Am I eligible for Job Seekers Allowance if I have savings?

24

Comments

  • Banana123
    Banana123 Posts: 4 Newbie
    edited 7 March 2011 at 7:28PM
    Also I read on the website turn 2 us .org

    that any money from a sale of a house DOES NOT COUNT as capital when claiming benefits if you intend using it towards another house.

    Oh right, but if you havent got a first house yet, and have been saving towards it, then tough luck, you get to live off your savings.

    I just do not understand how this can be realistic as it is SO unfair on many people. It is so wrong and its disgusting. It is encouraging people to go and get huge mortages- and discourgaing people from saving for large deposits, why bother saving for a large deposit if this is the reward. Its lunacy. But then again the bankers are in charge of the government.
  • Russe11
    Russe11 Posts: 1,198 Forumite
    The last thing they need to be doing at the moment is encouraging people to be buying into the housing market if they are having to claim benefits.
  • Banana123
    Banana123 Posts: 4 Newbie
    edited 17 April 2015 at 10:24AM
    If someone has a house they arent expected to sell that house to live off the money, So why if someone is SAVING to get their first house - saving for a decent deposit - why are they expected to live off their savings. That person is even worse off than the person with a house!

    That is encouraging me to go get a mortage with as little deposit as possible. Because saving for a decent one equals punishment. And thats what I will be doing once I am working again. Because being prudent is stupid, obviously. It pays to get into debt and not save - just look at the 0% rates for savers and this stupid benefit rule. yes I do blame the government and the bankers.
  • You can't take a brick out of a house and buy groceries with it.

    You can take £20 from your savings to buy groceries.

    That's the reason.
    (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 Eagleton
  • Banana123
    Banana123 Posts: 4 Newbie
    edited 7 March 2011 at 11:21PM
    Yes you can sell your investment. If money saved for a house deposit is considered money to live off during hard times, then its only logical that the house itself is seen as an investment and can be sold to get money to live off.

    Do you not see the double standard? That people not even on the property ladder are being punished.
  • melbi_uk
    melbi_uk Posts: 438 Forumite
    dseventy wrote: »
    To the last 3 posters, get real!

    Why should the state subisidise someone with 20K sitting in the bank?

    The state allow a 6 month period of JSA claims if you have the NI history and they don't look at savings.

    After that, its down to you to look after yourself.

    But don't worry, blame the bankers, blame the government, blame MP expenses, how about Libya?!

    Its not your fault, poor you!

    D70


    I would have thought 6 months is plenty of time to find new employment, even in today's climate, so what is all the fuss about?
  • Sharon87
    Sharon87 Posts: 4,011
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    melbi_uk wrote: »
    I would have thought 6 months is plenty of time to find new employment, even in today's climate, so what is all the fuss about?

    Agree. Anyway even if you got a mortgage and went on benefits, you aren't entitled to help towards the mortgage cost - not from state benefits anyway. Whereas renting and being on JSA you get housing benefit.

    If you can't find a job within 6 months how are you going to be able to afford to run a house. Once you get another job you just continue to save. I assume you've worked for past few years if you have that amount saved up, so you'll be entitled to 6 months contributions based JSA anyway. Savings aren't just there for house deposits they're suppose to be there for back up, say if you lose your job. You may need to use some anyway as JSA may not be enough for your outgoings.

    Hope you get a job soon and make sure you get contributions based JSA. Also if you rent, if your savings are less than 16k you can still get a bit of housing benefit/council tax benefit.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755
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    Banana123 wrote: »
    Yes you can sell your investment. If money saved for a house deposit is considered money to live off during hard times, then its only logical that the house itself is seen as an investment and can be sold to get money to live off.

    Do you not see the double standard? That people not even on the property ladder are being punished.

    You can. But why should you? It is your home and you have to live somewhere.

    Whereas your savings are just that, savings . Also remember that you can have £6k before any savings are taken into consideration, and up to £16k before you lose all entitlement.

    Double standard? No I don't think so. One way means losing your home, the other way is just spending money you have saved and can save again when your situation improves.
    (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 Eagleton
  • Arg
    Arg Posts: 931 Forumite
    You can always sell your house then buy a new house later with that reasoning.
  • CCFC_80
    CCFC_80 Posts: 1,289 Forumite
    edited 17 April 2015 at 10:25AM
    Yet it is okay or at least until recently for the state to subsidise child benefit for millionaires and maternity pay for expectant Millionairesses which isn't means tested.
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