Am I eligible for Job Seekers Allowance if I have savings?
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english_bass
Posts: 22 Forumite
Hello,
Unfortunately I have recently been made unemployed, but prior to that I had worked hard to save over £10000 to go towards a future flat deposit. I also have a couple of ISA's worth around £5000.
Question - whilst looking for a new job am I eligible to claim job seekers allowance while these savings are in the bank?
I'm worried if you have a certain amount saved you cannot claim? If this is the case if I spent some of the money could it get round the rule?
Thanks in advance,
Unfortunately I have recently been made unemployed, but prior to that I had worked hard to save over £10000 to go towards a future flat deposit. I also have a couple of ISA's worth around £5000.
Question - whilst looking for a new job am I eligible to claim job seekers allowance while these savings are in the bank?
I'm worried if you have a certain amount saved you cannot claim? If this is the case if I spent some of the money could it get round the rule?
Thanks in advance,
0
Comments
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english_bass wrote: »Hello,
Unfortunately I have recently been made unemployed, but prior to that I had worked hard to save over £10000 to go towards a future flat deposit. I also have a couple of ISA's worth around £5000.
Question - whilst looking for a new job am I eligible to claim job seekers allowance?
I'm worried if you have a certain amount saved you cannot claim? If this is the case if I spent some of the money could it get round the rule?
Thanks in advance,0 -
it depends on the asmount of savings you have not sure of the limits but the job centre should be sable to tell youReplies to posts are always welcome, If I have made a mistake in the post, I am human, tell me nicely and it will be corrected. If your reply cannot be nice, has an underlying issue, or you believe that you are God, please post in another forum. Thank you0
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Anything above 6k - you lose £1 a week for every £250 over £6k. Over 16k - you get nothing.Sealed pot challenge #232. Gold stars from Sue-UU - :staradmin :staradmin £75.29 banked
50p saver #40 £20 banked
Virtual sealed pot #178 £80.250 -
Anything above 6k - you lose £1 a week for every £250 over £6k. Over 16k - you get nothing.
These savings amounts only apply to INCOME-based Benefits. The OP should be eligible for Contribution-based JSA for six months (if they have been working and paying NI for the last few years), and the savings limits do not apply to this.
If they have not found employment after six months and have to go onto Income-based JSA, then the above savings limits will indeed apply.
Spending money unneccessarily will not work as it could be classed as Deliberate Deprivation of Capital and you will be treated as though you still have the money.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
seven-day-weekend wrote: »These savings amounts only apply to INCOME-based Benefits. The OP should be eligible for Contribution-based JSA for six months (if they have been working and paying NI for the last few years), and the savings limits do not apply to this.
If they have not found employment after six months and have to go onto Income-based JSA, then the above savings limits will indeed apply.
Spending money unneccessarily will not work as it could be classed as Deliberate Deprivation of Capital and you will be treated as though you still have the money.
Thank you.0 -
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To get a £1 a week for every £250 would require a interest rate of 20.8% after tax! We wish!!!
Its not supposed to represent the interest you get on your savings, its called tariff income and represents what the governement think you should spend out of your savings instead of relying on benefit."You've been reading SOS when it's just your clock reading 5:05 "0 -
This makes em very angry.
This is SO wrong!!!
If someone owns a house they are allowed JSA (income tested). But if they havent yet got on the property ladder - but have been saving and saving towards it, then they get kicked in the teeth and punished. And their savings are essentially taken away from them and any chance of getting a house.
totally stinks.0 -
This makes em very angry.
This is SO wrong!!!
If someone owns a house they are allowed JSA (income tested). But if they havent yet got on the property ladder - but have been saving and saving towards it, then they get kicked in the teeth and punished. And their savings are essentially taken away from them and any chance of getting a house.
totally stinks.
Totally agree:mad:0
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