jobseekers and savings

northernsoul

Hi
I was made redundant Dec 15th while on holiday.
This morning i rang the benefits people. He asked me what type of benefit i would like, I said jobseekers. He asked very soon on if I had savings of £16000. I replied no. Later we went through the list of questions and again he asked the question again. After having time to think , this time i said i am not sure (because i have savings in Shares and Unit trusts which were much lower several months ago and may be well above 16K now). I also told him I owe money to people who have borrowed me money (last got paid Dec 3rd). He asked me how long to find out and i said 2 or 3 days. I was then cut off. He has got my phone number but did not phone back. Does this £16000 apply to jobseekers allowance or is it asked to provide information in case i get income based benifit (whether now if i cant claim jobseekers or in 6 months if i have not found a job)
Thanks

geoff11

contribution-based JSA (JSA(CB)) If you have been paid or have been treated as having paid NI contributions you may be able to get JSA(CB) which is paid at a fixed rate based on your age for up to 26 weeks.
If you are entitled to JSA(CB) but your income is still below the minimum level the law says you need to live on, you may be able to get some income-based JSA (JSA(IB)).
You can get an occupational or personal pension of up to £50 a week before your contribution based JSA is affected. This applies regardless of your age. However, if it exceeds £50, JSA entitlement is reduced penny for penny.
2. Income-based JSA (JSA(IB) If you are on a low income you may get income-based JSA, even if you have not paid NI contributions.
Income-based JSA is based on how much the law says you need to live on. Any savings you have may affect your entitlement. If you are under 60, savings between £3000 and under £8000 affect the amount you will receive. Over this amount usually means you cannot claim. If you or your partner are over 60, savings between £6000 and £12000 affect your benefit and you usually cannot claim above this amount.

healy

geoff11 wrote: »

contribution-based JSA (JSA(CB)) If you have been paid or have been treated as having paid NI contributions you may be able to get JSA(CB) which is paid at a fixed rate based on your age for up to 26 weeks.
If you are entitled to JSA(CB) but your income is still below the minimum level the law says you need to live on, you may be able to get some income-based JSA (JSA(IB)).
You can get an occupational or personal pension of up to £50 a week before your contribution based JSA is affected. This applies regardless of your age. However, if it exceeds £50, JSA entitlement is reduced penny for penny.
2. Income-based JSA (JSA(IB) If you are on a low income you may get income-based JSA, even if you have not paid NI contributions.
Income-based JSA is based on how much the law says you need to live on. Any savings you have may affect your entitlement. If you are under 60, savings between £3000 and under £8000 affect the amount you will receive. Over this amount usually means you cannot claim. If you or your partner are over 60, savings between £6000 and £12000 affect your benefit and you usually cannot claim above this amount.

I am afraid your information is out of date again, the lower capital limit is now £6000 and the upper capital limit is £16000 for those under 60, the figures changed some years ago.

geoff11

oh no not again lol, actually i thought it was 16k but then i came across that, ill get it right one day harumphhh lol.

northernsoul

Thanks
Went to Citizens Advice and they said the 16K only applies to income based so will phone binefits back

geoff11

at least you know where your batting from now.

NASA_2

They are forced to follow a script based on your answers to certain questions. When you stated early on that you had no savings it will have directed them down the income related route.