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?

Firstly, its not the tax payers responsibility to pay for your children's driving lessons or special treats.

Secondly, that money is for them yes, but feeding them, clothing them and keeping a roof over their head - isn't that for them? Will spending the money in a way that keeps those things in their life not benefit them?

Op is not impoverished. Nor are her kids.

If she wants she can pay that money back them in time.

But she doesnt get to go 'oh see this spare money thats in my name, it's actually for the kids driving lessons a decade from now. So pay me to feed them and clothes them now because that money i have, its just spare'.

Unfortunately we live in the real world.

My kids?? Babes nobody is paying for my kids except me. I pay an awful lot of tax and I’d be VERY happy for her childrens savings to be discounted for UC purposes.

If we exercise some critical thinking here, taking away that 7k reduces the benefit bill in the short term by… 7k. But what if those savings are the difference between that kid having money for a college course that will result in them
being better educated, better paid and a net contributor to the state, rather than a net recipient? All of a sudden that 7k is a fantastic investment.

Or what if they spend it on driving lessons that makes the difference between them getting a job and not?

Or to be entirely frank, so fucking what if they drop 7k on crisps and vapes.

the OP has cocked up by not opening them a savings account, but on no planet so I agree with you that CHILDREN should go without gifts from relatives, because their parents are poor. Which is what you’re saying. What next? Kids in poverty shouldn’t get Christmas presents from relatives, but sacks of potatoes & top up tokens for the electric meter?

because if that’s what you think, you’re the immoral one.

Sorry but It doesn't matter a jot what 'you' would be happy with. There are laws and payment cut off points for a reason.

Anyone could say 'oh that money is for my child's future interests '. The name on the bank account says otherwise so thats that.

Kids live in the real world too. We protect them as best we can but we don't try to cheat the system in order to give them extras. And when we fuck up, it's not the tax payers responsibility to fix it. It's our own.

I absolutely agree ops kids shouldn't miss out. Hopefully they won't have to.

But if you're actually worried about empoverished children, then consider that part of the problem is people who have access to plenty of money for but choose to abuse the state benefits system for more. That's why the dole office has to be so hard on everyday people. Because so many people are looking for ways to cheat the system.

You won’t be able to move it as I believe they can or will ask for bank statements - I saw a recent post on here where someone was being reviewed and they needed to take statements with them to their appointment.

If you have money, savings and investments between £6,000 and £16,000 your Universal Credit payments will be reduced. Your payments will be reduced by £4.35 for every £250 you have between £6,000 and £16,000. Another £4.35 is taken off for any remaining amount that is not a complete £250.

UC reduce your payments as soon as you have over £6,000 so they are going to be sanctioned in one way or another for not declaring it.

Even if they get it down below 16k there will be backdated months they weren't entitled and anything over 6k nearly £5 is deducted for every £250. Going to be a huge overpayment, and that's if they don't slap them with a 3k fine on top.

Did you even report your savings over 7k in the current account? Each whole or part of £250 carries a tariff of £4.35 which is deducted but as you're actually over 16k then there will be a period when no UC was payable.

You can't just withdraw the money or give it away as it would still counted as if you have it.

You need to tell them- let them know where the money came from and let a decision maker decide.

So far we’ve had a telephone appointment with I believe it’s the work coach. Me & my partner both had separate appointments. They asked for a further 6months bank statements which we supplied on Monday. What is the next step?
The work coach did mention it goes to a decision maker which can take a couple of weeks before there is an outcome.
My question is can they still ask for now more information after the ones we supplied on Monday? I rather be ahead and gather all the information.

No I didn’t think I needed to declare I believed they have access to all our accounts etc. It’s only when I had the phone interview and he said we were over the £6k that it trigged me that I don’t think they knew what we had in our accounts. It’s not deliberately I didn’t tell them it’s just I am completely clueless on this UC. We get approx £500 from UC at an average per month, however fluctuates slightly if my partner gets a bonus on his salary that month.

You've got £17k in the bank all whilst you claim benefits. Some of us have that in debts and don't get UC. Use the money on the kids and stop claiming benefits!!

You’ve got over the £16k limit so you’re not eligible for UC. Doesn’t matter that you think it’s for your DC, you haven’t been putting it in their name so it’s classed as yours. Sorry you can’t hide it, they will find it and it’ll be classed as deprivation of capital if you give it to someone else. You’re going to have to pay the UC back and not be eligible for any more.

Have you declared the 10k to them that's 'for the kids' ? Because if not, that's fraud. 'Im clueless with these things' won't cut it unfortunately if they realise there's more money than you declared in an account you never mentioned to them.

You can tell them it is the kids money, maybe there's some way to prove that. But be honest now because if they fins out when you've started claiming based on just the 7k amount it will land you in some serious hot water.

Seriously though you shouldn't be claiming at all anyway.

Have you even claimed the 7k in your account? How long has it been above the 6k threshold?

Anyone renting with children receives universal credit unless they have extremely cheap council housing or an income of over about 50-60k.

They can’t pop in and out of your bank accounts to see what you have. The responsibility falls to you to make them aware if you have over £6k.

When you signed your UC commitment you agreed to report any changes such as this.

Of course you can't just hand this £10,000 to a sibling to look after. They do often check these things you know. Why have you never opened accounts for your children? Why have you kept their money from the last 9-10 years?

And you have £7,000 of your own as well as the £10,000 that belongs to the children? As a pp said, you can't continue with this claim.

Forget about the £10k, you’re on UC and you’ve got £7k in your current account?!
Wow!
I really think that’s a joke. Why on earth do you need UC if you are running such a surplus?

And you had a phone meeting with a work coach. Do you and your partner work?

Whatever happens over this immediate situation OP, get the children’s money in children’s accounts. Junior accounts earn more interest. Look on MSE under top children’s savings, and look after your kids’ money properly.

It's not looking good OP because all they're going to see is someone who doesn't declare. Therefore, it's going to look intentional.

You didn't declare when you hit £7k
And you didn't declare the £10k for children's savings when your financial circumstances changed. Why would they believe you now?

It will be an example of saying "I'm only sorry because I got caught" as you would have carried on declaring with £17k savings which would've grown to over £20k as your children received more gifts.

You have to tell UC what’s in your current and savings account when you apply so did you declare the savings at the start of your claim? I’d be worried.

This is so wrong in law. The money is the children's regardless of whose account it is in. It's called a simple trust.

But there’s nothing to prove that. Anyone could have a large amount of savings and then just say to UC they are for their DC. The OP could have set up savings accounts in their names and avoided this, if the money was definitely the children’s money, but they didn’t do that, this one’s on them.

Open bank accounts for the kids and put 1k in each? To start with anyway. You should really put all the 10k cash into these account's over the oncoming year .

It tells you to declare savings when you sign up! So don't pretend you didn't know, good grief.
It's even on the universal credit journal about savings and if it changes to let them know immediately.
Yes they'll probably want more bank statements to work out what's going on.

I doubt you will get a criminal record for this ' accidental ' ? fraud, I expect you will be required to pay back everything you received once they figured out what / if you were entitled to with those savings of £17000.
I also expect they will allow a monthly repayment and it could very well be done through your tax codes, rather than them expecting you to pay x amount directly to them,
tho I wonder if your child benefit may immediately stop as part of this repayment plan ?