JSA and savings

sharon456

HI could anyone help me please, thanks.

I have 11 thousand pounds in savings to buy a car when I eventually pass my test and to help me in the future for little things such as clothes etc.

I was just wondering if anyone would know what I would get JSA a week if anything? I have read you lose 1 pounds for every 250 pounds you have over 6000 .. I have worked out I would get around 26 pounds a week I think it was. But I am not sure if this is correct?

Also would they decline me as I have 11 thousand pound in savings?

EDIT : I am not sure if this will affect JSA but I have inherited my savings.

Many thanks, Sharon

Zara33

I think it may depend on what type of JSA you are entitled to xoxox

[Deleted User]

contributions based JSA(1st 6 months)is not means tested,income based JSA is,so if you cant get cont.based then the £11,000 will be taken into account and you will lose £20 per week.So maybe your £11,000 would be better used getting you thru this period of unemployment than earning zilch in the bank for a car you may not even need,the when you get another job you can start saving again.
btw welcome to MSE

sharon456

Zara33 wrote: »

I think it may depend on what type of JSA you are entitled to xoxox

Thank you Zara :oxx

NASA_2

sharon456 wrote: »

HI could anyone help me please, thanks.

I have 11 thousand pounds in savings to buy a car when I eventually pass my test and to help me in the future for little things such as clothes etc. And I have recently lost my job so I am going to be applying for JSA.

I was just wondering if anyone would know what I would get JSA a week if anything? I have read you lose 1 pounds for every 250 pounds you have over 6000 .. I have worked out I would get around 26 pounds a week I think it was. But I am not sure if this is correct?

Also would they decline me as I have 11 thousand pound in savings?

Many thanks, Sharon

They wont decline you for an income related benefit for £11,000 but it will affect your benefit amount.

If your savings are exactly £11,000 then payment will reduce by £16 whereas if you have £11,000.01 it will be £17.

sharon456

woodbine wrote: »

contributions based JSA(1st 6 months)is not means tested,income based JSA is,so if you cant get cont.based then the £11,000 will be taken into account and you will lose £20 per week.So maybe your £11,000 would be better used getting you thru this period of unemployment than earning zilch in the bank for a car you may not even need,the when you get another job you can start saving again.
btw welcome to MSE

Many thanks woodbine I did not know that to be honest. Great to learn something (about the cont JSA). Thanks for a excellent answer and for the welcome to MSE. I think I may be best ringing the job center up and asking them. Thanks again, Sharon xx

sharon456

NASA wrote: »

They wont decline you for an income related benefit for £11,000 but it will affect your benefit amount.

If your savings are exactly £11,000 then payment will reduce by £16 whereas if you have £11,000.01 it will be £17.

Thanks NASA.

Also sorry I forgot to say. My money was inherited .. I am not sure if this will affect the JSA?

Many thanks again

[Deleted User]

NASA wrote: »

They wont decline you for an income related benefit for £11,000 but it will affect your benefit amount.

If your savings are exactly £11,000 then payment will reduce by £16 whereas if you have £11,000.01 it will be £17.

isnt it £1 per £250 i.e. £4 per thousand i.e. 11,000-6,000=5,0000=£20 ?

NASA_2

woodbine wrote: »

isnt it £1 per £250 i.e. £4 per thousand i.e. 11,000-6,000=5,0000=£20 ?

That's correct.

For some reason I only counted to £10,000.