10k

[Mummatothreecubs]

We’ve got £10k in a savings account which honestly is 9years of children’s gifts (birthdays, when they were born, religious ceremony gifts to them)
UC is now looking into our accounts while doing a claim review and although it’s in an account that’s in my name it’s our children’s money. I’ve honestly just not had time to go and open them accounts. I’m torn between withdrawing the cash or asking a sibling to take it off me for now while I open the kids accounts.
In our current accounts joint (without considering the 10k) we have round about 7k. I don’t know what to do, I’ve got a couple of transfers where people have transfered the money and put my child’s name then birthday but others have gifted cash which I’ve just always deposited.

what would be the best option here?

Doesn't matter you've left it to late, you should of put it in their accounts when you had a chance expect a overpayment letter.

I’m afraid they are going to assume it’s your money. DiL asked me when the DGC were little to pay money straight into their bank accounts.

Your UC will probably stop as you have over £16K and you'll have an overpayment unfortunately

You can't just give it to a relative to keep ! they will query where 10k has gone. Did you report it once it went over 16k ? UC will stop once it hit the 16k mark and if you haven't reported it once it hit 6k then you are going to have an overpayment to pay back.

Open up an ISA that cannot be touched until the kids turn 18 and pay it in. That way, you can prove to UC that you're not just hiding it. It'll be in yours kids' names and isn't accessible to you.

But op can't just do this now with no evidence that it was the kids money ? It would be considered deprivation of capital ( getting rid of money from her account to continue claiming benefits ). If it was that easy everyone would be giving money away to their kids to still get UC !

Best option would be to let UC know that you have over 16k now before they find out and stop your UC immediately. You've had ten years to sort out bank accounts for the kids and it's unlikely they will consider it the kids money without some definite proof.

I didn't see you have 17k in total. You're going to have to repay it all back. You need to close your claim.

Unfortunately it's too little too late OP. You CANNOT move money over now when they are investigating the accounts, they'll suspect it's fraud (which it is) - when you registered for UC you will have been asked to declare all savings in your name, and update if that changes, which you haven't.

You need to do as PP suggested, and let UC know as soon as possible. I'd call them and speak to a person if I were you! Depending on how long you've claimed UC/how much you've claimed they'll likely send you a bill for most/all of the savings (whatever you've been overpaid) ~ they're not lenient about paying this back over time IIRC so make sure you plan to do this as soon as you get the bill! But if you get ahead of it and explain, you might not have additional sanctions added. Either way you'll likely loose a chunk of that money, sorry.

Doesn't matter, that's seen as deprivation of capital especially as they've had the money sitting in their own account for years.

It isn't your money, it's in trust for your children and that's what you explain to them. You may need witness statements from some of the people who gifted.It shouldn't be taken into account. If it is, ask for a reconsideration and then appeal.

Go to your local law centre or CAB for proper advice because most of the posters are wrong.

It takes minutes to open a kids bank account like Hyperjar. I don't see how in 10 years you didn't have time to open an account for them.

Crikey what a kerfuffle over 1k!!

It's 10k. Wouldn't be a problem if it was 1k !

Just spend a few grand of it.

Take yourself down to about 14k in savings overall.

You can pay them back later.

@Miley1967 OP is £1k over the limit for UC

You had 9 years to open accounts for the children.

The minute you put in a claim for UC you had to declare what savings there was.

There is a sliding scale from 6,000 - 16,000, and over 16,000 it's zero entitlement.

I don't see great aunty jean writing a statement to say she gifted child ' a ' £50 for a christening, and £25 for every christmas etc. then going on to say she gifted child ' b ' £25 for every christmas but hasn't gifted towards a communion as it hasn't happened yet.

Apologies, I misunderstood the OP. I thought this was making an initial claim, not that OP is already claiming and now they're looking into accounts.

Tell UC the money belongs to your kids and ask them how you can prove this. One of my friends just got a few relatives to send letters that they sent x amount for birthday / christmas / diwali etc - it’s pretty straight fwd if these gifts only came from a limited pool of people.

I’d start by ringing them to explain, and ask what evidence they’d accept to back up your claim. I have no idea if they will believe this, but you can start by going through bank statements and highlighting the ones that name the children. Highlight transfers from family and ask them to provide you with an email to prove it was for a bday etc. If the transfer is around their bday then that will look more convincing.

Tbf, there's no reason to be signing on if you have that much anyway.

It doesn't matter who it's supposed to belong to. That money cam be used for your kids upkeep. You don't get to say 'I'd rather the state payed for them'. Well, you do, but morally it's not the right thing to do.

There's no reason someone with 17k worth of savings should be signing on. Find a job and cover your own ass. Even if it was the 7k you had tbh. Thqt should buy plenty of time to find work.

Didn't have time in 9 years but do now when it's going to look like fraud.

Just report it, and spend some of it on kids' items.

You say that but I had absolute hell on trying to open a savings account for my DS, and gave up in the end. He’s 8 and I’ve still got his savings in an account in my name.

This is the kind of bullshit that keeps kids trapped in cycles of poverty.

Why should kids be punished because their parents are struggling economically? Why can’t they have a little amount of savings from relatives that they could use for driving lessons, or a college course or to furnish their first flat? Small things that could really change their young adult lives?

Or would you rather poor kids stayed poor?

This. The money is for the children. Now you need it to provide for the children so do that.