Am I eligible for Job Seekers Allowance if I have savings?

dseventy

CCFC_80 wrote: »

Yet it is okay or at least until recently for the state to subsidise child benefit for millionaires and maternity pay for expectant Millionairesses which isn't means tested.

Child benefit is not means tested. Next!

D70

missbunbury

Since people with mortgages are only entitled to help with interest and not capital repayments, someone who was long-term on JSA might well end up in a situation where they had to sell their house. Actually, that's an interesting question - how does that work? I remember back in the eighties all my mum's friends did that fiddle where they got a job for six months, got a mortgage, quit their job then sat back and watched the government repay their mortgage - I assume this is the scam that is being combated with the interest help only thing. But what if I literally never work again? (Not me, I'm married, but a hypothetical person) What happens at the end of my twenty year mortgage if the social have paid the interest all along? Do I then still owe the amount I originally borrowed and have to sell the house to cover it? Or would it never get that far in the first place?

CCFC_80

dseventy wrote: »

Child benefit is not means tested. Next!

D70

Didn't say Child Benefit was means tested and neither is maternity pay. Think you missed the point. Child benefit is due to change soon to a means tested benefit depending on earnings.

Point being that Millionaires should never have been allowed to claim for Child benefit or maternity pay but the joke of the system means they can.

Thomas_Cromwell

When Universal Credit comes in, the prescribed amount of capital (above which you get nothing) will be £16K.
[draft Universal Credit Regulations 2013, reg.18 - you can check them on legislation.gov.uk]
So although I couldn't find the current (income-based JSA) figure, you can be certain it won't be higher than that!

cockaleekee

Thomas_Cromwell wrote: »

When Universal Credit comes in, the prescribed amount of capital (above which you get nothing) will be £16K.
[draft Universal Credit Regulations 2013, reg.18 - you can check them on legislation.gov.uk]
So although I couldn't find the current (income-based JSA) figure, you can be certain it won't be higher than that!

Welcome to MSE TC. You might want to check the date on threads before posting on them - this one is from 2011!

Morlock

missbunbury wrote: »

Since people with mortgages are only entitled to help with interest and not capital repayments, someone who was long-term on JSA might well end up in a situation where they had to sell their house. Actually, that's an interesting question - how does that work? I remember back in the eighties all my mum's friends did that fiddle where they got a job for six months, got a mortgage, quit their job then sat back and watched the government repay their mortgage - I assume this is the scam that is being combated with the interest help only thing. But what if I literally never work again? (Not me, I'm married, but a hypothetical person) What happens at the end of my twenty year mortgage if the social have paid the interest all along? Do I then still owe the amount I originally borrowed and have to sell the house to cover it? Or would it never get that far in the first place?

It wouldn't get that far while claiming JSA, as the (set figure) interest is only paid for two years, and not until 13 weeks after claiming income-based JSA. If the Support for Mortgage Interest (SMI) is higher than the mortgage interest some capital may be paid off but is nigh on impossible to pay off a mortgage claiming JSA.

Morlock

Banana123 wrote: »

If someone has a house they arent expected to sell that house to live off the money, So why if someone is SAVING to get their first house - saving for a decent deposit - why are they expected to live off their savings. That person is even worse off than the person with a house!

Don't expect much sympathy, you are living in a country where the Secretary of State for Work and Pensions believes that hardship payments are wasted on holidays, SkyTV, booze and fags.

princessdon

I actually raised this in discussion time recently, where a FTB should

A) get a good interest rate subsidised by the Govt
if using this account for their first purchase it is exempt from benefit claims if an emergency arose. Ie they CANNOT access money in that account unless for a house purchase. A bit like a pension, it's not accessible so not counted. If at anytime they withdrew money then all interest was removed.

It is unfair that people save and then lose out if they need a short term help.

Morlock

princessdon wrote: »

A) get a good interest rate subsidised by the Govt

Already happening, to the tune of £80+ billion solely through the Funding for Lending scheme, that's ignoring the over £1.2 trillion that the government guaranteed the banks to help prevent a massive housing crash caused by rising interest rates.

princessdon

Morlock wrote: »

Already happening, to the tune of £80+ billion solely through the Funding for Lending scheme, that's ignoring the over £1.2 trillion that the government guaranteed the banks to help prevent a massive housing crash caused by rising interest rates.

I know but that is the mortage, I mean the deposit saving.

Eg 8 - 10% tax free on savings (only applicable to a house purchase) or lose ALL interest, that was not counted as savings if they ever needed to claim benefits.