What to do with Benefits money? Please don't be judgmental.

PeggyLuXXX

Hi there,

Before I type out my question, I'd just like to ask that you don't be judgmental about what I do with my money or come out with the "Tax payer’s money" spiel. I myself have paid Taxes so I understand how people feel but the fact is the Benefit System is a safety net for those who need it. At some point in people's lives, the majority will have claimed SOME sort of Benefit. Please don't be a dunce and say "I haven't" because I didn’t say "everyone" I said "majority".

Ok, to start off with. I live alone and have no children. I receive around £1,050 in Benefits which (P/Month) includes D.L.A (H/R/Care + L/R/Mobility), Incapacity Benefit, Income Support Top-Up with Disability/Severe/Enhanced Premiums.

I was in around £20,000 of debt which is due to excessive spending when I am 'Manic'. I have Schizophrenia with Bi-Polar Tendencies. I went Bankrupt in the end. Where as before I was paying out lot's of money to creditors, now I have hardly anything to pay out. I spend £20 on Gas and £20 on Electric (P/Month) as I am on a Meter for both. I don't pay for Water as I have Water Sure Scheme.

At the moment my Benefit money goes into my Mum's bank account so we pull our money together. Everything we need comes out of the (P/Month) we have together. My Mum is currently on Income Support and Carer's Allowance but is hoping to get a job Counselling which what she trained to at College for the past 5 years. She is fully qualified now and is only on Benefits until she gets a job.

When she does get a job she will start off at around £25,000 (P/Year.) which works out to roughly around £1,650 (P/Month). Then I will have my money to myself. After buying £20 Gas, £20 Electric, £10 Phone Top-Up, £10, Mobile Broadband Top-Up, £80 Food and £10 Direct Debit to R.S.P.C.A (All P/Month) I would be left with a straight £900 (P/Month).

I'd literally nothing to spend it on. So I came up with the idea of saving it each month and putting it into a Fixed Rate Bond. A.A do one at 5%. I could save until I got a job or started up my own business. I worked out that after my outgoings I get £900 (P/Month) which is £10,800 (P/Year). Now, if I was to save for say 3 years (providing I didn't have a job before then) that would be £32,400 (P/Year) and invested in a F/R/Bond at 5% I would get £162 (P/Month)

Surely it shouldn't matter which way the Benefit money is spent providing it is put to good use? The idea of investing in a F/R/Bond is to inevitably create an income. This in turn coupled with my wages means that if I lose my job wouldn't have the need to claim Job Seekers Allowance or as it would be then the new Universal Credit.

Having just over £32,400 in a F/R/Bond would mean I wouldn't be eligible for the majority of Benefits anyway but I wouldn't diddle the Government by being fraudulent claimant and not declaring it. I wouldn't claim. Period. Not only would it be unfair on the Working Person but I would NOT fancy a spell in prison.

I know that people will moan, probably because they are bitter. But is it my fault I have Mental Disorder thus am entitle to more money than the average person? Is it my fault that I chose not to have 3 kids by the time I am 20 so I’m not left skint. No. Surely he fact that having these savings will reduce the risk of going back on Benefits is a GOOD thing? Or would you not agree? Initially, I will probably have to put these savings in someone else’s name such as my Father's but then I will come off of Benefits anyway either due to work or because I'd be receiving £162 in Income Interest (P/Month) from the F/R/Bond and that along with £372 in D.L.A (TOTAL: £534) would sustain me each month.

Sorry for long post. What are your thoughts?

Lin. xXx

baza52

im thinking of Burger King at the mo. oh and the fact we need oxo cubes.
Anything else i can help with?

paddedjohn

im thinking the op needs to go to bed, coming on here winding people up bragging about all the cash they are getting for nout and in another thread saying they will have 20k coming their way and in another they say they get £370 per month benefits.
sniff sniff, whats that smell? oh yeah its bullsh1t.

PeggyLuXXX

paddedjohn wrote: »

im thinking the op needs to go to bed, coming on here winding people up bragging about all the cash they are getting for nout and in another thread saying they will have 20k coming their way and in another they say they get £370 per month benefits.
sniff sniff, whats that smell? oh yeah its bullsh1t.

Hmmm... Try actually READING the question. Or perhaps you are illiterate.

PeggyLuXXX

I am sorry but I didn't say I had £20K "coming my way", I said I would have a large amount of money if I were to invest it and then I would be able to live off of the interest plus my D.L.A money and whatever I receive from getting a job thus eliminating the need to claim Benefits in future. Obviously I would still claim my D.L.A.

gingerandrubarb

PeggyLuXXX wrote: »

I am sorry but I didn't say I had £20K "coming my way", I said I would have a large amount of money if I were to invest it and then I would be able to live off of the interest plus my D.L.A money and whatever I receive from getting a job thus eliminating the need to claim Benefits in future. Obviously I would still claim my D.L.A.

I don't understand how you can even consider starting a business if you are that bad health wise that you need DLA High rate and low rate Mobility.
I also don't understand why you are on incapacity benefit (which is now called Employment support allowance :cool:) AND income support top ups???? You 'normally' only get 1 or the other.

And yes i have mental health problems AND disability problems so i'm not just pressuming! x

gingerandrubarb

PeggyLuXXX wrote: »

I am sorry but I didn't say I had £20K "coming my way", I said I would have a large amount of money if I were to invest it and then I would be able to live off of the interest plus my D.L.A money and whatever I receive from getting a job thus eliminating the need to claim Benefits in future. Obviously I would still claim my D.L.A.

And yes you actually did on a seperate thread. Asking for advice on how to invest your £20k that you were getting through inheritance. That would affect your benefits also as you have to have (and i copy and pasted straight from Direct GOV

'This means that you have savings of less than £16,000 and, if you have a partner or civil partner, they work for less than 24 hours a week on average'

Morglin

PeggyLuXXX wrote: »

Hi there,

Before I type out my question, I'd just like to ask that you don't be judgmental about what I do with my money or come out with the "Tax payer’s money" spiel. I myself have paid Taxes so I understand how people feel but the fact is the Benefit System is a safety net for those who need it. At some point in people's lives, the majority will have claimed SOME sort of Benefit. Please don't be a dunce and say "I haven't" because I didn’t say "everyone" I said "majority".

Ok, to start off with. I live alone and have no children. I receive around £1,050 in Benefits which (P/Month) includes D.L.A (H/R/Care + L/R/Mobility), Incapacity Benefit, Income Support Top-Up with Disability/Severe/Enhanced Premiums.

I was in around £20,000 of debt which is due to excessive spending when I am 'Manic'. I have Schizophrenia with Bi-Polar Tendencies. I went Bankrupt in the end. Where as before I was paying out lot's of money to creditors, now I have hardly anything to pay out. I spend £20 on Gas and £20 on Electric (P/Month) as I am on a Meter for both. I don't pay for Water as I have Water Sure Scheme.

At the moment my Benefit money goes into my Mum's bank account so we pull our money together. Everything we need comes out of the (P/Month) we have together. My Mum is currently on Income Support and Carer's Allowance but is hoping to get a job Counselling which what she trained to at College for the past 5 years. She is fully qualified now and is only on Benefits until she gets a job.

When she does get a job she will start off at around £25,000 (P/Year.) which works out to roughly around £1,650 (P/Month). Then I will have my money to myself. After buying £20 Gas, £20 Electric, £10 Phone Top-Up, £10, Mobile Broadband Top-Up, £80 Food and £10 Direct Debit to R.S.P.C.A (All P/Month) I would be left with a straight £900 (P/Month).

I'd literally nothing to spend it on. So I came up with the idea of saving it each month and putting it into a Fixed Rate Bond. A.A do one at 5%. I could save until I got a job or started up my own business. I worked out that after my outgoings I get £900 (P/Month) which is £10,800 (P/Year). Now, if I was to save for say 3 years (providing I didn't have a job before then) that would be £32,400 (P/Year) and invested in a F/R/Bond at 5% I would get £162 (P/Month)

Surely it shouldn't matter which way the Benefit money is spent providing it is put to good use? The idea of investing in a F/R/Bond is to inevitably create an income. This in turn coupled with my wages means that if I lose my job wouldn't have the need to claim Job Seekers Allowance or as it would be then the new Universal Credit.

Having just over £32,400 in a F/R/Bond would mean I wouldn't be eligible for the majority of Benefits anyway but I wouldn't diddle the Government by being fraudulent claimant and not declaring it. I wouldn't claim. Period. Not only would it be unfair on the Working Person but I would NOT fancy a spell in prison.

I know that people will moan, probably because they are bitter. But is it my fault I have Mental Disorder thus am entitle to more money than the average person? Is it my fault that I chose not to have 3 kids by the time I am 20 so I’m not left skint. No. Surely he fact that having these savings will reduce the risk of going back on Benefits is a GOOD thing? Or would you not agree? Initially, I will probably have to put these savings in someone else’s name such as my Father's but then I will come off of Benefits anyway either due to work or because I'd be receiving £162 in Income Interest (P/Month) from the F/R/Bond and that along with £372 in D.L.A (TOTAL: £534) would sustain me each month.

Sorry for long post. What are your thoughts?

Lin. xXx

If your mum is on means tested benefits, (IS) then surely all this money going into her account has an impact on the amount she gets?

Her apparant 'income' and any savings should be regularly assessed, and with the link ups from DWP-Revenue-banks, they will soon find out if she appears to have more income than she declared.

Why, if don't intend to fiddle anything, would you put your savings in your father's name?

If you are due £20,000, then you will cease to get any help with rent/council tax, and lose any IS you have now.

When you are transferred from IB to ESA, it may be they decide you are fit for work, and if they don't, but you only qualify for non-contributory ESA, you would lose that, because of your savings (until you went below the threshold).

To be honest, your post doesn't add up, and I have a feeling this is another wind up, trying to start a row about benefits.;)

Lin

PeggyLuXXX

Morglin wrote: »

If your mum is on means tested benefits, (IS) then surely all this money going into her account has an impact on the amount she gets?

Her apparant 'income' and any savings should be regularly assessed, and with the link ups from DWP-Revenue-banks, they will soon find out if she appears to have more income than she declared.

Why, if don't intend to fiddle anything, would you put your savings in your father's name?

If you are due £20,000, then you will cease to get any help with rent/council tax, and lose any IS you have now.

When you are transferred from IB to ESA, it may be they decide you are fit for work, and if they don't, but you only qualify for non-contributory ESA, you would lose that, because of your savings (until you went below the threshold).

To be honest, your post doesn't add up, and I have a feeling this is another wind up, trying to start a row about benefits.;)

Lin

Where are you getting this "£20K" from???? I *WAS* £20K in Debt. I went Bankrupt. That £20K is now wiped clean. I think you are misreading what I am saying. I am not "due" anything.. I actually said... (Bare in mind I start off with £1,100 P/Month).....

"I'd literally nothing to spend it on. So I came up with the idea of saving it each month and putting it into a Fixed Rate Bond. A.A do one at 5%. I could save until I got a job or started up my own business. I worked out that after my outgoings I get £900 (P/Month) which is £10,800 (P/Year). Now, if I was to save for say 3 years (providing I didn't have a job before then) that would be £32,400 (P/Year) and invested in a F/R/Bond at 5% I would get £162 (P/Month)"

The money my Mum gets with her Income Support and her Carer's Allowance has no impact at all with respect of my Benefits being paid into her account as well. The Benefit office is aware of this. Like I said, there is nothing dodgy going on.

I am aware that when transferred from I.B to E.S.A, it may be they decide I am "Fit For Work", and if they don't, I may only qualify for Non-Contributory ESA, THAT is why I would have to put the savings in my Father's name because otherwise I would lose Benefit it I didn't. The whole point of me trying to save this money is to build a better future for me. I eventually want to start up my own business. Having this money + my D.L.A + whatever money I make from my business will mean that I won't have to go on Benefits in the future as I will be able to live off my D.L.A + Income earned from the Fixed Rate Bond.

I promise you that I am not trying to start a row about Benefits. I will defend people on Benefits to the ends of the earth to the people who think we are all Dole Fodder and Scroungers. It simply isn't the case. Most people are genuine. I am not a troll and I am not doing anything to cause offence to people. But fact is people are quick to judge when they haven't even got their facts straight. Like this £20K thing. Total misconception. I never ever said I have £20K coming to me. And this is through (sorry) IDIOTS who DON'T read. So.. Yes. I snap. I call them illiterate. They say I talk bull excrement but their brain is made of it. My facts are right. THEY get it wrong. They need to desperately go figure!

Also, I wouldn't have to pay any Council Tax at all because me and my Mother both have a Council Tax Exemption for Mental Health Problems. This means even when I begin work I won't have to pay. Also, my Mum owns her own house and I am going to move back in with her so all she will have to pay is the Mortgage, no rent. She purchased her Council House for £25K, put a down payment of £5,000 and got a Mortgage for £20,000 over 5 years and currently pays £380.00 a month round about.

But thank you for your kindness.

Lin. x

PeggyLuXXX

gingerandrubarb wrote: »

And yes you actually did on a seperate thread. Asking for advice on how to invest your £20k that you were getting through inheritance. That would affect your benefits also as you have to have (and i copy and pasted straight from Direct GOV

'This means that you have savings of less than £16,000 and, if you have a partner or civil partner, they work for less than 24 hours a week on average'

TOTAL misconception. Never ONCE did I mention ANYTHING about £20K from an inheritance. What I DID say is I went BANKRUPT to the tune of £20K. Never mentioned ANYTHING about any inheritance. What I DID say was I wanted to save up my Benefit money as I have a spare £900 a month to invest it. Come on my friends. READ. Actually READ and get the facts right before slating me. PLEASE. :-/

PeggyLuXXX

gingerandrubarb wrote: »

I don't understand how you can even consider starting a business if you are that bad health wise that you need DLA High rate and low rate Mobility.
I also don't understand why you are on incapacity benefit (which is now called Employment support allowance :cool:) AND income support top ups???? You 'normally' only get 1 or the other.

And yes i have mental health problems AND disability problems so i'm not just pressuming! x

Hi there, No, that isn't true. People who are on Incapacity Benefit will soon be migrated onto E.S.A. People on I.B CAN get Income Support Top-Ups called "Premiums". When migrated onto E.S.A then the Income Support "Premiums" cease and then the E.S.A "Premiums" will replace them.

I get High Rate CARE because I have bad Dissociation, Hallucinations and Voices. But I don't wish to be stuck on Benefits forever. So I am going to try and have a go at going to College, learning about Beauty, Waxing, Nails, Tan Spray, Eye Lashes, etc.. and then open my own business from my Mum's house.