Can I Protect My Savings While on Benefits?

princessdon

Best way to protect them is to get a job

rogerblack

To answer strictly the question asked - as I understand it in principle it would be legal to pay into a properly arranged trust from _income_ - not savings.

This would have to be setup so you could never get access to the money.
It may be for example setup to pay utility bills, or specific costs.

To do this would require a lawyer willing to draw up such a trust, with an understanding of the benefit rules, and would involve both setup and admin costs.

missapril75

McKneff wrote: »

The cheif executive of a company goes on holiday for a week
The cleaner in his company goes away for the same week.

I'll bet there'd be some gossip.

McKneff

missapril75 wrote: »

I'll bet there'd be some gossip.

I somehow just knew someone was going to come up with that even when I was typing it....:rotfl::rotfl::rotfl:

C_Mababejive

Its probably a bit late now but keep most of your money in cash,away from banks.Buy assets,buy a bigger home or one in a better area. It is incredible to think that someone could possibly have £5000 in the bank and live in a home worth £1m and yet they presumably would receive means tested benefits whilst a homeless person with £16k i the bank wouldnt get anything.

sja75

princessdon wrote: »

Best way to protect them is to get a job

LOL....

Yet another post from MSE's Benefits and Tax Credits forum Guru.

missapril75

McKneff wrote: »

I somehow just knew someone was going to come up with that even when I was typing it....:rotfl::rotfl::rotfl:

Happy to not disappoint.

(the cheque for the set-up is in the post)

asdf1982

C_Mababejive wrote: »

Its probably a bit late now but keep most of your money in cash,away from banks.Buy assets,buy a bigger home or one in a better area. It is incredible to think that someone could possibly have £5000 in the bank and live in a home worth £1m and yet they presumably would receive means tested benefits whilst a homeless person with £16k i the bank wouldnt get anything.

im pretty sure homeless people dont have £16k in the bank. otherwise they'd just rent a flat and they wouldnt eat out of bins

bryanb

asdf1982 wrote: »

im pretty sure homeless people dont have £16k in the bank. otherwise they'd just rent a flat and they wouldnt eat out of bins

Perfectly possible with a fixed term savings account that is untouchable for 5 years

HappyMJ

bryanb wrote: »

Perfectly possible with a fixed term savings account that is untouchable for 5 years

You can close fixed term savings account with a penalty which is usually the loss of all interest.