JSA - endowment - starting a new business - HELP

Cartref_2

My husband has recently been made redundant again! He has been granted income based JSA for a joint claim for him and myself. I have recently had a baby, although I am looking to go back to supply teaching shortly.

Whilst completing the forms for JSA, we needed to declare any 'stocks, shares' etc of which we have none. We do however have a mortgage endowment policy which is not linked to our current mortgage. We did not declare this as it does not mature for another 7 years and there was actually no direct question on the forms to do so. My question is....should we have declared it as an investment?

We are fortunate to have been paying unemployment insurance to cover our mortgage costs and this claim has been approved. It is deemed non taxable income and is not taken into account for the jsa claim.

My husband's work is quite specialist and vacancies are pretty non existent. As a result, he is looking into setting up a company and working as a contractor to that company. We have tried and failed to get any firm advice from job centre plus as to how this work will affect his entitlement for Jsa and subsequently the mortgage insurance. He needs to be entitled to jsa for the insurance to pay. We have been informed that he can work up to 16 hours a week and still claim jsa. Any paid earnings must obviously be declared. We are led to believe that paid work will result in jsa being suspended whilst the pay is being processed, which also probably means the insurance will be suspended too.

We feel that we are in a catch 22 situation, we want to work and build up a new business but it will be a long time before any earnings will cover our mortgage and we just haven't got the savings or family help to enable us to do this.

Surely, there is an easier way to try and do this....any help would be gratefully appreciated.

princessdon

From when I thought I needed to claim Income protection is counted (as you don't need to pay mortgage) and mortage protection isn't/

If I earnt - then the mortgage protection wouldn't pay that week (I needed JSA stamp and JSA discount if over the limit), but they'd pay for other weeks.

Eg my OH was unemployed for 12 weeks in 2010. He did 1 days consultancy 1 week and a few more days. On those weeks we couldn't claim mortage protection but could on weeks he didn't work. (his daily rate is £700 so over JSA).

You need to inform the JC if over £111 pw. - but that is cont based as you are on income based and getting other benefits it may be different
Being honest we delayed a few invoices but that is it in principle.

McKneff

I dont think there is a requirement to declare an endowment plan to be honest. I believe that it also includes life cover.

Cant help with the rest but good luck with it.

nannytone_2

is tghere a second property that this endowment is linked to?

Cartref_2

No, my husband took this endowment out on a previous property before we met but that was sold long ago. It is not linked to our current mortgage.

rogerblack

I am unsure that this wouldn't be counted.
Can this endowment be sold to a third party?
If it can, legally, then it has immediate value, now.

miduck

rogerblack wrote: »

I am unsure that this wouldn't be counted.
Can this endowment be sold to a third party?
If it can, legally, then it has immediate value, now.

You are correct - an endowment will have a resale value, and so (unless attached to a current mortgage) is an asset for benefit purposes.

[Deleted User]

it will also have a surrender value,so may well be declarable,you need to check with JC+