Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • unclekevin
    • By unclekevin 26th Jan 10, 6:06 PM
    • 75Posts
    • 32Thanks
    unclekevin
    How much savings are you allowed when applying for JSA?
    • #1
    • 26th Jan 10, 6:06 PM
    How much savings are you allowed when applying for JSA? 26th Jan 10 at 6:06 PM
    What is the amount you are allowed to have in savings and still be entitled to JSA?
Page 1
    • healy
    • By healy 26th Jan 10, 6:13 PM
    • 4,716 Posts
    • 9,346 Thanks
    healy
    • #2
    • 26th Jan 10, 6:13 PM
    • #2
    • 26th Jan 10, 6:13 PM
    What is the amount you are allowed to have in savings and still be entitled to JSA?
    Originally posted by unclekevin
    Contribution based unlimited.

    Income based £6000 for the full amount, £6000 to £16000 for a reduced amount. Savings over £16000 no payment.
  • briona
    • #3
    • 26th Jan 10, 6:18 PM
    • #3
    • 26th Jan 10, 6:18 PM
    What is the amount you are allowed to have in savings and still be entitled to JSA?
    Originally posted by unclekevin
    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!
    If I don't respond to your posts, it's probably because you're on my 'Ignore' list.
  • karenx
    • #4
    • 26th Jan 10, 6:50 PM
    • #4
    • 26th Jan 10, 6:50 PM
    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
  • Vader123
    • #5
    • 26th Jan 10, 7:29 PM
    • #5
    • 26th Jan 10, 7:29 PM
    What is the amount you are allowed to have in savings and still be entitled to JSA?
    Originally posted by unclekevin

    How much do you have?

    Vader
    • unclekevin
    • By unclekevin 26th Jan 10, 9:59 PM
    • 75 Posts
    • 32 Thanks
    unclekevin
    • #6
    • 26th Jan 10, 9:59 PM
    • #6
    • 26th Jan 10, 9:59 PM
    I have roughly about £11,000,but £3,000 of that belongs to my parents! Will that affect me?
  • sunnyone
    • #7
    • 26th Jan 10, 10:04 PM
    • #7
    • 26th Jan 10, 10:04 PM
    I have roughly about £11,000,but £3,000 of that belongs to my parents! Will that affect me?
    Originally posted by unclekevin
    If its in your bank account yes!

    A paper trail may muddy the lines but its unlikely.
    • unclekevin
    • By unclekevin 26th Jan 10, 10:14 PM
    • 75 Posts
    • 32 Thanks
    unclekevin
    • #8
    • 26th Jan 10, 10:14 PM
    • #8
    • 26th Jan 10, 10:14 PM
    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
  • sunnyone
    • #9
    • 26th Jan 10, 10:18 PM
    • #9
    • 26th Jan 10, 10:18 PM
    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
    Originally posted by unclekevin
    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?
    • unclekevin
    • By unclekevin 26th Jan 10, 10:23 PM
    • 75 Posts
    • 32 Thanks
    unclekevin
    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.
    • unclekevin
    • By unclekevin 26th Jan 10, 11:09 PM
    • 75 Posts
    • 32 Thanks
    unclekevin
    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?
  • briona
    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?
    Originally posted by unclekevin
    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.
    Last edited by briona; 26-01-2010 at 11:18 PM.
    If I don't respond to your posts, it's probably because you're on my 'Ignore' list.
    • unclekevin
    • By unclekevin 26th Jan 10, 11:21 PM
    • 75 Posts
    • 32 Thanks
    unclekevin
    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
  • briona
    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
    Originally posted by unclekevin
    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.
    If I don't respond to your posts, it's probably because you're on my 'Ignore' list.
    • unclekevin
    • By unclekevin 26th Jan 10, 11:39 PM
    • 75 Posts
    • 32 Thanks
    unclekevin
    That i understand, i (think) i can claim for hardship payment, i was just wanting advice regarding savings!
    • Fire Fox
    • By Fire Fox 27th Jan 10, 12:41 AM
    • 23,843 Posts
    • 27,064 Thanks
    Fire Fox
    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
    Originally posted by unclekevin
    Tax evasion?
    What a difference a day makes, twenty four little hours.
    • sulkisu
    • By sulkisu 27th Jan 10, 12:56 AM
    • 1,199 Posts
    • 4,727 Thanks
    sulkisu
    That i understand, i (think) i can claim for hardship payment, i was just wanting advice regarding savings!
    Originally posted by unclekevin
    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?
    • seven-day-weekend
    • By seven-day-weekend 27th Jan 10, 4:44 AM
    • 29,678 Posts
    • 55,495 Thanks
    seven-day-weekend
    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).
    Last edited by seven-day-weekend; 27-01-2010 at 12:41 PM.
    To love someone is to learn the song in their heart and to sing it to them when they have forgotten it
    'I believe in Christianity as I believe that the sun has risen. Not only because I see it, but because I see everything by it': C.S. Lewis
    St. Augustine — 'In essentials, unity; in non-essentials, liberty; in all things, charity.'
  • viktory
    That i understand, i (think) i can claim for hardship payment, i was just wanting advice regarding savings!
    Originally posted by unclekevin
    Why would you claim hardship when you have £11k in savings?
  • karenx
    That i understand, i (think) i can claim for hardship payment, i was just wanting advice regarding savings!
    Originally posted by unclekevin
    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........
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

56Posts Today

3,331Users online

Martin's Twitter