lump sum of money

furby-2003

If you were to receive a lump some of money through your own hard work and it is mean't for a deposit on a long awaited house that you can bearly afford to buy anyway. Where can you store it tempory that you dont have to decare it because she doesn't want to be told she has to live off that by the benefits when she's trying desperatly to keep it for a house.

CIS

Some benefits will allow money earmarked for a house to be kept for a certain period without effecting benefits, I may be wrong but I think that only applies to money received from the sale of a property earmarked to buy a new property.

Best bet is to ring up and ask as different benefits will treat the amount differently, but I have the feeling that they will count the money as spendable savings rather than money for a property.

furby-2003

It's so annoying because that money it the difference between getting a house or not. You can't even give it to your kids now can you?

jockettuk

furby-2003 wrote:

It's so annoying because that money it the difference between getting a house or not. You can't even give it to your kids now can you?

no as they can check the childrens bank accts.. if its for a deposit on a much needed house have you looked for a house and are you going to buy one soon or soon after you get the money..

oh and how are you going to pay the rest of the morgage if your on benefits is the other question you will be asked on here..

Im on benefits but not for much longer yippee and my ex paid the morgage as part of our maintence agreement otherwise it would have been really hard to have managed it.

furby-2003

she's not exactly on benefits, shes the only one working in the household until her other half leaves uni. she works 25 hours a week and just uses the benefit as a top up. shes paying £500 a month off a credit card until it's paid off in around the same time the moneys due she she should well be able to afford the mortgage. Shes worried that if the house isn't bought till the end the the year or early next then she will have to start digging into that to survive having to decleare that and it may leave her with none in the end which defeats the point of 3 years long slog to get it and 5 years in terrible debt which has been hard for her but now she can see a light at the end of the tunnel with the money they will make her use it to live off and the opportunity for a house will dwindle

jockettuk

trouble with being on benefits is that the government think that when you have some money they take you off benefits as you should then be able to look after yourself financially.. im not sure if the money earmarked for a house would make them do that, and im not sure how much money your talking abt but im sure they wont want to be giving you benefits if you have a lump sum.. i know when i considered selling my house i was told unless i put it straight into another house i would lose my benefits.. Im now selling as im moving in with my partner so i wont lose any of my house sale money and i can invest it in another house or extend the one we will be living in..

hjb123

Could she not say it is her other halfs? Or I guess that that has to be taken into account for the benefits too!

jockettuk

everyone who lives in the house will be considered. they do random checks now and again and if you dont show them bank accts they can get them on a warrant.. I couldnt find my daughters passbook once and they gave me a week to get a print out or they would get a warrant to obtain the information..

donnalove

if she's not on income support i don't think it will matter but they might take it into consideration for housing benifit and council tax.