How much savings you are allowed before it affects the benefits

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  • sammyjammy
    sammyjammy Posts: 7,389 Forumite
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    This thread is five years old, people should stop posting on it and start a new thread if they have a query about benefits and savings.
    "You've been reading SOS when it's just your clock reading 5:05 "
  • motherinlaw
    motherinlaw Posts: 1 Newbie
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    could you plz help me if you can, I would like to know how much money my mother in law can have as savings, she is getting widows pension thank you
  • pmlindyloo
    pmlindyloo Posts: 13,049 Forumite
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    motherinlaw wrote: »
    could you plz help me if you can, I would like to know how much money my mother in law can have as savings, she is getting widows pension thank you

    You need to start a new thread as this one is very old.

    Go to the Forums main page, click on Benefits and Tax Credits and you will see New Thread button at the top left hand side. Click on this.

    Please paste your question there,

    Please add what benefits your MIL wants to claim and her current situation.
  • SD-253
    SD-253 Posts: 314 Forumite
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    damo73 wrote: »
    hi,
    take this as gospel as i work in DWP for Income Support (IS). you have to declare all capital ie savings, bank, building society and post office accounts when u make a claim. its fruad if u don't.
    you can have £16000 pounds in savings, but anything over £6000 is taken into account at the ratio of £1 off your personal allowance (PA) for every £250 over the £6000. IS will also pay the mortage interest but there is a qualifing period.
    hope this helps

    Damo
    IS Decision Marker

    Anyone know, preferably an expert if my debts (0% credit cards) can be used against the £6000 limit on savings. I use 0% credit cards and put the money I spend in a savings account. So debt is always equal to or greater than my savings. Obviously I would prefer to lose no benefits IE £1 of benefit payments for every £250 over the £6000 limit. Thanks SD
  • Morglin
    Morglin Posts: 15,919 Forumite
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    If your savings are over the threshold, then you will lose some or all of your MT benefits.

    No, your debts do not change this scenario - it's only about savings.

    Why is everyone suddenly asking this?

    Lin :)
    You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset. ;)
  • SD-253
    SD-253 Posts: 314 Forumite
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    "Quote:
    Originally Posted by damo73 View Post
    hi,
    take this as gospel as i work in DWP for Income Support (IS). you have to declare all capital ie savings, bank, building society and post office accounts when u make a claim. its fruad if u don't.
    you can have £16000 pounds in savings, but anything over £6000 is taken into account at the ratio of £1 off your personal allowance (PA) for every £250 over the £6000. IS will also pay the mortage interest but there is a qualifing period.
    hope this helps

    Damo
    IS Decision Marker"


    Anyone know, preferably an expert if my debts (0% credit cards) can be used against the £6000 limit on savings. I use 0% credit cards and put the money I spend in a savings account. So debt is always equal to or greater than my savings. Obviously I would prefer not to lose any benefits IE £1 of benefit payments for every £250 over the £6000 limit. I don't get housing benefit.
  • Poppie68
    Poppie68 Posts: 4,881 Forumite
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    Why are people still posting on a thread that is 6 years old?
  • SD-253
    SD-253 Posts: 314 Forumite
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    Morglin wrote: »
    If your savings are over the threshold, then you will lose some or all of your MT benefits.

    No, your debts do not change this scenario - it's only about savings.

    Why is everyone suddenly asking this?

    Lin
    . Are you expert or do you just think you are?
    Morglin wrote: »
    You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset."
    The above is the definition of female chauvinist pig
  • SD-253
    SD-253 Posts: 314 Forumite
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    Poppie68 wrote: »
    Why are people still posting on a thread that is 6 years old?
    Why do you care? If you can't be helpful why are you sticking your nose in. If it was relevant 6 years ago it is relevant now.
  • jacques_chirac
    jacques_chirac Posts: 2,825 Forumite
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    SD-253 wrote: »
    . Are you expert or do you just think you are?


    The above is the definition of female chauvinist pig
    SD-253 wrote: »
    Why do you care? If you can't be helpful why are you sticking your nose in. If it was relevant 6 years ago it is relevant now.

    You do a good job of making sure no one offers you help again!
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