Made a terrible mistake

robpw2

jules6891 wrote: »

One thing is for certain, I have completely ceased on spending any more of my money on coins. I just don't know what to do with the coins I've bought already or how to approach the DWP, the council and the care support fund managers.

well thats why you need to get some proper financial advise

as for the dwp its always best to inform them of any changes of circumstances

Ames

jules6891 wrote: »

For your info, I took about 3 hours to type it. If you do not have the attention span to understand my situation and why I took so much effort to explain my mess then I can only ask you to ignore my post if it irritates you. Nobody is forcing you to read my post. I'm worried sick here and the best interpretation you have is that I'm posting some sort of scam here? That was not my intention and I did not come here seeking unhelpful and negative response.

My apologies to anyone else who thinks my post "sound suspiciously like an unsolicited e-mail".

I think the other posters meant you're falling for a scam, not that you're perpetrating one.

Assuming it's all legit...

jules6891 wrote: »

Can I just surrender my cryptocurrency portfolio over to the DWP? Will that be the right thing to do?

No. You tell them how much you have in savings. They'll need to see proof of when you went above £6k and every £250 above that. You'll have to pay back overpaid benefits and may be fined.

You then live off your savings until you become eligible again. It's possible that you'll have to claim Universal Credit instead of ESA. If you're currently entitled to the SDP you'll be significantly worse off.

w06

No Ames, that this is an attempted scam.

If it is genuine the simple and only legal solution is to be totally honest and declare your capital, same as you would have to any capital earned in any other way.

Ames

w06 wrote: »

No Ames, that this is an attempted scam.

If it is genuine the simple and only legal solution is to be totally honest and declare your capital, same as you would have to any capital earned in any other way.

OK, I'm confused as to what the scam is in that case?

Although I have many doubts whether any of this is real.

w06

On a par with the spam emails from folk with millions they want to transfer to you out of the goodness of their heart/to help them out of a fix ... but you'll need to pay £xxx to facilitate it.

mrcol1000

Ames wrote: »

OK, I'm confused as to what the scam is in that case?

Although I have many doubts whether any of this is real.

You post on a forum. You find someone willing to help. You either sell the bitcon at a below market price to them and they bank transfer the money to a relative. You never get your bitcon.

Or you ask to use their bank account to move the money for the bitcon. You offer to leave some of the money as a reward. There is an unexpected issue which requires a small payment. You can't possibly do it because all your money is tied up in bitcon. The person helping you pays the money thinking they will get more than that back. Then there is another issue which needs another payment.......

w06

Aside from all of the other red flags shouting this is a scam, somebody finding it difficult to type would not be so extremely and unnecessarily verbose.

The same message was posted on reddit last week https://www.reddit.com/r/BitcoinUK/comments/7mahxs/i_messed_up_big_time_its_killing_me/

poppy12345

To me all of this just screams, SCAM!

Ames

w06 wrote: »

On a par with the spam emails from folk with millions they want to transfer to you out of the goodness of their heart/to help them out of a fix ... but you'll need to pay £xxx to facilitate it.

So like I said, you're suggesting the OP is falling for a scam, not doing the scamming.

I don't for a second think this is a genuine thread, the advice around savings and deprivation is always useful to give out though given how often there are threads asking basic questions about it.

I probably should have put 'on the off chance this is real' rather than 'assuming' in my previous post.

w06

no this kind of thing results in anyone who takes it seriously and offers sympathy/help in avoiding the issue of having a chunk of money that's undecrlared being drawn in via pms from the poster, it the poster who is attempting to scam