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Effect of Renters Reform Bill on benefits
- Michael
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5 months 4 weeks ago #299934 by Michael
Effect of Renters Reform Bill on benefits was created by Michael
wonder if you could help with a query regarding the Renters Reform Bill, currently progressing through Parliament.
Like many others, I have been required to pay 6 months rent in advance for my private rental flat. I have done this - and claimed housing benefit, which I have put in a bank account towards the next 6 months rent. This was disregarded in terms of capital.
In future, I will no longer be required to pay my rent 6 months in advance, and will move to paying monthly. At that stage, I will have a sum of approximately £7000 in the bank (previously used to pay my rent in advance). My query for housing benefit, and other benefits, is how exactly will this sum be treated.
Like many others, I have been required to pay 6 months rent in advance for my private rental flat. I have done this - and claimed housing benefit, which I have put in a bank account towards the next 6 months rent. This was disregarded in terms of capital.
In future, I will no longer be required to pay my rent 6 months in advance, and will move to paying monthly. At that stage, I will have a sum of approximately £7000 in the bank (previously used to pay my rent in advance). My query for housing benefit, and other benefits, is how exactly will this sum be treated.
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5 months 4 weeks ago #299935 by David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by David on topic Effect of Renters Reform Bill on benefits
Hi Michael
If the amount over £6000 is considered as savings/capital then for that £1000 you will have a small amount of tariff income deducted from your Benefit. Why cannot you pay your landlord rent as soon as the amount hits £6000?
David
If the amount over £6000 is considered as savings/capital then for that £1000 you will have a small amount of tariff income deducted from your Benefit. Why cannot you pay your landlord rent as soon as the amount hits £6000?
David
Nothing on this board constitutes legal advice - always consult a professional about specific problems
- Michael
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5 months 4 weeks ago #299938 by Michael
Replied by Michael on topic Effect of Renters Reform Bill on benefits
Sorry, I didn't make it clearer. The £7000 amount is all Housing Benefit payments - I would have previously used to pay for 6 months rent in advance. Now can only pay monthly, so wondering how the £7000 will be treated. I already have just under £6000 in savings.
- Chris
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5 months 4 weeks ago #299957 by Chris
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Chris on topic Effect of Renters Reform Bill on benefits
Hi Michael,
I do believe your backdated payments aren't taken into consideration for a year if it affects your savings over £6,000 - but based on you saying £7,000 - I would imagine they'll take the £1,000 as you being over, and they charge £4.35 for every £250 from your benefits. So £17.40 reduction per month from your UC. I would certainly ask them for clarification though, because of how low your bank balance can go, if it drops below the £6,000 - but with me, they took everything they could over the £6,000 in savings.
Chris.
I do believe your backdated payments aren't taken into consideration for a year if it affects your savings over £6,000 - but based on you saying £7,000 - I would imagine they'll take the £1,000 as you being over, and they charge £4.35 for every £250 from your benefits. So £17.40 reduction per month from your UC. I would certainly ask them for clarification though, because of how low your bank balance can go, if it drops below the £6,000 - but with me, they took everything they could over the £6,000 in savings.
Chris.
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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