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Old September 12th 07, 09:16 PM posted to uk.finance
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Default Entitlement to welfare - when one has savings?

Hello,
Can anyone advise If I can get welfare (unemployment benefit) if I
have savings? I am just about to receive the proceeds of the sale of
my only house. After paying off all debts, I will be left with about
85k which I want to invest somehow, (possibly bonds or high-interest
instant access B/S account) but probably not into another house - not
yet,anyway.

I have moved in with an elderly (94-yr old) parent who needs constant
care, so getting a job is not really a desirable option for me.

Many thanks for any clarification..

Jake D

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Old September 12th 07, 09:22 PM posted to uk.finance
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Default Entitlement to welfare - when one has savings?


"JakeD" wrote in message
...
Hello,
Can anyone advise If I can get welfare (unemployment benefit) if I
have savings? I am just about to receive the proceeds of the sale of
my only house. After paying off all debts, I will be left with about
85k which I want to invest somehow, (possibly bonds or high-interest
instant access B/S account) but probably not into another house - not
yet,anyway.

I have moved in with an elderly (94-yr old) parent who needs constant
care, so getting a job is not really a desirable option for me.

Many thanks for any clarification..

Jake D

put your 84k offshore (not in a bank that has british connections) apply for
disability living allowance for your parent and claim 24hr carers allowance
dont forget the blue badge and free car tax


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Old September 12th 07, 09:28 PM posted to uk.finance
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Default Entitlement to welfare - when one has savings?

On Wed, 12 Sep 2007 22:16:07 +0100, JakeD wrote:

Hello,
Can anyone advise If I can get welfare (unemployment benefit) if I
have savings? I am just about to receive the proceeds of the sale of
my only house. After paying off all debts, I will be left with about
£85k which I want to invest somehow, (possibly bonds or high-interest
instant access B/S account) but probably not into another house - not
yet,anyway.

I have moved in with an elderly (94-yr old) parent who needs constant
care, so getting a job is not really a desirable option for me.

Many thanks for any clarification..

Jake D


If you are under 60 the government assumes you receive £1 per week for every £250 of savings you have above £6,000

If you are over 60 the government assumes you receive £1 per week for every £500 of savings you have above £6,000

* The following do not count as savings: your home
* your business assets
* any life insurance policy which has not been cashed in
* your personal possessions.
* sale proceeds of your home for up to six months if you intend to buy another home
* money from insurance claims for up to six months if used to replace or repair
* any Social Fund payment
* arrears of certain state benefits
* certain compensation payments

http://www.help.entitledto.co.uk/sav...2-0eb5b42315eb
http://tinyurl.com/2tok8b
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Old September 13th 07, 03:51 PM posted to uk.finance
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Default Entitlement to welfare - when one has savings?

On Wed, 12 Sep 2007 21:22:30 GMT, "Alan"
wrote:


put your 84k offshore (not in a bank that has british connections) apply for
disability living allowance for your parent and claim 24hr carers allowance
dont forget the blue badge and free car tax


Thanks for the suggestions...

Jake D


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Old September 13th 07, 03:59 PM posted to uk.finance
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Default Entitlement to welfare - when one has savings?

On Wed, 12 Sep 2007 21:28:21 GMT, Robin T Cox
wrote:

Thanks for the info...

If you are under 60 the government assumes you receive 1 per week for every 250 of savings you have above 6,000


I wish they'd tell me how!

* The following do not count as savings: your home
* your business assets
* any life insurance policy which has not been cashed in
* your personal possessions.


I wonder if Kruger rands, diamonds, alternative investments etc.,
would count as personal posessions.

* sale proceeds of your home for up to six months if you intend to buy another home


Once yo buy the next home, do you then have to live in it to qualify
for welfare?

Thanks for the clarification,

Jake D



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Old September 13th 07, 08:04 PM posted to uk.finance
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Default Entitlement to welfare - when one has savings?

In message , JakeD
writes
On Wed, 12 Sep 2007 21:28:21 GMT, Robin T Cox
wrote:

Thanks for the info...

If you are under 60 the government assumes you receive 1 per week for
every 250 of savings you have above 6,000


I wish they'd tell me how!


It doesnt mean that it expects you to get interest at that rate, it
means they expect you to get some interest but to also eat into your
savings at those rates.

* The following do not count as savings: your home
* your business assets
* any life insurance policy which has not been cashed in
* your personal possessions.


I wonder if Kruger rands, diamonds, alternative investments etc.,
would count as personal posessions.


No.

* sale proceeds of your home for up to six months if you intend to
buy another home


Once yo buy the next home, do you then have to live in it to qualify
for welfare?


Yes, because otherwise it wouldnt be your home.

--
John Boyle
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Old September 13th 07, 09:29 PM posted to uk.finance
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Default Entitlement to welfare - when one has savings?



Thank you for clarifying...
Jake D

On Thu, 13 Sep 2007 21:04:37 +0100, John Boyle
wrote:

In message , JakeD
writes
On Wed, 12 Sep 2007 21:28:21 GMT, Robin T Cox
wrote:

Thanks for the info...

If you are under 60 the government assumes you receive 1 per week for
every 250 of savings you have above 6,000


I wish they'd tell me how!


It doesnt mean that it expects you to get interest at that rate, it
means they expect you to get some interest but to also eat into your
savings at those rates.

* The following do not count as savings: your home
* your business assets
* any life insurance policy which has not been cashed in
* your personal possessions.


I wonder if Kruger rands, diamonds, alternative investments etc.,
would count as personal posessions.


No.

* sale proceeds of your home for up to six months if you intend to
buy another home


Once yo buy the next home, do you then have to live in it to qualify
for welfare?


Yes, because otherwise it wouldnt be your home.


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Old September 14th 07, 10:07 AM posted to uk.finance
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First recorded activity by FinanceBanter: Mar 2005
Posts: 1,945
Default Entitlement to welfare - when one has savings?


"JakeD" wrote in message
...
If you are under 60 the government assumes you receive 1 per week

for every 250 of savings you have above 6,000

I wish they'd tell me how!


They don't, they expect you to use your capital. Also there is an
upper limit (16,000 IIRC) over which you get no means tested
benefits.

You may be entitled to contributory benefits eg JSA(C), subject to
your NI record, but only for 6 months IIRC.

* The following do not count as savings: your home
* your business assets
* any life insurance policy which has not been cashed in
* your personal possessions.


I wonder if Kruger rands, diamonds, alternative investments etc.,
would count as personal posessions.


Yes - if they are held as an investment.

* sale proceeds of your home for up to six months if you intend

to buy another home

Once yo buy the next home, do you then have to live in it to qualify
for welfare?


Yes. Otherwise it's value will count as capital.

Thanks for the clarification,


For more advice post on uk.gov.social-security

Lots of people who work for the benefits agencies over there, who are
very helpful.

--
Andy


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Old September 14th 07, 10:09 AM posted to uk.finance
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Default Entitlement to welfare - when one has savings?


"Andy Pandy" wrote in message
...
* The following do not count as savings: your home
* your business assets
* any life insurance policy which has not been cashed in
* your personal possessions.


I wonder if Kruger rands, diamonds, alternative investments etc.,
would count as personal posessions.


Yes - if they are held as an investment.


Oops, sorry what I meant was they'd count as savings if held as an
investment.

--
Andy


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Old September 14th 07, 07:04 PM posted to uk.finance
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First recorded activity by FinanceBanter: Sep 2007
Posts: 19
Default Entitlement to welfare - when one has savings?

On Fri, 14 Sep 2007 11:09:21 +0100, "Andy Pandy"
wrote:

would count as personal posessions.


Yes - if they are held as an investment.


Oops, sorry what I meant was they'd count as savings if held as an
investment.


Thanks for your input. Much appreciated..

Jake D



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