This is hypothetical as I could only wish that I had this much in savings, but I'm hoping to aggressively save after I get my debts paid off and I'm just curious. If someone has £16,000 in savings, how is the deduction done? I receive lone parent income support (£71/week), child benefit (£33/week), child tax credit (£114/week), and full LHA (£95/week).
I think it's true that for every £250 in savings above £6000, you're reduced by £1. Is this a weekly reduction? Is it only reduced from your IS or is LHA also reduced?
So if I had £16,000 in savings, it would be a £40/week reduction (£16,000-£6000= £10000/£250= £40).
a) Is that accurate?
b) Is that amount deducted from both IS and LHA per week?
I'm sure I'll never get there, but I have rather grand delusions for my money and tend to overthink!
I think it's true that for every £250 in savings above £6000, you're reduced by £1. Is this a weekly reduction? Is it only reduced from your IS or is LHA also reduced?
So if I had £16,000 in savings, it would be a £40/week reduction (£16,000-£6000= £10000/£250= £40).
a) Is that accurate?
b) Is that amount deducted from both IS and LHA per week?
I'm sure I'll never get there, but I have rather grand delusions for my money and tend to overthink!