im new to the forum but really need some help
i am confined to a wheelchair after breaking my neck and am in receipt of IS,HB,DLA
in 2005 i decided to get a bank loan to purchase an adapted vehicle.....i knew that with the bank loan i would go above the means tested savings threshold....so i contacted the dwp and hb and asked there advice...they said that if the money was not being used to make an income( ie investing in shares/buisness) the bank loan should be fine.
the dwp now say that the loan took me above the savings threshold allowed and i have been overpaid
can anyone clarify if a bank loan that has to be paid monthly and within a certain timeframe is classed as savings or capital.
I forgot to mention i got the information below from the C.A.B but not sure if it is correct or not
"If, when you get a loan, you are under an immediate obligation to repay it, it should not count as your capital."
"A loan that you have an obligation to repay immediately should not be treated as your income (or capital), however it is paid."
Extracted from "The big book of benefits & mental health"