Benefit entitlment

Musters_2

I have been lurking on here a while and need some advice as my job does not look too secure. My wife has some silver bullion in her name, would I have to declare this if I claim benefits if aim made redundant. I also have about 5000 in savings. The benefits claims are a minefield to me. Thank you in advance

rogerblack

You need to declare any 'monetary' assets. (after I looked at the spirit of the regs - this is about as close as I can get).

This sort of asset includes the obvious - cash, bonds, but also gold, silver.
You would not need to declare normal household furnishings - for example, or any asset not usually bought primarily with a view to later resale.

But, if for example, you have a Monet hanging on the wall, which is yours to sell - it's not unreasonable according to the regs for the decision maker to decide it's Money, not household furnishings.

If your total capital (including any easily realisable property not of an excluded class) exceeds 6000, then you need to notify them.
If it exceeds this by a lot, then you won't be eligable for benefit.

On a related matter - I think silver is about to peak.
Get out now!

mrs_lds

If the silver is his wifes then would she have to declare it if he claims

happy_lass

you might have to declare any savings that you have e.g the £5000. I dont think that they will take that into consideration but its worth mentioning it (just to cover your own back really) . They usually do it all over the phone now so if you call them to start a claim then expect to be on the phone for a while !! They will ask you about things like redundancy pay, do you own any other property, do you own your own house (ithink they asked my hubby that the last time he was made redundant) , have you got any investments or anything like that. i dont recall them asking us about gold or silver though!!! not that i have any anyway !

happy_lass

sorry, just to add, i take it that your wife has some investment in silver bullion? cos you said "in her name". Then you might have to say that when you claim. Dont know if it will make any difference though. Always best to declare it all no matter how trivial or small.

real1314

The silver would count as an investment (it hasn't got any useable function) and would have to be declared.

WUM though.:cool:

p00hsticks

Musters wrote: »

I have been lurking on here a while and need some advice as my job does not look too secure. My wife has some silver bullion in her name, would I have to declare this if I claim benefits if aim made redundant. I also have about 5000 in savings. The benefits claims are a minefield to me. Thank you in advance

If you get made redundant, then as long as you aren't claiming a pension, have made sufficient NI contributions over the last two-three years and are actively looking for employment you will be entitled to sign on and claim contributions based JSA for six months. To claim that it doesn't matter what savings you or your wife have.

Beyond six months or if you haven't sufficient NI contributions, then you'd need to switch to 'income based' JSA, which is a means tested benefit, so the entire household income and savings would be taken into consideration.

Ther are other means tested benefits like housing benefit, council tax benefit, pension credit etc that might be open to you depending on your precise circumstances.

dmg24

real1314 wrote: »

The silver would count as an investment (it hasn't got any useable function) and would have to be declared.

WUM though.:cool:

Agreed on both counts ... and not the only WUM on this thread!

healy

dmg24 wrote: »

Agreed on both counts ... and not the only WUM on this thread!

Its him again isn't it?

Oldernotwiser

healy wrote: »

Its him again isn't it?

Our omnipresent Andy!

healy

Oldernotwiser wrote: »

Our omnipresent Andy!

Time to report again.