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Will selling nana's necklace affect benefits?
e_m_i_l_y_e_m
Posts: 9 Forumite
Need help here... my nana left me a necklace when she died a few years ago and it's supposed to be worth about £1700 (!).
I don't really want to sell it but, if I did, would the 'income' from the sale affect my entitlement to income support?
Any expert advice there most welcome and thanks in advance. I don't want to end up without my heirloom AND have my benefits docked.
I don't really want to sell it but, if I did, would the 'income' from the sale affect my entitlement to income support?
Any expert advice there most welcome and thanks in advance. I don't want to end up without my heirloom AND have my benefits docked.
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Comments
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I think you are allowed to have £6000 in savings before it affects income support. Someone will correct me if I'm wrong.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Will it be counted as income though? Will I have to prove it's just (ahem) liquidating an asset? (sorry that's a horrible phrase) If I need to show my bank account records then will it be questioned? Worried about this.
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If you had to show your bank statement to them, when any credit for this was on it, they will probably ask what it was for.
But, as it will be a one-off credit, which will not take you over the savings/income threshold, it won't affect your benefits.
Keep any reciept, papers etc., you get from whoever you sell the jewellery to.
Lin
You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset.
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a one-off payment should be counted as capital, rather than income. As long as it doesn't take you over the lower capital limit (£6000) for Income Support, it shouldn't be a problem."Harry, I'm going to let you in on a little secret. Every day, once a day, give yourself a present. Don't plan it. Don't wait for it. Just let it happen. It could be a new shirt at the men's store, a catnap in your office chair, or two cups of good, hot black coffee."0
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DON'T WORRY ABOUT IT.
If you require the cash then sell it. Lot of people aren't honest like yourself and just don't give a dame.:A Tomorrow's just another day - keep smiling0 -
Don’t forget, that might be the replacement value (i.e. the current retail price of a similar item).e_m_i_l_y_e_m wrote:my nana left me a necklace...it's supposed to be worth about £1700 (!).
If you sell it to a dealer, you might get considerably less.0
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