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Pension Credit Guarantee + Loans
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?
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)
thanks so much again Paul.