what do jsa count as savings

k4n3y

first time poster and will try to explain as best i can
I claim income support and carers allowance for my mother
They are selling up to buy a smaller house on one level
i therefore decided it was time to move out and sold every possession i have owned to raise capital plus borrowing from parents to buy a small starter flat which cost me £12,500(needs work)
Since i informed IS of change of address they have sent me a form A2 to fill out,which i understand as my circumstances have changed,but on one part of the form they ask for savings as of now ,which i have none as all gone,but another part of form asks if i had savings in the last six months,now as i was selling the items i had to raise the capital it was stored in my account temporarily until transferred to the lawyer dealing with the sale,so do i need to declare this as savings as it went out as quickly as it went in.

if anyone wonders how i raised the money i haven't always been a benefit claimant and was a tradesman,i had a passion for classic cars and sold the three i owned for many years to raise the funds which i can prove if they deem neccessary.i used to have some savings but after three years claiming IS that has all dwindled away.

Shiloe

As you had the money in your possesion and the money was legal yours then yes this should have and will have to be declared on the form you could attach a letter explaining how you got the money and what it was spent on (along with proof)

Jobseeeker

ah - a classic car collection does count as an asset (even though a regular car you drive does not)

so you had the cars then sold them for money, you may not have been entitled to means tested benefits at the time you had either (depending on value)

but the flat you live in now is fine. its not an asset

k4n3y

Shiloe,Thank you just wanted to clarify that it would be counted as savings,so have i now committed fraud by not telling them about this money,this was all done within 6 weeks,cash put into account as things sold,not sitting in an account gaining interest for months /years undeclared.got me worried now

k4n3y

jobseeker,i had no idea my cars were counted as an asset,no one ever asked me about them,these were my only release from the stress of caring for my mother,they were all on the road,i.e taxed(exempt),mot'd ,insured and driven a lot for pleasure not sitting under wraps in a garage waiting for prices to go up

Jobseeeker

k4n3y wrote: »

jobseeker,i had no idea my cars were counted as an asset,no one ever asked me about them,these were my only release from the stress of caring for my mother,they were all on the road,i.e taxed(exempt),mot'd ,insured and driven a lot for pleasure not sitting under wraps in a garage waiting for prices to go up

as far as i know its ok to put your savings/assets into a flat (for you to live in) it might lead to questions but im sure you'll still get jsa

benefitbaby

Jobseeeker wrote: »

ah - a classic car collection does count as an asset (even though a regular car you drive does not)

so you had the cars then sold them for money, you may not have been entitled to means tested benefits at the time you had either (depending on value)

but the flat you live in now is fine. its not an asset

I'm sorry, I disagree with the above.

Unless the cars were for business use or purchased to reduce capital then the classic cars are a personal possession to be disregarded - paragraph 15 of schedule 8 of the JSA Regulations 1996.