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ENDOWMENT COMPENSATION: Can I keep it while on benefits?
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?
0
Comments
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I would have thought any action you take would take quite a while anyway so why not go ahead and claim now? You may get a job anytime and at least the ball would be rolling on your claim.Tomorrow is always fresh, with no mistakes in it!0
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If you're planning to work within the next year, you'd be better off with £6000 than what would it be, £45 (estimating as I don't know the exact rates) x 52 weeks - £2340 ?One day I might be more organised...........
GC: £200
Slinkies target 2018 - another 70lb off (half way to what the NHS says) so far 25lb0 -
You don't lose your benefit completely for having over £6k, it's only if you have £16k or more that you lose it completely.
Between £6k and £16k you lose £1 per week for each chunk of £250.
i.e for £6k to £6249 you lose £1 a week, for £6250 to £6499 you lose £2 a week.
You'd still have upped your savings to £6k with no real effect on your income. 0 -
If you get 6K compensation your reliance on benefits will be reduced (as you have more money) so go for it.
Bozo0
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