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Parents paying me back - do I need to tell anyone?
StudentD
Posts: 26 Forumite
A few years ago I gave my parents £10,000 to pay off a lump sum of their morgage.
They are now in a position to pay me back a little each week, this will vary week on week.
I want to pay the money straight into a savings account.
Can I simply just do this? so they give me say, £50 one week, and I'll just pay that into the account?
Does this matter if I am on certain benifits such as Job Seekers?
Thanks
Edit: Does this also count as my personal tax allowence?
They are now in a position to pay me back a little each week, this will vary week on week.
I want to pay the money straight into a savings account.
Can I simply just do this? so they give me say, £50 one week, and I'll just pay that into the account?
Does this matter if I am on certain benifits such as Job Seekers?
Thanks
Edit: Does this also count as my personal tax allowence?
0
Comments
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What benefits are you claiming? If JSA, is it Conts based or income based?Gone ... or have I?0
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Your cont based is for 182 days total, so no drama.
If you move onto income based, you can only have £6000 in savings before you are re-assessed so if that eventuality occurs, tell them to hold off the repayments until you are off JSA.Marry a Foreigner, its so much cheaper!0 -
Savvy_Spender_South wrote: »tell them to hold off the repayments until you are off JSA.
On the forms for IBJSA they do ask if you're owed any money.Sealed pot challenge #232. Gold stars from Sue-UU - :staradmin :staradmin £75.29 banked
50p saver #40 £20 banked
Virtual sealed pot #178 £80.250
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