Unviersal Credit & Savings

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  • #28117 Report

    F1madmum
    Participant

    I am getting ready for apply for UC for the first time. I have a joint mortgage with my (recent) ex, who is terrible with money. He is a builder, paid in cash, and cannot be replied upon to make regular payments. Haven’t seen anything at all for 3 weeks, and seems to think it’s fine to whack up the overdraft on the joint account we use to pay household bills.

    So, the savings I have are not for a nice holiday etc, it’s a reality that they will probably deplete quickly over the next couple of years, and I want to try and save something for my son as this won’t come from his dad. However, I am just over the £16k savings threshold, which doesn’t entitle me to UC at all. On top of mortgage etc, I have £700 a month nursery fees, and only work part time.

    I feel guilty asking this, but has anyone managed to ‘redistribute’ their savings? How in-depth does the DWP check on those?

    #28124 Report

    Ru83
    Participant

    Hi. You will need to declare your savings if you decide to make UC claim. If you decide to “redistribute ” DWP will ask the proof where all the money went etc. Best case scenario it will go to DM to make a decision .

    #28128 Report

    LS4202
    Participant

    Hi,

    Agree with reply by Ru83.

    If you are wanting to put money away for your son you will have to have someone else set it up (such as a family member) in your son’s name and you can’t have any access to it.

    It’s what I’ve had to do. My Dad set a savings account up in my son’s name for when he is older.

    L

    #28130 Report

    LS4202
    Participant

    Hi,

    Forgot to mention in last post…. there is also the Help to Save Scheme which does not affect your universal credit. I am looking in to this myself as well.

    https://www.gov.uk/get-help-savings-low-income

    L

     

    #28139 Report

    Balloongirl
    Participant

    The DWP recently set up a department and hired staff to deal with ‘Capital’, that is investigating those benefit claimants who have more than the threshold but have not declared it.  They have since abandoned that in order to concentrate on some other area so the ‘capital’ area is probably one the DWP’s weakest.  That said, they do check in some offices but it is not seen as their ‘priority’ at the moment.  However, I do know that banks, building societies, everytime you apply for credit etc all of this information does get fed back in to certain Civil Service departments which leads to an investigation and possible a phone call to you followed by an interview.  If for instance a bank notices that you have a large amount in an account, or open another account which has a large amount and they see you are receiving benefits, they can (and many do) report this to the DWP or HMRC (who then notify DWP).  So, ask a trustworthy family member to set up a bank account but there re risks with this or start a Trust Fund in the child’s name and have 2-3 executors of it whom you have to ask should you wish to withdraw money, this way the money is the childrens not yours so harder for them to touch.  A Solicitor or Legal Executive will help you with this.

    #28146 Report

    Hi all.  Don’t forget that you can always call our Single Parent helpline.  They will be able to help you explore your options.  They will be busy so expect to wait until you get through but all calls will be free.  Here are their details:

    #28660 Report

    F1madmum
    Participant

    Hi All

    thanks so much for the advice. And sorry for taking forever to reply – have been out of circulation for a couple of weeks. Long story.

    Ironically, my car has been diagnosed as terminal, so I do need to look for something new. So I transferred some cash to my mum, and can legitimately explain why. And prove with the new car!

    Had UC interview on Monday, fingers crossed I can get some help towards nursery fees. Week 6, and no money from my ex.

    Hope everyone is doing well.

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