I have a business loan of around 8k. If I, for example was to end up with 6.5k savings - would DWP count my savings as -£1,500? E.g. the debt is taken off my savings (£6.5k-8k)?
E.g. so unless I had £14k, which is £8000(the debt)+£6000(savings) and would take me over £6,000 net savings I presume that my capital would start classing as over 6k?
If, however, DWP do not look at your overall amount of savings minus any debts, I guess it would make sense to pay off the business loan rather than build up savings (if I managed to save enough money to do this)?
But at the moment it doesn't make sense to pay off the business loan debt because it is very low level of interest (far below inflation) so ideally i'd like to pay it off as slowly as possible.
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