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    • thequant
    • By thequant 19th Dec 11, 12:36 PM
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    What is a "Midas" Check ?
    • #1
    • 19th Dec 11, 12:36 PM
    What is a "Midas" Check ? 19th Dec 11 at 12:36 PM
    A frugal woman who saved more than 22,000 out of her benefits has been left penniless because she did not tell officials about her nest egg.

    Pauline Ford, aged 58, lived in a rusty mobile home, never went out, smoked or drank, and only spent the bare minimum she needed to feed herself and her 15-year-old dog.

    She wanted to build up her savings for her old age but fell foul of the law by failing to declare her assets when she applied for means tested benefits.

    By 2005 her savings had grown to 15,000 which meant she should have declared them when she continued claiming the housing and council tax benefits.

    In 2008, she applied for income support, which is also means-tested, without revealing she had just invested 21,000 in a Nationwide fixed bond.

    Plymouth City Council carried out a 'Midas' check which revealed her savings, and in 2010, Ford was interviewed by the council and Department of Work and Pensions investigators.

    Read more:

    What is a "Midas" Check ?
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