HB and Premium Bond

brovahelpa

Thank you. What would you say is a large spend.
I shall certainly keep more of a record in future.

eadieb

I guess it depends on how you spend the savings. If you take lump sums of say £50/£100/£500/£1000 and then move them into your current account. and then spend the money from that account using debit cards that show what it is spent on. you probably dont need to worry so much, as there is a clear paper trail that anyone can see if they needed to. e.g money moved from savings, shows in current account, then a debit card payment for computer shows.

and if you were transferring amounts of money into your current account , it would then show up as you gradually spent it on smaller things.

however if you do lots of spending using cash straight from the savings account then it might be better to keep a note of it or receipts for items that you think would be relevant to making an impact on your savings. (think in terms of if someone was asking you where your money had gone)

There are no absolute rules, it is all about what is reasonable and normal spending. The longer it has been since you first had the savings compared to how they gradually reduce, then it is expected that they will gradually reduce.

the benefits depts and councils are mainly interested in people who have large lump sums that suddenly reduce by large amounts, with no reasonable explanation or the reasons are not acceptable. They have a rule called the Deprivation of capital rule, and this is all about people deliberately depriving themselves of money in order to claim benefits. it is open to interpretation

so for example
a disabled person who chooses to spend £8000 of their savings on a new bathroom with walk in shower, would be perfectly reasonable, whereas a person who gives £8000 to a relative without a very good reason, would be suspect

racon

dippy3103 wrote: »

That's the advice I give to every one- I'm a fraud investigator and often see people that didn't think the change mattered so didn't report it. If you stick to tell its advice & keep proof you reported it you can't go wrong!!

Report every change- if it's not relevant the office will tell you.

Hey I do just love that answer!
Would that include EVERY increase or decrease in capital or income as well as every change that occurs in one's life?

racon

brovahelpa wrote: »

Thanks so much for replies. I've ordered an ISA statement so as soon as it arrives I will report the win.
Will they want to know what I have spent the £3000 on and will they want to see receipts. I'm not very good at keeping them, and usually throw them once the guarantee is out. This spend is over 3 years.
Also, out of interest, are the benefit office notified by NS&I of Premium Bond winners.
Thanks again for the advice.

Hey, I do believe that GCHQ in Cheltenham have the ability to read every piece of electronic/digital traffic and listen in to all telephone calls. No doubt the DWP/LA/HMRC get daily reports?

racon

eadieb wrote: »

a disabled person who chooses to spend £8000 of their savings on a new bathroom with walk in shower, would be perfectly reasonable, whereas a person who gives £8000 to a relative without a very good reason, would be suspect

Hey what if £8000 was spent on a holiday or maybe a caravan that you let out (on the quiet).
Simply there are no rules, just how the decision maker feels about it at the time.

brovahelpa

Thanks so much for replies and advice which I will follow.
When I go into offices to report this win, should I take bank statements and any receipts I can find.?