Giving money to my son to buy a house.

davidmcn

Angela_D_3 said:

davidmcn said:

Lover_of_Lycra said:

VXman said:

Lover_of_Lycra said:

There isn’t a limit on how far back local authorities can go. 

Really? So if I blew all my money in my 60's on lots of expensive holidays and a nice car or two would that be considered 'deprivation of assets' in my 70's.   Where would they draw the line. Everyone has different expectations/standards of living.

Yes really. 

Eh? Surely spending money on yourself isn't "deprivation" of assets, just converting your assets into a different form? I've never heard of the concept other than when giving things away to other parties.

If you fall on hard times and are at the mercy of the government to provide you with benefits or care services they can refuse on the basis of non discretionary spending.  A friend of mine was working full time in a professional role.  Bought a puppy.  Universal credits did not approve of the purchase and deducted the price of the dog from their calculations

I can understand that approach for expenditure after you're already claiming, but not prior. When I was unemployed it did strike me as odd that although I didn't qualify for means-tested benefits due to having enough money in the bank, if I had had less cash and instead, say, already had a fancier car on my driveway, they would have happily paid me the benefits and allowed me to keep the car.

sammyjammy

Angela_D_3 said:

davidmcn said:

Lover_of_Lycra said:

VXman said:

Lover_of_Lycra said:

There isn’t a limit on how far back local authorities can go. 

Really? So if I blew all my money in my 60's on lots of expensive holidays and a nice car or two would that be considered 'deprivation of assets' in my 70's.   Where would they draw the line. Everyone has different expectations/standards of living.

Yes really. 

Eh? Surely spending money on yourself isn't "deprivation" of assets, just converting your assets into a different form? I've never heard of the concept other than when giving things away to other parties.

It depends. 

If you fall on hard times and are at the mercy of the government to provide you with benefits or care services they can refuse on the basis of non discretionary spending.  A friend of mine was working full time in a professional role.  Bought a puppy.  Universal credits did not approve of the purchase and deducted the price of the dog from their calculations as to what help she could get with childcare,  so that she could work.  As a result the family ended up using food banks to feed herself and the puppy for a few months.  Ridiculous 

nice made up story, well done.

Angela_D_3

davidmcn said:

Angela_D_3 said:

davidmcn said:

Lover_of_Lycra said:

VXman said:

Lover_of_Lycra said:

There isn’t a limit on how far back local authorities can go. 

Really? So if I blew all my money in my 60's on lots of expensive holidays and a nice car or two would that be considered 'deprivation of assets' in my 70's.   Where would they draw the line. Everyone has different expectations/standards of living.

Yes really. 

Eh? Surely spending money on yourself isn't "deprivation" of assets, just converting your assets into a different form? I've never heard of the concept other than when giving things away to other parties.

If you fall on hard times and are at the mercy of the government to provide you with benefits or care services they can refuse on the basis of non discretionary spending.  A friend of mine was working full time in a professional role.  Bought a puppy.  Universal credits did not approve of the purchase and deducted the price of the dog from their calculations

I can understand that approach for expenditure after you're already claiming, but not prior. When I was unemployed it did strike me as odd that although I didn't qualify for means-tested benefits due to having enough money in the bank, if I had had less cash and instead, say, already had a fancier car on my driveway, they would have happily paid me the benefits and allowed me to keep the car.

Well not any more.  I don’t think they can make you sell your car but you’d be penalised for it 

Angela_D_3

sammyjammy said:

Angela_D_3 said:

davidmcn said:

Lover_of_Lycra said:

VXman said:

Lover_of_Lycra said:

There isn’t a limit on how far back local authorities can go. 

Really? So if I blew all my money in my 60's on lots of expensive holidays and a nice car or two would that be considered 'deprivation of assets' in my 70's.   Where would they draw the line. Everyone has different expectations/standards of living.

Yes really. 

Eh? Surely spending money on yourself isn't "deprivation" of assets, just converting your assets into a different form? I've never heard of the concept other than when giving things away to other parties.

It depends. 

If you fall on hard times and are at the mercy of the government to provide you with benefits or care services they can refuse on the basis of non discretionary spending.  A friend of mine was working full time in a professional role.  Bought a puppy.  Universal credits did not approve of the purchase and deducted the price of the dog from their calculations as to what help she could get with childcare,  so that she could work.  As a result the family ended up using food banks to feed herself and the puppy for a few months.  Ridiculous 

nice made up story, well done.

You’ve any experience of UC do you ? 

People have been told off for buying a £20 coat in the sale at M&S that would last them 5 years rather than a £15 from primark that would last 1 if that.  The mini hitlers doling out the money have quite a strange logic they apply.  

VXman

Thanks for all (most ) of the responses so far. Thinking about formalising the 'loan'. I came across these ready made documents. Anyone know about these type of things? Are they worth it or is a self written statement signed by all parties just as good?

https://www.legalo.co.uk/search/secured+loan/?post_type=product