Job Seekers Allowance with Savings

help_with_money

Hi,

I've just been made redundant and need to claim benefit. However I have just over £10,000 in an ISA which means I am entitled to less benefit.

I've paid my Taxes over the years and I dont really want to lose my saved money so say i owed it to someone as a debt, could i transfer it to someone and then without any saving get an increase benefit entitlement.

Thanks.

krisskross

help_with_money wrote: »

Hi,

I've just been made redundant and need to claim benefit. However I have just over £10,000 in an ISA which means I am entitled to less benefit.

I've paid my Taxes over the years and I dont really want to lose my saved money so say i owed it to someone as a debt, could i transfer it to someone and then without any saving get an increase benefit entitlement.

Thanks.

No you can't. Presumably this is rainy day money and your rainy day has arrived.

Very naughty to expect taxpayers to fund you when you have the money to do it yourself.

help_with_money

Ok, thanks, I see what you mean.
Sorry.

SomeBozo

help_with_money wrote: »

Hi,

I've just been made redundant and need to claim benefit. However I have just over £10,000 in an ISA which means I am entitled to less benefit.

I've paid my Taxes over the years and I dont really want to lose my saved money so say i owed it to someone as a debt, could i transfer it to someone and then without any saving get an increase benefit entitlement.

Thanks.

No its fraud.

I have reported to the thread to abuse and HMRC via the on-line link.

Bozo

ryouga

krisskross wrote: »

No you can't. Presumably this is rainy day money and your rainy day has arrived.

Very naughty to expect taxpayers to fund you when you have the money to do it yourself.

How many people though would not mention the savings, or think about the celebs who move abroad to not pay taxes.

Though I have mainly been on benefits or a student most of my adult life I would hate to work and save most of my income just to lose my job then find out I cant get benefits because I have too much in savings as that defeats the purpose of saving!

margaretclare

Are you talking about contribution-based JSA or income-based JSA?

AFAIK contribution-based JSA is not affected by any savings you have. It only becomes an issue after 6 months once you've used up your contribution-based JSA and you then go on to the means-tested JSA. However, you may find you have to use your savings for living expenses anyway, as JSA is pretty basic! As others have said, you saved for a rainy day and the rainy day has now arrived.

Commiserations anyway. Redundancy is not nice. I've been redundant and my DH was made redundant no fewer than 5 times in the 1990s. Not nice at all.

help_with_money

Hi sorry, im a bit upsaet at the moment and have have had time to look into this and now realise its fraud. Well I guess im lucky that i do have savings. Sorry for upsetting anyone.

krisskross

You will be fully entitled to contribution based job seekers allowance for 6 months with no questions asked. It was just the idea that you could 'hide' your money in order to claim that is naughty.

I know redundancy is such a shock. I think my husband was actually grieving the 3rd time it happened to him.

margaretclare

krisskross wrote: »

I know redundancy is such a shock. I think my husband was actually grieving the 3rd time it happened to him.

You're right. Redundancy is like a bereavement. In my case it coincided with another bereavement - widowhood - so was doubly not nice. When it happened to my DH, who was a mechanical engineer, he was seeing our national industrial base going down the pan, so there was not only the personal grief but the loss of all he'd worked for over many years.

help_with_money

krisskross wrote: »

You will be fully entitled to contribution based job seekers allowance for 6 months with no questions asked. It was just the idea that you could 'hide' your money in order to claim that is naughty.

Yeah I totally understand it now, quite obvious really. Well back to the job hunting, hope things work out for every one in these times.

bunny999

You may still be entitled to some means tested benefits, so it is worth putting in a claim. You can have up to £16,000 before losing all rights to means tested benefits.