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Cash 'gift'-complicated-heeelp!!!!
DIDLE
Posts: 4 Newbie
hi, my parents have just moved into sheltered accom', selling their cash bought house. As my Dad doesn't work (d.o.b '43) & my Mums retired they receive benefits/pension. I have a failed endowment & now an increase in my mortgage thats set to cripple me financially. They have offered me 50k to a)ease my paymets of near £900 pcm to £500pcm by paying some of my mortgage off and b) As its a 'loan' they want a small income. The idea being I get help & their benefits aren't affected. Recently moved ny mortgage & I'm tied for 5 yrs. Any ideas would be FANTASTIC. Thanks.DIDLE
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Comments
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Their benefits should be reduced as they are giving the capital away (known as deprivation of assets) if there is no income. As there is income then the £500pm you will pay will be classed as income.
The Govt is aware people try to get rid of money and has processes in place to catch (and if necessary prosecute) those that illegally dispose of assets.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
does that apply even if I paid them in cash so it would be 'untraceable'? Any other ideas how we can both win?0
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If you want to commit benefit fraud and run the risks of that then its your choice.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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