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Forum Home  →  Discussion  →  Benefits for older people  →  Thread

Pension Credit Guarantee + Loans

EKS_COTTON
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Tax and Welfare Rights Officer, Equity

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Total Posts: 288

Joined: 10 March 2014

Hello all.

My client is claiming pension credit guarantee and is looking to take out a personal loan.  He will receive the loan as a lump sum (under 10K).

Looking at CPAG handbook 2016/17 pp.375, 342 (capital rules) and pp.311-12 (income rules).

Appears that loans are taken into account as capital for those over PC age and not treated as income part from deemed income over £10k.

Have I got that right?

Paul_Treloar_AgeUK
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Information and advice resources - Age UK

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Joined: 7 January 2016

Yes, see p.15 of our Pension Credit factsheet.

Income that is completely disregarded

Some income is ignored altogether for PC, including actual income from capital (only deemed income is counted as described in step 3 Capital – interest paid into an account is counted as capital)

EKS_COTTON
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Tax and Welfare Rights Officer, Equity

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Total Posts: 288

Joined: 10 March 2014

thanks so much again Paul.