Jobseekers Allowance - Over 16K in savings - What to do?

alwaysonthego_2

Do not hide the money under the mattress or attempt to hide it etc because the DWP can look in to your bank account details without your permission so they will consider it to be deprivation of capital.

Someone brought up an interesting point on another thread that if you do hide your savings, a low income person earning minimum wage bring home £220 having to pay usual rent etc is having to pay through their taxes for you to have income based benefits when you are not entitled.

Savings are for rainy days and you should use them instead of relying on government handouts.

CCFC_80

Ninja_Seb wrote: »

Exactly. I'm 2k over the limit. I've been saving like crazy whilst everyone was maxing out their credit cards, I drive a heap of a car, I don't own my own home yet. I just want to protect my savings which I have earnt. Looks like I've got to sqaunder some cash if I want to claim JSA.

It is just an option but as you say you drive a heap of a car-you could buy a better one which would be justifiable to reduce your savings as you need transport to find a job. You are not allowed to deliberately spend your savings or transfer them to a third party to get your capital below 16k.
Just to also advise that your JSA will be reduce accordingly if you have savings between 8k and under 16k

Jupiler

blindasatwat wrote: »

May be Contribution based benefits should be based on what you have paid into the system rather than a flat 28wks at a flat rate.

Now that strikes me as a fairer way of doing it which at least gives some recognition of past contributions into the state's coffers but doesn't worsen the position of anyone with nothing or very little in the first place.

Of course, being a possibly good idea, it stands no chance of being implemented :wall:

staffie1

Jupiler wrote: »

Yep, staffie1, the way you expressed your opinion (which of course you are entitled to, I wouldn't have it any other way) hurts so much it is offensive, at least to me and how I feel about my personal circumstances. As if you have a monopoly on working your backside off. However, in the eyes of many (especially the "I'm alright Jack" brigade) I have probably been quite naive.

Jupiler:
I didn't mean to offend and my brief retort at OP's question didn't express my understanding of the whole situation for people in various circumstances.
I apologise for that, and wish you well.

Nigella_2

Even if you are under the 16k rule they will take off £1 each week for every £250 you have in savings!!!

CCFC_80

Nigella wrote: »

Even if you are under the 16k rule they will take off £1 each week for every £250 you have in savings!!!

Just to clarify - this is only if your are in the 8k to 16K bracket isn't it ?
Savings below 8K should be okay.

Nigella_2

Thought it was under 6k unaffected

alwaysonthego_2

Nigella wrote: »

Thought it was under 6k unaffected

Correct, anything above will have an affect IB benefits.