Savings, limits & new rules from April

wazza

you could be right. i just guessed the figure £8000.

wazza

just realised that if having savings above £3000 affects the income support, will it affect council tax payments etc?

Penny-Pincher!!

Hi

Im sure that whilst you receive Income Support you are eligible for full HB and CTB.

PP
xx

wazza

Hi, been to the bank to check of my children's savings. Two of them are below £3000 each. My eldest who is 10 has savings of around £3700. At present her account is in joint names with me as guardian. I am in the process of taking my name of her account.

The question is if she has more than £3000 in her account how will that effect me and my benefits. I started on income support on sept '04, when they no longer ask about the children's savings on income support application form.

barjam_2

wazza you say you have to pay back £6 per week , and you say you haven't heard from them in 2 months are you still getting income support or have they stopped it

wazza

well the first interview was about 2 months ago, they let the benefits continue while they investigate. My benefits changed a few weeks ago. Have realised i have too many accounts which are surplus so am in the process of closing the accounts i dont need. Most of them have less than £50 each. Am waiting for a letter from fraud office to see how hard they slap my hands

camper

Taking £6 off the benefits means the BA expect you to have between $4250 and £4499 - (deduct £1 for each £250 or part thereof)

It can take a while for BA to check bank accounts, their Fraud have to get court orders. Certainly, remove your name from the accounts and inform BA, your money should go back up.

The new capital limits will affect everyone, either currently on benefits or new customers. Those already on benefits will be checked over the next few months to make sure money not being deducted wrongly.

wazza

update - have been for the second interview. they found that i had savings more than £3000 when they had taken my children's savings into account. They are going to pass the findings and our interview to someone who is going to decide what actions to take. Could be that all i am asked to do is to repay back part of my benefits.

for what i know from april this year the lower limit increases from £3000 to £6000. also from what i can find out the upper limit goes from £8000 to £12000. Is that correct?

also regarding children's savings at present the limit is £3000, will that increase as well.

to refresh your memory my partner puts money into the childrens savings account. since the children live with me it affects my benefits. have been told that if the childrens savings were in a trust then it does not matter how much they have in thier account. Anyone recommend a good trust account for the children?