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Thread: £6,000 or £16,000

  1. #1
    New Member
    Join Date
    Dec 2016

    £6,000 or £16,000

    My Son has recently stopped work and is now claiming Contribution Based JSA . I myself am claiming Contribution Based ESA in the Support Group . I also receive Enhanced PIP for mobility .
    As we were paying full rent before I am now having to put in a new claim for Housing Benefit and CT reduction , but I am confused about how much in savings that I am allowed .
    I have £6,500 in my account but this account doesn't pay any interest .
    Is it the £6,000 that I am allowed or the £16, 000 ?
    I am 62 so therefore under the present pension age .
    I am also confused about the whole Universal Credit system because previously I was told that I wouldn't be going on this , but that was when my Son was working .

    Any help appreciated , thanks.

  2. #2
    Senior Member
    Join Date
    Jan 2015
    North Lincs
    I've been looking into the savings limits myself as I'm expecting a lump sum soon. As far as I can gather, if you have over £16k you can't get any means tested benefits if you're classed as working age. You can have under £6k without it affecting your means tested benefits but anything in between £6k and £16k you're regarded as having an extra £1 a week income for each £250 or part of £250 over the £6k, so in your case you'd be classed as having £2 a week income from the £500 you have over the £6k, if that makes sense.So it means your means tested benefits, ie housing benefit and council tax reduction, will be reduced by £2 a week and you'll have to pay the difference yourself.
    It doesn't matter if your savings don't make any interest, it's just a flat rate that they apply to everyone - I'd love to find an account that pays you a pound a week interest for every £250 you've got!

  3. #3
    Senior Member barbiejane's Avatar
    Join Date
    Feb 2011
    I may be wrong and I apologise if I am but I think it's £6000 for a single person and £16,000 for a married couple.

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