Can I Protect My Savings While on Benefits?

Dunroamin

Naf wrote: »

But the OP hasn't asked that; they have asked if any accounts are exempt, which is different to ones that wouldn't be found. I'm glad I'm not so cynical as to assume everyone is a cheat out to pull a fast one right from the get go.

S/he asked if there were any accounts exempt from being checked, which is something quite different.

"What type of account can be checked and is there any type of account that is exempt?"

missapril75

Naf wrote: »

But the OP hasn't asked that; they have asked if any accounts are exempt, which is different to ones that wouldn't be found.

I re-read the original post. I think you should too.

It includes

mrobsessed wrote: »

I've been told that the Benefits agency have the power to check on ANY account as all accounts are linked to an individuals National Insurance Number. Is this true?

What type of account can be checked and is there any type of account that is exempt?

It's true the OP is asking what accounts are exempt. But he is asking if it's true accounts can be checked (why would that matter if the interest was only in exempted accounts?) and most importantly also asking about what type of accounts can be checked.

One doesn't need to be so cynical as to assume everyone is a cheat out to pull a fast one to conclude this is seeking to identify an account that is not checked.

Ravenshade

Just so that everyone is aware... it tends to be only offshore accounts that can't be checked... although that's mostly due to political arrangements and since the government is cracking down on people avoiding paying tax...

missapril75

Ravenshade wrote: »

Just so that everyone is aware... it tends to be only offshore accounts that can't be checked...

Great.

Now all I need is some capital to squirrel away. Anyone got any? Give it to me and I won't tell anyone and when the time is right you can have half back. :rotfl:

fredandwilma

Now what was the title of the thread again? :think:

Can I Protect My Savings While on Benefits?

Define protect?

From norovirus?

From the flu?



As it's been said by Cornucopia, The system is set up, rightly or wrongly to strip away excess savings before paying out benefits. You cannot protect those savings as cash, or cash equivalent.


The welfare state is exactly that. How many taxpayers here, genuinely empathise with someone wanting to protect savings, whilst at the same time, claiming benefits?

I DO empathise with someone wanting the safety net of their savings, but the whole welfare system is supposed to be in place as a safety net, not as a luxury, or as it's been said a right, although everyone has a right to a safety net?

Ravenshade

missapril75 wrote: »

Great.

Now all I need is some capital to squirrel away. Anyone got any? Give it to me and I won't tell anyone and when the time is right you can have half back. :rotfl:

I have Capital! Capital letters...I'll send you some, no need to return em!

fredandwilma is apparently upset by something, I can't imagine what it could be...and hasn't actually contributed anything...

fredandwilma

Like the OP says, they don't have a huge amount of savings, (although it might be to some people,) and even if they DO manage to protect their savings, they won't last forever, as living on, at best, £71 jsa per week, and still having a mortgage to pay, as well as ordinary living costs, job seeking, etc etc, they will more than likely find themself dipping into their savings, wherever they may be, on a regular basis. Even those up front annual payments already made, won't last forever. A year.

Redundancy payments are, after all, a cushion? In effect, you are still receiving the equivalent of your salary for the next 6 - 12 months? ( and you will still receive support from the state.) The OP has, sensibly, maybe a years worth of mortgage payments, (as they have already stated elsewhere.)

The OP would be far better placed, in my opinion, spending this pre unemployment phase, spending more of their time seeking another job, rather than spending so much of their time seeking to protect savings?

The OP is about to face a huge lifestyle change, with or without savings?

Naf

missapril75 wrote: »

I re-read the original post. I think you should too.

It includes


It's true the OP is asking what accounts are exempt. But he is asking if it's true accounts can be checked (why would that matter if the interest was only in exempted accounts?) and most importantly also asking about what type of accounts can be checked.

One doesn't need to be so cynical as to assume everyone is a cheat out to pull a fast one to conclude this is seeking to identify an account that is not checked.

I'll grant you that is a valid reading; however I read the tone of the rest of the post onto that part, instead of making an assumption about that bit and reading the assumption into the rest. In the rest of the post the OP asks about legitimate places, legal means exemptions, special circs. etc.
if someone posted, in their ignorance, where they could buy some tramadol over the counter; would your immediate assumption be that they wanted it for something illegal? Or maybe they'd had it prescribed once and found it really good, so wanted it again; not realising that its not available without prescription. Just because you know that the only means to accomplish something would be illegal, doesn't mean that someone asking about it knows that; or that they're looking for a way to break the law.

missapril75

Naf wrote: »

if someone posted, in their ignorance, where they could buy some tramadol over the counter; would your immediate assumption be that they wanted it for something illegal?

No. But that's not a similar comparison to asking in advance what accounts would not be discovered. Something similar would be like asking for a pharmacy (before actually going there) that would sell a particular drug "no questions asked." Would that arouse your suspicion?

mrobsessed

I must say, this analysis of the logic and morality of my posts is absolutely fascinating.

Please, continue.