Can I Protect My Savings While on Benefits?

Indie_Kid

I seem to remember not along ago, (but way before I claimed any benefits in my own right) the cap was £8k. From £3k, your benefits were deducted like they are now.

£16k is generous and it's not unreasonable for someone to be expected to use their savings.

Voyager2002

So far as I can see, no-one has answered the original question with LEGAL suggestions. It is perfectly acceptable to put money aside in anticipation of a tax bill or similar. It is perfectly acceptable to spend part of a redundancy payment on home repairs, installing central heating, in fact most of the things that the claimant would spend anyway if having savings were not an issue. It is NOT acceptable to do anything to get rid of money in order to be able to claim benefits.

dodger1

graffias wrote: »

Why are there so many penny-pinching Tories on here?

Cap for savings needs to be much much higher. Savings are absolutely ESSENTIAL - only income should matter for benefits.

As most benefits claimants have little savings the govt saves a paltry amount because of savings caps, thus unfairly punishing this responsible sector of the population. The govt is rewarding irresponsibility and wants to put us in the hands of loan companies.

Why penny pinching Tories when Labour also agree with the savings cap and indeed the welfare cap.

BillJones

graffias wrote: »

The thing about savings caps that is so grossly unfair is that somebody could only HAVE savings because they've been prudent with their money, whilst others could have went out and spent it all.

I know what you mean. It's a similar case with me. Just because my wife and I have both put in the effort and have good jobs in investment banks, apparently we can't get any benefits at all.

How can this be right? We could have chosen to not work at all, and just because we've done the right thing, the state expects us to pay our own way.

Everyone should be able to get money from the government. The fact that we earn loads of money is no reason for the state not to support us!

dippy3103

Voyager2002 wrote: »

So far as I can see, no-one has answered the original question with LEGAL suggestions. It is perfectly acceptable to put money aside in anticipation of a tax bill or similar. It is perfectly acceptable to spend part of a redundancy payment on home repairs, installing central heating, in fact most of the things that the claimant would spend anyway if having savings were not an issue. It is NOT acceptable to do anything to get rid of money in order to be able to claim benefits.

Where would it end then? What do you suggest would be a resonable upper savings limit then?

Means tested benefits are a safety net for those that do not have anything to support themself with.

I don't have savings as I have frittered my wages away on supporting myself and my family- paying the mortgage and keeping a car on the road. It hadn't occurred to me to feel hard done by till now....

Voyager2002

BillJones wrote: »

I know what you mean. It's a similar case with me. Just because my wife and I have both put in the effort and have good jobs in investment banks, apparently we can't get any benefits at all.

How can this be right? We could have chosen to not work at all, and just because we've done the right thing, the state expects us to pay our own way.

Everyone should be able to get money from the government. The fact that we earn loads of money is no reason for the state not to support us!

In view of the enormous costs to us all following the banking collapse, it would be financially prudent to pay people like you NOT to be investment bankers.

allison445

16k is not a massive amount of money when you have no earnings or benefits coming in.
In my own circumstances if 16k was all I had to live on after paying rent, council tax, food and other bills I would be skint in 10 months.
Would depend on how long the dwp thought this money should last.
If you have earned the money I don't think dwp have the right to say what you can and can not spend it on.
As it seems to be ok to spend benefit money on booze, fags , sky, bingo , cinema, drugs, holidays and lots of other frivolous things.
System is a joke.

tomtom256

allison445 wrote: »

16k is not a massive amount of money when you have no earnings or benefits coming in.
In my own circumstances if 16k was all I had to live on after paying rent, council tax, food and other bills I would be skint in 10 months.
Would depend on how long the dwp thought this money should last.
If you have earned the money I don't think dwp have the right to say what you can and can not spend it on.
As it seems to be ok to spend benefit money on booze, fags , sky, bingo , cinema, drugs, holidays and lots of other frivolous things.
System is a joke.

That's a years wage to some and more than a years wage to others.

Maybe just live within your means!

rogerblack

BillJones wrote: »

Everyone should be able to get money from the government. The fact that we earn loads of money is no reason for the state not to support us!

There is actually an argument for this.
https://en.wikipedia.org/wiki/Basic_income

An income, provided to everyone.
I'm currently on ESA.
I am unable to do what small amount of work I can attempt, due to the rules around permitted work.
This is compounded by worries about being reported for doing things that I have informed the DWP about, but that will trigger a fresh assessment of my disability.

Basic income would remove this and allow me to try stuff without worrying about it.

BillJones

Voyager2002 wrote: »

In view of the enormous costs to us all following the banking collapse, it would be financially prudent to pay people like you NOT to be investment bankers.

Oh !!!!!!.........