How much savings you are allowed before it affects the benefits

skintandscared_2 · 1 April 2012 at 5:20PM

royalmail wrote: »

you are right 36k would pay the bills till i get a new job but i'm going through a divorce, they say things come in 3's i'm just waiting for the next problem to turn up. so i'm losing house and all that go's with it so i will have to rent or it would be nice for the council to house me so i can have the kids over without spending all my redundancy as that is all i have.

£36k is way more than most people have and I'm sorry but you don't stand a chance of getting a council house. I (and most people) have less than you do as an annual salary and manage to pay the bills on a private rented flat. I'm sure you'll be able to secure new employment in a year. Concentrate on getting another job. I'm sure you have enough to think about than what handouts you can get.

magpieblack · 5 April 2012 at 6:08PM

I am 86 years old and on attendance allowence and pay no rent how much savings can i have before losing any of it.

pmlindyloo · 5 April 2012 at 6:26PM

Attendance Allowance is paid regardless of how much savings you have.

For Housing Benefit you can have savings up to £10000 before it affects your benefit.

Between £10000 and £16000 savings you will lose some of your Housing Benefit.

If you have savings of over £16000 you will not be entitled to any Housing Benefit.

Hope this helps.

lobbie · 2 July 2012 at 3:35PM

Hi
could any please advise me. This regards my parents (both 63 years old), my dad had a personal pension that he paid into when he was working but after having a stroke and spending a long time in hospital it was decided that he should cash in his personal pension. He received £12k and is now claiming pension credits. Does he have to declare this money and will it affect his pension credits? Can he inform DWP that he no longer has a personal pension and how would this affect him?

any help would be great:)

sammyjammy · 2 July 2012 at 8:05PM

lobbie wrote: »

Hi
could any please advise me. This regards my parents (both 63 years old), my dad had a personal pension that he paid into when he was working but after having a stroke and spending a long time in hospital it was decided that he should cash in his personal pension. He received £12k and is now claiming pension credits. Does he have to declare this money and will it affect his pension credits? Can he inform DWP that he no longer has a personal pension and how would this affect him?

any help would be great:)

This thread is four years old, its been used by numerous posters instead of starting a new post.

Can I suggest that you start your own threaded subject, this will get you more answers to your question.

If you click on this link and then click the blue New Thread button you can start it there.

http://forums.moneysavingexpert.com/forumdisplay.php?f=139

kingshearer · 22 December 2012 at 9:59AM

I'm confused about how much money your entitled to have as a result of redundancy to claim housing benefit (and council tax for that matter) - there seems to be conflicting amounts stated in this thread.
Is my redundancy payment classed as 'savings' and what is the maximum amount I'm allowed to have in my current account and savings account to ensure I receive maximum housing benefit.

I work in IT which is pretty flat at the moment so I'm concerned that I might be out of work for a while so I may consider using my redundancy payment to cross-train or set up a business (unlikely) while my major outgoings of rent and council tax would hopefully be payed.
(Also as an aside if I'm 40, single can anyone has it a guess how much the maximum weekly jobseekers allowance would be for me)
Thanks Bri

snuggels · 13 June 2013 at 2:19PM

I understand at todays date June 2013 the savings you are allowed to have is now £20,000
Correct me if its wrong

heartbreak_star · 13 June 2013 at 2:29PM

Still £16,000 AFAIK.

HBS x

homealone_2 · 11 August 2013 at 9:57AM

lucia15 wrote: »

Correct (from a Benefits Assessor).

is these amounts the same? also what do you mean by the lower capital limit allowed? I can understand the max amount. but I always thought you were allowed £16000 before affected, but meant £8000 with no affect but the other £8000 was factored in to what help you received?

bengal-stripe · 11 August 2013 at 10:18AM

homealone wrote: »

.....I always thought you were allowed £16000 before affected

If you receive means-tested benefits, any savings of up to £6000 will not effect your entitlement. If you have savings in excess of 6k, an 'assumed income' will be deducted from your benefits.

If you hold more than 16k you are not entitled to any means-tested benefits at all. You are expected to use your savings, until they have dropped to under 16k.

How much savings you are allowed before it affects the benefits

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