Any Way To Hide Cash Legally???

dickieg

I hope ive put this inn the right place, i only work 2 days a week, but had a call this morning saying the company had gone into receivership, my problem is me and my wife have just sold our house and the money is sitting in the bank as we needed instant access if we saw another house to buy. At the moment we live with my mom and dad and so only pay a little bit of board, what i need to know is there any way ie premium bonds that would mean i could still declare it without it affecting any benefits i may be able to get, i feel really cheesed off as if we have to live of this money we wont be able to get an house and i know the council wont give us anything. Ive never claimed benefits before and have worked for the last 28 years, it seems from talking to different people and from my own observations that some people who have never paid into the system are the ones that abuse it and get everything, i dont want to rip anyone off but i dont want the government to rip me off for the money we,ve had to do without and work hard for. Any help wwould be great thanx in advance

wombat42_2

dickieg wrote: »

I hope ive put this inn the right place, i only work 2 days a week, but had a call this morning saying the company had gone into receivership, my problem is me and my wife have just sold our house and the money is sitting in the bank as we needed instant access if we saw another house to buy. At the moment we live with my mom and dad and so only pay a little bit of board, what i need to know is there any way ie premium bonds that would mean i could still declare it without it affecting any benefits i may be able to get, i feel really cheesed off as if we have to live of this money we wont be able to get an house and i know the council wont give us anything. Ive never claimed benefits before and have worked for the last 28 years, it seems from talking to different people and from my own observations that some people who have never paid into the system are the ones that abuse it and get everything, i dont want to rip anyone off but i dont want the government to rip me off for the money we,ve had to do without and work hard for. Any help wwould be great thanx in advance

Any money put into a pension wouldnt be taken into account but cant think of anythig else.

funguy

Premium bonds are government owned so will not work. Any money saved under your name will have to be declared and will affect you getting benefits.

planemad

I can see the pickle you are in, I would see a financial advisor if I was you.

Could you not gift it to parents and then they gift it back to you?

funguy

i suspect that could get the OP in a lot of trouble ie for fraud if they were investigated by the benefits office.

dickieg

wombat42 wrote: »

Any money put into a pension wouldnt be taken into account but cant think of anythig else.

I understand where your coming from but is there anything that would be classed as saving towards our old age, but i would still be able to cash in for the money early to buy another house

LongTermLurker

wombat42 wrote: »

Any money put into a pension wouldnt be taken into account but cant think of anythig else.

But not much use if they wanted to buy a house before they retired, and then only if the house was less than 25% of the whole pension...

Must admit, I can't think of much. If you've no job, you'll find it hard to get a mortgage. ISA contents don't have to be declared and between you, you could put £7,200 into cash ISAs and £7200 into S&S ISAs - however, the S&S portion is subject to volatility; you could choose to put them in gilts, which have the lowest volatility other than cash. Would be best speaking to an IFA on that one - where's dunstonh when you need him?

However, even then you would have the rest of the proceeds "visible"

planemad

funguy wrote: »

i suspect that could get the OP in a lot of trouble ie for fraud if they were investigated by the benefits office.

It was not meant as advice, I was asking the question.

Can It be done legally?

turbobob

This was a local case of someone being convicted of benefit fraud for attempting to hide savings. http://www.walesonline.co.uk/news/cardiff-news/2008/07/19/found-guilty-benefits-cheat-with-30-000-in-bank-account-91466-21368095/

YorkshireBoy

I was made redundant just over 5 years ago and I might have been in the same position had I not been able to start work for my next employer the following Monday.

Whilst I was in the 'consultation' period I spoke with the Benefits Office about various 'plans' I had...one of which was to pay off my mortgage with the redundancy package (and some other savings that I had...but less than the max allowed for benefits). Like the OP, I had worked for nearly 28 years so know how they feel.

I was told in no uncertain terms that this would be classed as "deprivation of capital" and would be very much frowned upon.

If the 'rules' haven't changed in the interim, I wonder if the OP was to buy a house now, whether that too would be classed as 'deprivation of capital'?

chopperharris

best bet is a locked bond , 5 years or more...hopefully your back in work by then.See an ifa.

I dont think its deprivation of capital if its used before a claim is made , but thats only my opinion and that of the benefits agency would no doubt differ.

you can argue that its planning for the future , and that you see any unemployment as short term and that its house buying money not personal wealth for soon as your back in employ where mortgages would be harder to get without length of service.

Alternatively buy a holiday home in a risky country with no agreement with the uk.

you arent looking for your old canoe?