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How much savings are you allowed when applying for JSA?
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# 1
unclekevin
Old 26-01-2010, 6:06 PM
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Default How much savings are you allowed when applying for JSA?

What is the amount you are allowed to have in savings and still be entitled to JSA?
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# 2
healy
Old 26-01-2010, 6:13 PM
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Quote:
Originally Posted by unclekevin View Post
What is the amount you are allowed to have in savings and still be entitled to JSA?
Contribution based unlimited.

Income based 6000 for the full amount, 6000 to 16000 for a reduced amount. Savings over 16000 no payment.
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# 3
briona
Old 26-01-2010, 6:18 PM
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Quote:
Originally Posted by unclekevin View Post
What is the amount you are allowed to have in savings and still be entitled to JSA?
If you have made enough contributions in the relevant tax years, you will be able to claim contributions-based JSA for a maximum of 6 months. This is NOT affected by any savings you have.

If after 6 months you have not found a job, or if you are not eligible for contributions-based JSA, you will need to claim income-based JSA. For income-based JSA, you will need to declare your savings. Anything between 6,000 and 16,000 will affect your benefits. You lose 1 of benefits for every 250 or part thereof that you have in savings. If you have more than 16,000 in savings you will not be eligible for income-based JSA. Note that your eligibility for this benefit will also be affected by having a partner who is earning.

EDIT: Beaten to it by Healy!
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# 4
karenx
Old 26-01-2010, 6:50 PM
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If you do get to apply for housing benefits also ( as per your other post ) then your savings are affected also! So if you have the 16k in savings theres no chance you will get housing benefit
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# 5
Vader123
Old 26-01-2010, 7:29 PM
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What is the amount you are allowed to have in savings and still be entitled to JSA?

How much do you have?

Vader
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# 6
unclekevin
Old 26-01-2010, 9:59 PM
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I have roughly about 11,000,but 3,000 of that belongs to my parents! Will that affect me?
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# 7
sunnyone
Old 26-01-2010, 10:04 PM
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I have roughly about 11,000,but 3,000 of that belongs to my parents! Will that affect me?
If its in your bank account yes!

A paper trail may muddy the lines but its unlikely.
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# 8
unclekevin
Old 26-01-2010, 10:14 PM
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The money is in 3 seperate accounts, 1 is an ISA which is my parents which has 3000, 1 account has 3000 in and the other account is where i used to get my wages paid in to and that has 5000 in. The accounts are all at the same building society
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# 9
sunnyone
Old 26-01-2010, 10:18 PM
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Originally Posted by unclekevin View Post
The money is in 3 seperate accounts, 1 is an ISA which is my parents which has 3000, 1 account has 3000 in and the other account is where i used to get my wages paid in to and that has 5000 in. The accounts are all at the same building society
Can you prove that it is your parents money because they transfered it/paid by cheque and why did they do it?

The obvious reason is to hide there savings?
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# 10
unclekevin
Old 26-01-2010, 10:23 PM
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They had 6000 in an ISA and they wanted another ISA opening in the same tax year so i opened up an ISA in my name and transferred 3000, what do you advise? I am really worried that it will affect me when i go tomorrow to the jobcentre

Last edited by unclekevin; 26-01-2010 at 10:26 PM.
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# 11
unclekevin
Old 26-01-2010, 11:09 PM
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I am a bit confused as after reading other websites it seems that if you have anything over 16000 you can not claim JSA. but if your savings are over 6,000 - then they will deduct 1 for every 250.

So does that mean i will be ok?
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# 12
briona
Old 26-01-2010, 11:16 PM
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Originally Posted by unclekevin View Post
I am a bit confused as after reading other websites it seems that if you have anything over 16000 you can not claim JSA. but if your savings are over 6,000 - then they will deduct 1 for every 250.

So does that mean i will be ok?
This has already been explained to you. Twice.

If you are eligible to claim contributions-based JSA your savings are NOT taken into account! However you can only claim CB JSA for 6 months, after which you apply for income-based JSA.

If you have not made enough contributions you will have to apply for income-based JSA, for which your savings are taken into account. If you have between 6,000 and 16,000, you will lose 1 of benefits for every 250 or part thereof that you have in savings. If you have more than 16,000 in savings you will not be eligible to claim.
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Last edited by briona; 26-01-2010 at 11:18 PM.
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# 13
unclekevin
Old 26-01-2010, 11:21 PM
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Ok, it's just that i have a meeting tomorrow at the jobcentre to see if i can claim JSA as i was dismissed from my job for gross misconduct and i will or might get sanctioned, i have worked for the last 11 years
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# 14
briona
Old 26-01-2010, 11:24 PM
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Ok, it's just that i have a meeting tomorrow at the jobcentre to see if i can claim JSA as i was dismissed from my job for gross misconduct and i will or might get sanctioned, i have worked for the last 11 years
As you have been sacked for gross misconduct you will probably face a sanction, which can be anything up to 26 weeks. This would mean that you would not receive any payments for that length of time.
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# 15
unclekevin
Old 26-01-2010, 11:39 PM
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That i understand, i (think) i can claim for hardship payment, i was just wanting advice regarding savings!
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# 16
Fire Fox
Old 27-01-2010, 12:41 AM
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Quote:
Originally Posted by unclekevin View Post
They had 6000 in an ISA and they wanted another ISA opening in the same tax year so i opened up an ISA in my name and transferred 3000, what do you advise? I am really worried that it will affect me when i go tomorrow to the jobcentre
Tax evasion?
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# 17
sulkisu
Old 27-01-2010, 12:56 AM
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That i understand, i (think) i can claim for hardship payment, i was just wanting advice regarding savings!
If you are sanctioned as a result of being sacked for gross misconduct, I doubt that you will be able to claim hardship - besides you have savings, so surely you won't be suffering?
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# 18
seven-day-weekend
Old 27-01-2010, 4:44 AM
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Why on earth do people have 'other people's' money in their names? It belongs to whosever name is on the account for Benefits purposes.

You could tell them it 'belonged to' Joe Bloggs, Gordon Brown, the cat or HM the Queen it would still have your name on!

I could apply for means-tested Benefits anfd tell them all my savings belong to my son, regardless of the fact they have my name on. Anyone could wriggle out of the savings limit that way. (Not saying the OP is trying to do this).
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Last edited by seven-day-weekend; 27-01-2010 at 12:41 PM.
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# 19
viktory
Old 27-01-2010, 7:42 AM
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That i understand, i (think) i can claim for hardship payment, i was just wanting advice regarding savings!
Why would you claim hardship when you have 11k in savings?
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# 20
karenx
Old 27-01-2010, 9:04 AM
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Quote:
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That i understand, i (think) i can claim for hardship payment, i was just wanting advice regarding savings!
Why on earth would the government give you a hardship payment when you were sacked from your job and you have 11k sitting in your bank account........
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