Recieving a large amount of cash and dont know what to do with it

tom_bombadil

Hi Everyone,

I am about to receive 25k from a dead relative and I'd like some advice on what to do with it. I am at the moment in a difficult situtuation because I am living in a rural area with no transport and I'm unemployed. I'm living with parents at the moment so I dont have huge over heads.

I want to avoid living off this money as much as possible becuase it is what someone else has worked for. I was thinking of putting it into something solid like a house or savings. Would any bank give me a mortgage even tho I'm not working?

Any advice would be appreciated

char_student

I dont think you would get a mortgage with no savings. If you just have it as savings, then you wont be able to get JSA as you will have more than the allowed amount.

SuziQ

tom_bombadil wrote: »

I want to avoid living off this money as much as possible becuase it is what someone else has worked for. Any advice would be appreciated

Oh dear-I'm afraid you are asking to be flamed saying this on the benefits board!

We all have to work to earn our savings but that does in some cases exclude you from benefits,that's just the way the system works.

You have to be very careful how you 'dispose' of an inheritance like this,as it can be seen as deprivation of capital and the benefits system can class you as still having the money and stop benefit accordingly,leaving you even worse off. You would need to get very good advice about what you can and can't do,and probably the best place to ask is an experienced benefits advisor such as someone at CAB.

tom_bombadil

SuziQ wrote: »

Oh dear-I'm afraid you are asking to be flamed saying this on the benefits board!

We all have to work to earn our savings but that does in some cases exclude you from benefits,that's just the way the system works.
.

I'm sorry, I didnt intend to start a flame war. If I had saved the money myself I would have no issues with living off them. Its money my brother has worked for but was sadly killed in action and I do not want his efforts going down the drain.

.

You have to be very careful how you 'dispose' of an inheritance like this,as it can be seen as deprivation of capital and the benefits system can class you as still having the money and stop benefit accordingly,leaving you even worse off. You would need to get very good advice about what you can and can't do,and probably the best place to ask is an experienced benefits advisor such as someone at CAB.

Thanks for that advice I will get in touch with CAB as soon can.

dmg24

Are you in receipt of income or conts based JSA (or neither)?

tom_bombadil

dmg24 wrote: »

Are you in receipt of income or conts based JSA (or neither)?

I'm on Income based JSA at the moment.

Edit: I didnt consider that. I havent actually recevied any money yet but when i do I will be off benefits

gizmo111

You could ask the executors to change the will so your money goes to your parents until you have a job.

You could use the money to retrain and buy transport/driving lessons.

Sorry to hear about your brother and I understand where you are coming from about wanting to have something to show for your brothers life/death.

dmg24

tom_bombadil wrote: »

I'm on Income based JSA at the moment

In that case you need to declare it as soon as you receive it. This will mean that your JSA will cease until you are below the capital limits again (the higher limit is £16K).

With regard to deprivation of capital, a reasonably priced car (plus tax, insurance etc) would be acceptable. You should be able to do this for £5K. For anything over this you would need to check with the JCP before spending, just in case they do not agree with your spending choices.

Although CAB are helpful for many things, they cannot really advise on what would (or would not) deprivation. Only the JCP can do that.

dmg24

tom_bombadil wrote: »

I'm on Income based JSA at the moment.

Edit: I didnt consider that. I havent actually recevied any money yet but when i do I will be off benefits

If you are not going to be in receipt of benefits (and do not intend to claim them in the near future), then you are probably best to repost on a more suitable board. There are boards for Mortgages, Savings and Investments that may help?

tom_bombadil

Your right dmg24 i could have place this thread in better spot. When i started writing it, it seemed to cross several forums. I'll repost it in a more appropriate forum tomorow.

Thanks for your advice I appreciate it.

SuziQ

I honestly didn't mean you any offence Tom,but some of the threads on here.....they get extremely heated! I think Gizmo's advice makes a lot of sense re retraining or starting a business or something-what a great way to remember your brother and I'm sure he would approve of that if there's anything you could think of-maybe go to UNi or get masters if you already have a degree? I hope you can make the money work for you.