Compensation and Benefits?

lil_me

As far as I am aware they are classing savings from Icesave still as savings (because the time taken for them to pay out was going to be minimal) and those who had savings in the accounts with Icesave had to declare them on benefit applications for means tested benefits and they effected the amount paid.

Compensation is treated as capital so yes it effects benefits also.

manhattan

lil_me wrote: »

As far as I am aware they are classing savings from Icesave still as savings (because the time taken for them to pay out was going to be minimal) and those who had savings in the accounts with Icesave had to declare them on benefit applications for means tested benefits and they effected the amount paid.

Compensation is treated as capital so yes it effects benefits also.

Thank you.

Thats all i wanted to know .

dmg24

manhattan wrote: »

Thank you.

Thats all i wanted to know .

You will find that healy told you that on a previous thread.

healy

dmg24 wrote: »

You will find that healy told you that on a previous thread.

Yes and on this thread and other people have answered the question, I need a "banging my head against a brick wall" icon!

ceridwen

captainkevos wrote: »

Here's a direct quote from a letter which the DWP sent me in March 2007 :

"Further to your recent request, I write to confirm your entitlement to Income Support ended on 14/03/07. This entitlement ended due to your investments and capital exceeding the amount allowed of £16,000."
(This was money from my flat sale, which I then deposited in Icesave)

I'd dare say that the £16K has been through an annual review since then and may well be even higher now. I'd advise to ring your local Jobcentre to get an update from them. Only "means tested" benefits (such as Income Support) are included, AFAIK. Hope this helps anyhow....

Compensation basically has to be paid back in certain circumstances as I understand it - sorry. But I have read before now that one is allowed to hang onto any money exceeding this "capital limit" for a certain amount of time if it is the proceeds of a home sale and is going to be used to buy another home (I think its 6 months).

healy

ceridwen wrote: »

Compensation basically has to be paid back in certain circumstances as I understand it - sorry. But I have read before now that one is allowed to hang onto any money exceeding this "capital limit" for a certain amount of time if it is the proceeds of a home sale and is going to be used to buy another home (I think its 6 months).

Yes you are right it is 6 months and can sometimes be extended beyond that.

manhattan

healy wrote: »

Yes and on this thread and other people have answered the question, I need a "banging my head against a brick wall" icon!

I just wanted another opinion.

And here you go -:wall: