Any Way To Hide Cash Legally???

LongTermLurker

YorkshireBoy wrote: »

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'?

What a crazy situation that would be: "You can't buy somewhere to live because you won't be able to afford to live and will need to claim back some of the money you paid into National Insurance" :rolleyes:

Still, I wouldn't put it past them. As OP says/implies, the scroungers who won't work get the benefits and those who pay their NI contributions, save and try to make something for themselves get sod all. :mad:

Californication

chopperharris wrote: »

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.

But the benefits agency would be the ones deciding...

MRS_TO_BE_2

If the money is ringfenced for purchasing another property it can sometimes be disregarded for up to 52 weeks. It should be in a seperate account and not used except for property purchase. Check with Jobcentreplus or CAB.

Anything to hide the money will get caught out eventually

LongTermLurker

MRS_TO_BE wrote: »

If the money is ringfenced for purchasing another property it can sometimes be disregarded for up to 52 weeks. It should be in a seperate account and not used except for property purchase. Check with Jobcentreplus or CAB.

Anything to hide the money will get caught out eventually

Is that said with knowledge?

MRS_TO_BE_2

Yep...pretty should its a safe statement as long as the law fits the persons situ.

Its stated in DMG Chp 28 Para 29535 which is the guide used to process I.S and JSA (IB) claims

http://www.dwp.gov.uk/publications/dwp/dmg


CLick on Volume 5 chp 29 and scroll down to revelant paragraph

Richard019

YorkshireBoy wrote: »

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.

So what they're saying is that if you lose your job it's now officially frowned upon to use your money to pay off your debts. As a stoozer I hope I don't lose my job when a 0% deal is coming to it's end.

LongTermLurker

MRS_TO_BE wrote: »

Yep...pretty should its a safe statement as long as the law fits the persons situ.

Its stated in DMG Chp 28 Para 29535 which is the guide used to process I.S and JSA (IB) claims

http://www.dwp.gov.uk/publications/dwp/dmg


CLick on Volume 5 chp 29 and scroll down to revelant paragraph

Wow - that's a document and a half! I don't really know why I'm reading it, because it has nothing to do with me, but I read this part as not suiting the OP:

29537 For the disregard to apply people should show
1. they intend to use the money to buy premises to live in as the home and
2. it is reasonably certain that they will in fact do so within 26 weeks or longer if
it is reasonable from the sale of premises which were lived in as the home
Example
Nigel receives £50,000 from the sale of his previous home. He moves to another
area and claims JSA(IB). He states that he intends to use the £50,000 to buy a new
house but he didn’t want to do so straightaway in case he did not like the new area.
The DM decides that the disregard does not apply because it is not reasonably
certain that Nigel will use the money to buy another home within 26 weeks or any extended period.
29538 Evidence of an intention to use money to buy premises to live in as the home may include a Capital disregarded for 26 weeks or longer
1. binding agreement to buy premises or
2. firm agreement from which a person would not be expected to withdraw, such
as one which is subject to contract.