now if we need to move over we won’t get anything at all and will need to use all our savings. I’m terrified to move over now as it’s a huge loss to us and will eat through our cash savings fairly quickly. Has this happened to anyone else?

Good for you

@Endogal

Christ. It genuinely would never have even crossed my mind to apply for benefits if I had 23k in savings

Like others have said though you could be saving for a house deposit and in that case in the longer term you will cost the state a lot less if you aren't claiming help with rent.

Like others have said though you could be saving for a house deposit and in that case in the longer term you will cost the state a lot less if you aren't claiming help with rent

I can't believe people on TCs are allowed to do this, whilst those on UC must having savings below £6k to get a full award.
That seems incredibly unfair.

@TinkersTailor

Like others have said though you could be saving for a house deposit and in that case in the longer term you will cost the state a lot less if you aren't claiming help with rent

I can't believe people on TCs are allowed to do this, whilst those on UC must having savings below £6k to get a full award.
That seems incredibly unfair.

Yes they probably should allow for some savings if it can be proved it's for a deposit. I guess it would be hard to administer though.

@Endogal

Christ. It genuinely would never have even crossed my mind to apply for benefits if I had 23k in savings

Everyone used to be on child tax credits, up to about £45k income a year, with unlimited savings. They were more like child benefit was, but more generous. No one really saw it as 'claiming benefits' in that sense.

@Joanne2015

I can..but I don’t need to if I stay on tax credits. If I was to have to move to UC I’m sure I would have to but not sure if my savings would mean I can’t claim that as well. I haven’t actually got proper advice yet as only just happened and I just did a calculation online and it said I’d get nothing

I believe savings do not count towards contribution based. We own a second property which would rule us out of any UC at all if I lost my job (and rightly so) but I could still claim contribution based JSA

@Joanne2015 As I’m now not working I assumed that would trigger a change to UC. it will not trigger a change, even if you both lost your job it would not. You will only be able to claim childcare for four weeks though.