Protecting assets for JSA/Housing benefit

AlanHarper · 15 July 2017 at 2:10PM

For the last 6 years I have been saving as much as I could to buy my first home, I have currently managed to save £21,000.

Unfortunately the company I am working for is struggling, and I have heard through the grapevine that the chances of all of us having a job in 3 months time is 50:50. I am therefore planning for the future. The worst case scenario is that I am unemployed in a few months time, and from what I have read unable to claim any benefit due to my savings.

Having nearly saved enough for a deposit, the last thing I want is to see it to quickly disappear at a rate of over £1000 a month (we are 2 adults and 2 kids under school age).

Obviously I could just go out and buy a car, to replace the rust bucket I am driving. Then I would be eligible for benefits. However I don't really wish to do this.

I have read conflicting information that you can put £3000 in each childs savings account, which is ignored. If this is correct it would bring me below the £16,000 upper limit for benefits.

Could I put my money into inaccessible fund or pension pot ?

Are there legal ways/financial transactions I can make, or saving methods that I can perform now, just in case the worst scenario happens ?

Many thanks

IAmWales · 15 July 2017 at 2:17PM

You can't do anything if your motivation is to intentionally deprive yourself of capital. Should you do so you would be treated as if you still have the money.

You would be entitled to contributions based JSA if you have been in regular work for the past few years (currently assessed on 2015/16 and 14/15). That would not look at any capital you have.

Start searching for a new job now, then hopefully you won't have to claim at all.

Protecting assets for JSA/Housing benefit

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free