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Re: 16000 savings
- DJMH15
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3 years 5 months ago #264431 by DJMH15
Re: 16000 savings was created by DJMH15
Hi there
I need to start the process of saving in order to be able to move due to hostile neighbours that are making me ill.
My understanding is that it is ok to have up to 6000 in savings. Anything over and the DWP need to be informed and they take out £4.35 for every 250 saved.
Please can anyone tell me the following:
1. Once I start going over the 6000 who do I phone to inform. So for example, if I managed to save 250 every five weeks, would I have to phone them every five weeks, and what would happen if I couldn't get through for a while, would I be penalised. Should I inform them in writing and would this raise eyebrows if I am constantly telling them I have saved some money?
2. Once over 6000, does the 4.35 per £250 (17.40 per £1000) also apply to the 6000. So, for example, if I had a total of £9000 in savings, would they then take 156.60 a month out (9 x 17.40)? Or would they take £52.20 out (3 x 17.40)?
3. Also, related to moving... I am currently on ESA and am I right in thinking that a move would mean a 'Change of Circumstance' which would mean a loss of Premiums. Something to do with transitional payments and managed migration, which has not yet been established in my area. I am in the support group.
4. Would there be any chance my cpn could get them to wait until I had settled into the new place before hounding me with changes to my benefits, as moving is a pretty big deal (driven out of home after 16 years), and I am already struggling to hold it all together (Bipolar, constantly in and out of hospital)..
Thanks for all your help
I need to start the process of saving in order to be able to move due to hostile neighbours that are making me ill.
My understanding is that it is ok to have up to 6000 in savings. Anything over and the DWP need to be informed and they take out £4.35 for every 250 saved.
Please can anyone tell me the following:
1. Once I start going over the 6000 who do I phone to inform. So for example, if I managed to save 250 every five weeks, would I have to phone them every five weeks, and what would happen if I couldn't get through for a while, would I be penalised. Should I inform them in writing and would this raise eyebrows if I am constantly telling them I have saved some money?
2. Once over 6000, does the 4.35 per £250 (17.40 per £1000) also apply to the 6000. So, for example, if I had a total of £9000 in savings, would they then take 156.60 a month out (9 x 17.40)? Or would they take £52.20 out (3 x 17.40)?
3. Also, related to moving... I am currently on ESA and am I right in thinking that a move would mean a 'Change of Circumstance' which would mean a loss of Premiums. Something to do with transitional payments and managed migration, which has not yet been established in my area. I am in the support group.
4. Would there be any chance my cpn could get them to wait until I had settled into the new place before hounding me with changes to my benefits, as moving is a pretty big deal (driven out of home after 16 years), and I am already struggling to hold it all together (Bipolar, constantly in and out of hospital)..
Thanks for all your help
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- Gary
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3 years 5 months ago #264520 by Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gary on topic Re: 16000 savings
Hi davidjonesmosaic
I am not able to answer your questions as I do not have all the relevant information such as what type of ESA are you receiving CB ESA, IR ESA or NS ESA, but I will give you some general pointers.
First of all, are you receiving Income Related ESA, Contribution Based ESA or a combination of the two? If you are only receiving ESA(CB) then your payments are not affected by your assets and savings, if you are receiving any ESA(IR) then it can be reduced or stopped by this money.
Most means-tested benefits are only paid to people with less than £16,000 in savings (tax credits and the guarantee element of Pension Credit are not affected by this rule).
If you are over Pension Credit age the government assumes you receive £1 per week for every bundle or part bundle of £500 of capital you have above £10,000. i.e If you had £10,501.00 then you would loose £2.00pw in tariff income.
If you are under Pension Credit age and have total capital over £6,000 then the government assumes you receive £1 per week for every bundle or part bundle of £250 of capital you have above £6,000. i.e If you had £6,260.00 in savings then you would loose £2.00pw in tariff income
You need to contact DWP once your savings go over the minimum limit depending on your age (£6k or £10k), if you cannot get through to the DWP by phone then send them a letter but make sure you send it by recorded delivery.
Depending on the type of ESA you are claiming and if you are changing Local Authority. if you need to claim rent and you move local authority then you will have to apply for Universal Credit and claim Housing Element.
I would advise you to seek help from your local Welfare Rights Organisation who will be able to take all your circumstances into consideration. You can find your local Welfare Rights Organisation to help you with advice by clicking on the link below and putting in your post code, it will then come up with a MAP with a list of agencies. advicelocal.uk
Gary
I am not able to answer your questions as I do not have all the relevant information such as what type of ESA are you receiving CB ESA, IR ESA or NS ESA, but I will give you some general pointers.
First of all, are you receiving Income Related ESA, Contribution Based ESA or a combination of the two? If you are only receiving ESA(CB) then your payments are not affected by your assets and savings, if you are receiving any ESA(IR) then it can be reduced or stopped by this money.
Most means-tested benefits are only paid to people with less than £16,000 in savings (tax credits and the guarantee element of Pension Credit are not affected by this rule).
If you are over Pension Credit age the government assumes you receive £1 per week for every bundle or part bundle of £500 of capital you have above £10,000. i.e If you had £10,501.00 then you would loose £2.00pw in tariff income.
If you are under Pension Credit age and have total capital over £6,000 then the government assumes you receive £1 per week for every bundle or part bundle of £250 of capital you have above £6,000. i.e If you had £6,260.00 in savings then you would loose £2.00pw in tariff income
You need to contact DWP once your savings go over the minimum limit depending on your age (£6k or £10k), if you cannot get through to the DWP by phone then send them a letter but make sure you send it by recorded delivery.
Depending on the type of ESA you are claiming and if you are changing Local Authority. if you need to claim rent and you move local authority then you will have to apply for Universal Credit and claim Housing Element.
I would advise you to seek help from your local Welfare Rights Organisation who will be able to take all your circumstances into consideration. You can find your local Welfare Rights Organisation to help you with advice by clicking on the link below and putting in your post code, it will then come up with a MAP with a list of agencies. advicelocal.uk
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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- DJMH15
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3 years 5 months ago #264736 by DJMH15
Replied by DJMH15 on topic Re: 16000 savings
Thankyou Gary for your reply and apologies for not getting back sooner.
My situation is that I am on income related ESA, and I read that that meant I would have to pay 4.35 for every 250.
Also, my concern is that I will be forced to move onto UC early due to a 'change of circumstance'. My understanding is that there was some problems with people having a sudden drop in income due to losing their severe disability premiums. Has this been cleared up yet do you know please? i.e. if I moved, would I still get 'transitional payments' under the 'managed migration' scheme?
Thankyou again, D
My situation is that I am on income related ESA, and I read that that meant I would have to pay 4.35 for every 250.
Also, my concern is that I will be forced to move onto UC early due to a 'change of circumstance'. My understanding is that there was some problems with people having a sudden drop in income due to losing their severe disability premiums. Has this been cleared up yet do you know please? i.e. if I moved, would I still get 'transitional payments' under the 'managed migration' scheme?
Thankyou again, D
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- Gary
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3 years 5 months ago #264768 by Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gary on topic Re: 16000 savings
Hi davidjonesmosaic
Yes you are correct if you are under SP age.
I cannot answer you question as I do not have enough information, you may find the following link helpful:
assets.publishing.service.gov.uk/governm...e/999273/adm1-21.pdf
Gary
Yes you are correct if you are under SP age.
I cannot answer you question as I do not have enough information, you may find the following link helpful:
assets.publishing.service.gov.uk/governm...e/999273/adm1-21.pdf
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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