Savings beyond 16k
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Nobody_Important
Posts: 1 Newbie
I'm in a bit of trouble at the minute and trying to find information that can help.
I'm on an ESA support group and got a letter about a compliance officer visiting, she was there to investigate my savings. When we talked I was not aware of the restrictions on savings and admitted to having 15k in my primary account, I also mentioned a second account that to my knowledge was my student loan that we moved to an account with a higher interest.
This meant I had around 25k in savings. I live with my parents and have not been paying towards the house, I rarely go outside and when I do I tend to avoid going to cash machines. I'm rambling but, there's a lot of personal reasons why my money has built up over the years that I feel weren't taken into consideration.
My main question and why I need help, is that the waiting is destroying me. I can barely get out of bed and self harm has returned. I'm fine with them taking money out of my account, but I need to know if my benefits will stop entirely, this happened before and I found myself not attempting weekly trips to the town ( therapy tasks) because the feeling of having zero income was too much, I know that sounds stupid when I had so much saved but it's how my brain works for some reason.
Can anyone share some insight into this situation? The investigator said worst case scenario I pay the money back, but made no mention of having benefits cut entirely. Sorry how wordy this got, not good at these things, thanks for any help.
I'm on an ESA support group and got a letter about a compliance officer visiting, she was there to investigate my savings. When we talked I was not aware of the restrictions on savings and admitted to having 15k in my primary account, I also mentioned a second account that to my knowledge was my student loan that we moved to an account with a higher interest.
This meant I had around 25k in savings. I live with my parents and have not been paying towards the house, I rarely go outside and when I do I tend to avoid going to cash machines. I'm rambling but, there's a lot of personal reasons why my money has built up over the years that I feel weren't taken into consideration.
My main question and why I need help, is that the waiting is destroying me. I can barely get out of bed and self harm has returned. I'm fine with them taking money out of my account, but I need to know if my benefits will stop entirely, this happened before and I found myself not attempting weekly trips to the town ( therapy tasks) because the feeling of having zero income was too much, I know that sounds stupid when I had so much saved but it's how my brain works for some reason.
Can anyone share some insight into this situation? The investigator said worst case scenario I pay the money back, but made no mention of having benefits cut entirely. Sorry how wordy this got, not good at these things, thanks for any help.
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Comments
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As your savings exceed the maximum amount for means tested benefits your ESA Income Related will stop completely. If PIP or DLA is being claimed that will continue. You will also need to repay back any over payment. There may also be a fine on top. As for anything else then i have no idea what will happen.Nobody_Important wrote: »I'm in a bit of trouble at the minute and trying to find information that can help.
I'm on an ESA support group and got a letter about a compliance officer visiting, she was there to investigate my savings. When we talked I was not aware of the restrictions on savings and admitted to having 15k in my primary account, I also mentioned a second account that to my knowledge was my student loan that we moved to an account with a higher interest.
This meant I had around 25k in savings. I live with my parents and have not been paying towards the house, I rarely go outside and when I do I tend to avoid going to cash machines. I'm rambling but, there's a lot of personal reasons why my money has built up over the years that I feel weren't taken into consideration.
My main question and why I need help, is that the waiting is destroying me. I can barely get out of bed and self harm has returned. I'm fine with them taking money out of my account, but I need to know if my benefits will stop entirely, this happened before and I found myself not attempting weekly trips to the town ( therapy tasks) because the feeling of having zero income was too much, I know that sounds stupid when I had so much saved but it's how my brain works for some reason.
Can anyone share some insight into this situation? The investigator said worst case scenario I pay the money back, but made no mention of having benefits cut entirely. Sorry how wordy this got, not good at these things, thanks for any help.0 -
If you struggle with having capital but no income, ask your parents to give you a weekly pocket money income from your savings.
If you are only claiming means tested benefits they will stop, and will return at a reduced rate once you are down to 16k before returning to full rate once below £6k0 -
marliepanda wrote: »If you struggle with having capital but no income, ask your parents to give you a weekly pocket money income from your savings.
If you are only claiming means tested benefits they will stop, and will return at a reduced rate once you are down to 16k before returning to full rate once below £6k
Sounds like a great idea. The OP will have the sense that they have money coming in each week, and it seems to be the lack of that image which is causing part of the problem.0 -
If you don't have access to your savings, they can't actually take it into account, however you will need strong evidence of this. Parents with-holding money that is rightfully yours cannot easily be refused.
But that doesn't seem to be in the O.P. Once your savings drop below 16,000 ESA will return (You might need to re-apply depending on if they completely shut your claim or not). Careful to manage your savings effectively however as disposing of savings will not help you and they'll treat you as though you still have it.
The Compliance team take no prisoners and there will likely be a £50.00 civil penalty applied.
You say that you have not been paying towards the house. Is this something that you are actually supposed to be doing? If so then, now is the time to pay. Discuss this with the Compliance officer before hand or ask the Contact Centre to get the Benefit Centre to give you a call back to discuss it. They are likely to say it's okay.
...and now I miss warms...
Debt Management will be responsible for recovering the Overpayment but before it gets to that stage make an inquiry as to whether you can send a cheque in full to the Benefit Centre for the overpayment. This will mean it won't go to Debt Management (who can be real pain in the rear ends when they want to be). Provided the Compliance Team Leader (processing team I mean) allows it, should be fine to do (it can be done and the finance team don't have a problem with it provided it's properly accounted for) and you might be able to avoid the civil penalty.0 -
If you don't have access to your savings, they can't actually take it into account, however you will need strong evidence of this. Parents with-holding money that is rightfully yours cannot easily be refused.
Nothing in the OP suggests anything like this.
They are his savings. He can access them. Everyone can access their own money. It does not say anything even suggesting his parents are withholding it.0
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