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

computersaysnoagain

To cover yourself if you feel there is no problem, ring the dwp and tell them how much savings you and your mum have!!!!!!!!!!!

All I can say is when you have met atos you probably wont build up anymore savings as they are likely to find you fit for work unless you are dead!!!!!!!!!

So soon you will probably be on jsa and have lost your sickness benefits anyway.

computersaysnoagain

Wont save much on 60.00 odd a week!!!!!

paddedjohn

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#1
PeggyLuXXX
29-05-2011, 10:12 AM MoneySaving Newbie


Join Date: May 2011
Posts: 13
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How to invest £20,000 in something that is 'No-Risk'.

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Hi there,

I know little about Stocks, Shares and Bonds, etc.. But I am going to be receiving money to the tune of £20,000 from Family Inheritance soon that I want to invest into something that is 'No-Risk' that will provide me with an 'Income' (Per Month).

I am currently on Benefits and am wanting to come off of them when I get this £20,000. The Benefits I get are Incapacity Benefit and Disability Living Allowance from which I receive £370 a month for Mental Illness. I will always continue to get this (Hopefully, given the new Government changes).

I know of an Elderly lady that had a £10,000 Bond that gave her £179 (Per Month) so what sort of rate would she have been on? Would that have been 17.9% (Per Annum)?

What sort of % Rate would I be looking for (Per Annum) at 'No-Risk' Bond? I am not interested in touching the money for at least 25 years. All I want is an 'Income' from it.

When I have this money in my bank what is my best option to do? Go and pay to see a Financial Advisor? How much would they charge approx? Or is it something I can research out myself?

Please can you explain to me what I should be looking for and where I should be looking? Any advice, Links, etc.. Are GREATLY appreciated.

I desperately want to get off of Benefits and live off of my own means because I am by no means a scrounger.

Thanks guys!

Lin. xXx

YOU ARE SO FULL OF CRAP

FBaby

I wouldn't feel that jugemental (above the fact that I don't agree at all with the concept of DLA which I believe should be to pay for things specifically related to the disability when the reality is that in the vast majority of cases, it is spent on raising the recipient's life standards) if it wasn't for the fact that you've gone bankrupt.

You have spent £20K that didn't belong to you. This 20K probably allowed you to have a standard of living that you were not entitled to. The law around bankruptcy is that you got away from having to repay what you should have, and now you can't see how insulting your post is by expecting posters to feel sympathy for you because you don't know how to spend your money, posters who in most cases ended up on these forums because they are looking for ways to repay their debts when they are struggling with money coming in.

It's one thing to ask not to be judged, another to write things that makes it almost impossible not to.

Oldernotwiser

PeggyLuXXX wrote: »

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. :-/

Do go away and stop wasting people's time.

You posted in May,

"I know little about Stocks, Shares and Bonds, etc.. But I am going to be receiving money to the tune of £20,000 from Family Inheritance soon that I want to invest into something that is 'No-Risk' that will provide me with an 'Income' (Per Month)."

I do hate liars.

computersaysnoagain

You know what they say about telling untruths, you have to have a good memory because you will trip yourself up. Are you rehearsing or something how to explain the monies when the dwp find out about it?