Housing Benefit - Student's Savings?

Moonboots89_2

My parents are applying for housing benefit - will my savings need to be counted? I live with my parents all year round but I don't pay rent and the form doesn't appear to ask about my financial situation.

I'm 21 and although I am a full time student I have savings of over £10,000 due to having recently completed a paid placement year as part of my degree.

Thanks for the help!

Oldernotwiser

Moonboots89 wrote: »

My parents are applying for housing benefit - will my savings need to be counted? I live with my parents all year round but I don't pay rent and the form doesn't appear to ask about my financial situation.

I'm 21 and although I am a full time student I have savings of over £10,000 due to having recently completed a paid placement year as part of my degree.

Thanks for the help!

Your parents claim HB and you don't pay rent? No wonder you've managed to accrue substantial savings!

Moonboots89_2

Oldernotwiser wrote: »

Your parents claim HB and you don't pay rent? No wonder you've managed to accrue substantial savings!

What can I say?

But, yeah, if anyone could let me know if my savings affect my families HB then that would be fantastic. I'll feel pretty terrible if it does!

Thanks again.

Oldernotwiser

Moonboots89 wrote: »

What can I say?

But, yeah, if anyone could let me know if my savings affect my families HB then that would be fantastic. I'll feel pretty terrible if it does!

Thanks again.

Are we supposed to be amused?

Moonboots89_2

Oldernotwiser wrote: »

Are we supposed to be amused?

Not in the slightest! This is just a quick question enquiring whether or not I need to put down my savings on the form.

Any help is much appreciated. Thanks once again money savers.

Marisco

Moonboots89 wrote: »

What can I say?

You could say you'll start paying board, so your parents don't have to claim HB!!

Aarons_mummy

If you are named on the lease then it is all 3 of you that are appyling for HB therefore your savings will be taken into account as well as any income from work etc. With £10K savings any HB awarded will be tapered off £1 for every £250 savings.

Moonboots89_2

Aarons_mummy wrote: »

If you are named on the lease then it is all 3 of you that are appyling for HB therefore your savings will be taken into account as well as any income from work etc. With £10K savings any HB awarded will be tapered off £1 for every £250 savings.

Thats useful to know - thanks a lot for the information, its much appreciated :beer:

davefrombristol

Not strictly correct -

Re: £10,000 capital - Housing Benefit will treat you as having £4,000 over the Lower threshold of £6,000 - therefore you are treated as having £16 or in fact £17 income after the lumps of £250 are added up ( £1 for every £250 over the £6,000 threshold )

They then apply a 65% contribution to be made by you towards the rent of that income calculated

£16 = £10.40
£17 = £11.05

They will round up to the next £250 slot so if you tell them you have £10,001 you are treated as having £10,250
- The will probably want to see bank statements to show the actual amount ! If the amount comes down then I believe every 13 weeks they will recalculate your Hb entitlement to reflect this.

I don't know why posters don't just answer the Q correctly and lets face it if the poster is entitled to Benefits under English law then why should anyone have the right to criticise, mock or scoff at just because a figure of £10,000 is mentioned.

Moonboots89_2

davefrombristol wrote: »

Not strictly correct -

Re: £10,000 capital - Housing Benefit will treat you as having £4,000 over the Lower threshold of £6,000 - therefore you are treated as having £16 or in fact £17 income after the lumps of £250 are added up ( £1 for every £250 over the £6,000 threshold )

They then apply a 65% contribution to be made by you towards the rent of that income calculated

£16 = £10.40
£17 = £11.05

They will round up to the next £250 slot so if you tell them you have £10,001 you are treated as having £10,250
- The will probably want to see bank statements to show the actual amount ! If the amount comes down then I believe every 13 weeks they will recalculate your Hb entitlement to reflect this.

I don't know why posters don't just answer the Q correctly and lets face it if the poster is entitled to Benefits under English law then why should anyone have the right to criticise, mock or scoff at just because a figure of £10,000 is mentioned.

Thank you so much Dave - thats just what I was looking for. Really appreciate the help.