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ENDOWMENT COMPENSATION: Can I keep it while on benefits?
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martinsimpson
Posts: 15 Forumite
ENDOWMENT COMPENSATION: Can I keep it while on benefits?
I am thinking of claiming compensation for my miss sold endowment policey. I have investigated and know I have a strong case. But I am currently claiming Job Seekers Allowance. Therefore, if I win several thousand pounds in compensation (and hopefully more than the DWP's savings limit of £6000 for those on benifit) will I become uneligible to receive benefit? I do not wish to act outside the law so is it worth my bothering to claim now or should I wait until I am again in employment? Though the trouble with delaying is that I will be time-bared out of being able to make a viable claim.
Does anyone have any knowladge of benefit rules regarding this?
I am thinking of claiming compensation for my miss sold endowment policey. I have investigated and know I have a strong case. But I am currently claiming Job Seekers Allowance. Therefore, if I win several thousand pounds in compensation (and hopefully more than the DWP's savings limit of £6000 for those on benifit) will I become uneligible to receive benefit? I do not wish to act outside the law so is it worth my bothering to claim now or should I wait until I am again in employment? Though the trouble with delaying is that I will be time-bared out of being able to make a viable claim.
Does anyone have any knowladge of benefit rules regarding this?
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Comments
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You may find that your complaint is rejected on the basis that you are on benefits. Endowment mortgages are actually better for those on benefits as the endomwent cannot be included in the means test. You are almost certainly better off by having the endowment mortgage than having a repayment mortgage.
If you do claim and you are successful, then any redress payment is treating as a lump sum and would be included in your savings for means test purposes. Also, if you surrender the endowment, it would then be included in the means test as well whereas currently it is exempt.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
How about the other option - get a job.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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