Savings withdrawal

gavra

I accumulated this saving after i got my benefits.Sounds strange but it happened.
So,when i started my benefits,7 years ago,i didn't have anything to declare.
Now, i don't know what to do.

gavra

And again ,thanks for your kind replies.

bryanb

gavra wrote: »

Now, i don't know what to do.

You have to do what it said on the benefit forms you signed. That is declare that your circumstances have changed.

Yorkie1

I think a failure to declare a change in savings status could be something the DWP would be interested in investigating. The Benefits forum on here would know for sure; might be worth checking with them.

innovate

gavra wrote: »

Thanks,i am aware of a threshold,and it is still 16k, but still i am concerned that withdrawing that large sum of money can attract DWP attention.

Seems you still haven't understood - - withdrawing makes no difference, having the savings is what counts.

You are doing yourself no favours by not declaring your savings. If you are over the threshold, this will sooner or later be discovered.

pvt

innovate wrote: »

Seems you still haven't understood - - withdrawing makes no difference, having the savings is what counts.

On the contrary I think it's you that doesn't understand what Grava's getting at.

As I understand it, Grava wants to withdraw his/her savings and re-invest it in the bank of Dunlopillo, where it will no longer be "savings", and no longer reduce any means tested income.

Mr_K

It certainly wouldn't matter for DLA as that isn't affected by income.

Milarky

The OP's remark that they have saved up 16k ish during 7 years on benefits (actually it doesn't make any difference what the source of the funds - it's the accomplishment of saving from income) reminds me of a corpulent Ken Clarke's remark as Chancellor that the bottom decile of income in the population, having any wealth at all, must have used particularly 'good' accountants.

Perhaps all the "you've got to give yourself up to the law" brigade will reflect that any savings whatsoever (whether come by licitly or not) are now considered "fair game" for immediate sequestration.

xylophone

As I understand it, Grava wants to withdraw his/her savings and re-invest it in the bank of Dunlopillo, where it will no longer be "savings", and no longer reduce any means tested income.

You mean he wants to buy a new bed?:)

Or put the money under the existing one? It would of course still be savings even though no interest was being earned.

http://www.dailymail.co.uk/news/article-2075861/Pauline-Ford-58-saved-22k-nest-egg-benefits-pay-back.html

atush

The Op has the money. Which should have been declared as it is over the 6K threshold. However, they may spend it as they wish if it is under the threshold. So declare it, pay any fine out of your savings. Then ask them if you can spend what you have above the threshold (ie what did you want to spend it on). Some things would be allowed (ie essentials or training to get work etc) and others not?

I think what the OP shows though, is that if you can save that much on benefits, then the benefits are perhaps too generous?