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

Morlock

princessdon wrote: »

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

Okay, I thought you meant mortgage interest.

princessdon wrote: »

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.

10% tax free interest sounds good, but why should the government subsidise it? The untouchable banks benefit from more people encouraged to save, whilst the government lines their coffers again by adding 10% interest to the account.

SCRIBES

Open a betfair or another bookmakers account, deposit your savings there and say you have gambling addiction and gambled it away!:cool:

HappyMJ

SCRIBES wrote: »

Open a betfair or another bookmakers account, deposit your savings there and say you have gambling addiction and gambled it away!:cool:

Gambling it all away can be seen as deprivation of capital...and if it wasn't actually spent it would be fraud...although proving it would be difficult as fruad investigators can't get access to your betfair betting history....but anyway it's fraud. Sorry about that...

midnight_express

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?

If you are on JSA they only pay the interest for a two years.

Nada666

Banana123 wrote: »

This makes em very angry.

This is SO wrong!!!

If someone owns a house they are allowed JSA (income tested). But if they havent yet got on the property ladder - but have been saving and saving towards it, then they get kicked in the teeth and punished. And their savings are essentially taken away from them and any chance of getting a house.

totally stinks.

If, over six months of contributions-based JSA, you have not managed to find something then you are in a fantasy land. The jobs are there if you have the volition.

BurnleyBob

Where are they then? There's 2.5m people classed as unemployed (seeking and available for work) but less than 0.5m advertised job vacancies.

p00hsticks

Probably not worth mentioning by the time people have read this far, but this thread is a) several years old, and b) even if it wasn't has veered into Discussion Time territory rather than being a suitable topic for this board.....

seven-day-weekend

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?

Like everyone else on an interest-only mortgage, you would be expected to repay the capital at the end of the term. So if you have to sell your house to do so, that is what you will have to do.