Savings and JSA

MattPage

We've been saving for a long time to do the windows on the front of the house (the back was done 3 years ago). It's primarily for structural reasons. Having more or less got to the point we can do this, I've just been told I'm going to lose my job in September.

Whilst I'm obviously hoping to find a new job before then, I'm facing a dilemma. Do I hang onto the money taking a gamble on the structural problem, but ensuring I can still pay the mortgage, or do I get the work done and hope either that I find another job in time, or that the JSA etc. and some tight budgeting gets us through. Our budgeting is pretty tight anyway.

I guess my biggest concern is that if we hang on to the savings we won't get as much in JSA. Do they take that into account? Cos if that were the case we'd miss out twice, once on not getting the windows done and then again on losing potential income?

I should also add that I've been searching for work for a few years now and not been successful.

getmore4less

I would fix the house.

if the structure has issues and it gets worse it gets more expensive.

Start the cutbacks.

Have a read of debtfreewanabee, post a SOA, prevention better than cure.


Contributions JSA is not means tested.

Peelerfart

Agree with GM4L - fix the house.

No-one is going to help you with house repairs except you.

So you may have to live on beans on toast!, at least you know your house isn't going to collapse.

Linda32

getmore4less wrote: »

Contributions JSA is not means tested.

Hi, Yes, agree, Contribution based JSA isn't means tested.

MattPage

Thanks for the responses so far.

So is JSA an either (contribution based) or (means tested) thing then, as in, if you've paid the right NI you only get CB, otherwise you get MT?

Matt

Emmzi

6 months contribution based, then is income based

Linda32

Hiya,

You get six months contribution based Job Seekers Allowance of £65.40 per week, paid fortnightly directly into your bank account.

Contribution based, means you have paid National Insurance Contributions during the last two tax years, as in normal deductions through your wages.

It isn't means tested as it comes from previous National Insurance payments which you have made.

ceridwen

If you hang onto the savings then they WILL take them into account.

Its only £6,000 "capital" that is allowed before money starts being deducted from benefit (once you've gone through the initial 6 months worth of non-means tested benefit and gone onto the means-tested benefit subsequently - assuming you still havent been able to get a job).

That 6k includes savings/money in the bank/redundancy pay and even the cash in your purse or wallet in theory.

MattPage

Thanks everyone,

Some really helpful responses. Much appreciated.

Matt