Inheriting so losing all benefits now - help!

Oldernotwiser

You might want to post on the investments section of this site as it seems likely that you'll find more of the expertise you're looking from there.

I agree with Voyager that you're being too cautious about the deprivation of capital rule. AFAIK you can draw on your capital within reason to supplement your lifestyle and reclaim benefits when it's spent. It's the gambling and champagne lifestyle that won't be acceptable!

quatro

Thank you voyager - I've been panicking as I didn't know all the rules and which benefit is means tested and which isn't. And I was sure I would be much, much worse off than I already am.

I'm always cautious anyway and I really do need a newer car and repairs to the house....
I feel a bit better about it all after the advice and reading the forums.
People will have to forgive me, I've never had money to worry about before!

Inevitably it will run out I think but I'll cross that bridge when I come to it.

quatro

Thanks older - I just know how nit picking the DHSS can be as regards how people spend their money. They expect you to have the lowest quality of everything from food to furnishings, even it that means it is a complete false economy.
Maybe I can even have a holiday [if thats allowed!] - it will be the first in 10 years........as you can see I know how to live it up!

[will be going on savings/investments forum so I can do the best with what I have in the circumstances]

Conor_3

quatro wrote: »

Thanks older - I just know how nit picking the DHSS can be as regards how people spend their money. They expect you to have the lowest quality of everything from food to furnishings, even it that means it is a complete false economy.

That's completely and utterly wrong. Benefits exist to provide THE BASICS. They are there to pay for food, lighting, heating and basic clothing. Other benefits exist to provide a roof over your head. They are not there to fund peoples lifestyles, pay for mobile phones, internet access, Sky TV, cigarettes, beer, running a car, having nights out or going on holiday.

The potential income in interest from the amount you'll be getting exceeds what you would get on means tested benefits so quite rightly you are expected to pay towards supporting yourself.

If you can't live on £9250 a year, you're doing something wrong. My gran who is on pension credits manages to live on that quite well so I quite frankly don't believe you. I do believe that you seem to think that a lot of the luxuries you have are essentials though.

quatro

Conor wrote: »

That's completely and utterly wrong. Benefits exist to provide THE BASICS. They are there to pay for food, lighting, heating and basic clothing. Other benefits exist to provide a roof over your head. They are not there to fund peoples lifestyles, pay for mobile phones, internet access, Sky TV, cigarettes, beer, running a car, having nights out or going on holiday.

The potential income in interest from the amount you'll be getting exceeds what you would get on means tested benefits so quite rightly you are expected to pay towards supporting yourself.

If you can't live on £9250 a year, you're doing something wrong. My gran who is on pension credits manages to live on that quite well so I quite frankly don't believe you. I do believe that you seem to think that a lot of the luxuries you have are essentials though.

And where did I say it wasn't for basics?? It's just that there is basic, and there is cheap and nasty.
I live a basic life - where did I say I didn't? I'm entitled to run a car as I get disability mobility allowance.
Quite rightly I will support myself - I was just asking if I was going to be a lot worse off given I will have to pay for council tax etc [ and I was unaware of some facts when I posted]....I was panicking ok?

I could live on £9250 - I didn't say I couldn't - just that I would have more outgoings if I have savings. And I never once said I had a lot of luxuries - whatever thread have you been reading?
I have lived basically all my life!
Quite frankly I have been amazed at the attitudes of some posters on this thread - I wasn't expecting such resentment and to be misunderstood like this...........Jeez.........

[Deleted User]

krisskross wrote: »

I have never understood why anyone would want to continue claiming benefits when they have enough money to support themselves. As said the IB is non means tested so you keep that and the DLA plus a very hefty capital sum. A lot of people would love to be in your somewhat enviable position.

since when was it our job to understand people?The OP was asking for advice not a sermon on benefits,they have obviously paid in over the years to be getting I/B and have obviously passed the criteria for DLA they are entitled to it regardless of thier inheritance and good luck to them I say :T

real1314

So, you'll have a fully paid for £200k house, DLA and IB and £100k in the bank.

And you want me to pay you some of my tax as a means tested benefit?

You're on the benefits board, not the investment board, so what do you want to know about benefits? You think it's not fair that I don't agree that you should have money from me?

Btw, those comments about deprivation of capital:- You could earn £5k min in interest, which would presumably replace your IS and CTB. And then dip into the £100k savings you have to give you an extra £5k per year to give you a total £10k income per annum in place of IS/CTB.
The £100k would last around 20 years doing this.

Sorry but I think this is a wind up. You are not in any sort of desperate need, in fact your comments are an insult to those who are in genuine need. You say the money was intended to help you but it's doing the opposite?? You are moaning about being given £100k??? Ridiculous self-pitying nonsense. Some people will never see £2k in savings.:mad:

I know that this is policy comment, but that is what your post is all about.

quatro

Thanks woodbine - the purpose of my post was to ask how I could get the lump sum to provide a sum for me to live on which would roughly match what I get now.
I wouldn't think anyone would really relish a drop in income would they?
Nowhere did I mention I was expecting luxuries.....just a move sideways.

I hope I can get such a good return somehow - that I can live on it indefinitely and never have to be subjected to the derision that people on benefits have to suffer - like this - again.

I can live on a little and will continue to do so. Maybe I will get more respect when I get off benefit.........

quatro

real1314 wrote: »

So, you'll have a fully paid for £200k house, DLA and IB and £100k in the bank.

And you want me to pay you some of my tax as a means tested benefit?

You're on the benefits board, not the investment board, so what do you want to know about benefits? You think it's not fair that I don't agree that you should have money from me?

Btw, those comments about deprivation of capital:- You could earn £5k min in interest, which would presumably replace your IS and CTB. And then dip into the £100k savings you have to give you an extra £5k per year to give you a total £10k income per annum in place of IS/CTB.
The £100k would last around 20 years doing this.
Sorry but I think this is a wind up. You are not in any sort of desperate need, in fact your comments are an insult to those who are in genuine need. You say the money was intended to help you but it's doing the opposite?? You are moaning about being given £100k??? Ridiculous self-pitying nonsense. Some people will never see £2k in savings.:mad:

I know that this is policy comment, but that is what your post is all about.

And your comment is an insult to me. I'M NOT MOANING! or expecting you to pay anything towards me - can't you read?
I now have the answers to some queries I had - I KNOW benefits will stop.

I realise the money will help me - it just looked like any income would be a lot less when I first posted.

Thank God others have helped me and read my meaning properly - there are some intelligent people on here.

ekkygirl

It is possible to put the money into a trust fund which is administered by a solicitor. You would still have access to it and it would still be "your money" you can request some as oftennas you wish and still not have your benefits affected.
This loophole may be closed at some point but crazy as it sounds it is perfectly legal and in my job I use it all the time.