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Can CSA access my savings as I am currently unemployed and ineligible for benefits?

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Can CSA access my savings as I am currently unemployed and ineligible for benefits?

edited 30 November -1 at 1:00AM in Child Support
4 replies 3.6K views
MikeSharwoodMikeSharwood Forumite
1 posts
edited 30 November -1 at 1:00AM in Child Support
Hi,

I have recently been made unemployed and have taken this opportunity to try and learn full time forex trading online for the next 12 months. I am living off my savings, and as my savings are over £16k I am ineligible for benefits. I was hoping to come to an arrangement with my daughters mother regarding financial support, however today I have received a letter from CSA. Before I speak with them I am wondering if anybody can advise me whether they can access/seize my savings account as my earnings are Zero.

Any help would be greatly appreciate as I have tried looking online but cannot find anything regarding my situation.

Thanks

Replies

  • tacpot12tacpot12 Forumite
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    The document below explains how the CMS calculates the maintenance to be paid.

    The information on page 38 suggests that they can consider the interest you earn on your savings, and any profit you make from your self-employment as a forex trader. It appears that they cannot access your capital.

    https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/672432/how-we-work-out-child-maintenance.pdf
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always check official information sources before relying on my posts.
  • edited 6 September 2019 at 11:52PM
    antrobusantrobus Forumite
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    edited 6 September 2019 at 11:52PM
    Both the CSA and CMS, were and are part of the DWP. There is a data sharing agreement between the DWP and HMRC. The DWP could probably identify bank accounts through that gateway.
  • Your obligation to support your children doesn’t stop just because you want to change career.

    I know that you won’t accept this advice but it needs to be given; you will not be able to make a living trading foreign exchange. There is no pattern that tells you where it is going next and unless you have customers who pay you a spread you’ll have no chance.

    If you put enough of a position on to be able to generate a living wage you will also be exposed to losses big enough to wipe you out.
  • edited 10 September 2019 at 10:21AM
    MEM62MEM62 Forumite
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    edited 10 September 2019 at 10:21AM
    I have recently been made unemployed and have taken this opportunity to try and learn full time forex trading online for the next 12 months.

    One of the quickest ways I know to loose all your money. Anyone who believes they can make money at this probably also believes in unicorns.

    However, if you want to persist, you need a plan to meet your obligation to your daughter in the meantime. Maybe a part-time job?
    Your obligation to support your children doesn’t stop just because you want to change career.

    Absolutely. Some life choices close doors to others further down the line. If you cannot afford to 'retrain' and support your daughter then the option of the career change is not open to you.
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