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  • FIRST POST
    • rvj87
    • By rvj87 24th Apr 18, 2:47 AM
    • 39Posts
    • 6Thanks
    rvj87
    Declaring Premium Bonds
    • #1
    • 24th Apr 18, 2:47 AM
    Declaring Premium Bonds 24th Apr 18 at 2:47 AM
    Hi all,
    I now have 1000 in premium bonds. I also have 2000 in my second account. Obviously I need to report a change of circumstance for my ESA. Would it be safest to declare both of these sums? Or do I only need to mention the 1000?
    Any help appreciated.
Page 2
    • TELLIT01
    • By TELLIT01 9th May 18, 7:49 AM
    • 5,257 Posts
    • 5,817 Thanks
    TELLIT01
    So it's safest not to have any savings?
    Originally posted by rvj87
    That is not correct. Savings under 6k are disregarded completely. Between 6k and 16k benefit is reduced by 1 per week for every 250 in savings. For example, savings of 7k would see the amount reduced by 4 per week. That's the case for Income Related ESA and Income Support.
    • Owain Moneysaver
    • By Owain Moneysaver 10th May 18, 9:32 PM
    • 8,389 Posts
    • 9,394 Thanks
    Owain Moneysaver
    So it's safest not to have any savings?
    Originally posted by rvj87
    It's very dangerous not having any savings.

    If you don't have an emergency fund you can find yourself going into debt when an unexpected expense crops up.
    A kind word lasts a minute, a skelped erse is sair for a day.
    • rvj87
    • By rvj87 11th Jul 18, 3:35 AM
    • 39 Posts
    • 6 Thanks
    rvj87
    Hi,
    Apologies for taking such a long time to get back to you. Things have not been going well recently. I am still terrified of the idea of ringing the DWP and asking if I can have premium bonds. I think there's a very good chance that even if I have nothing they'll still go through my records and will probably withhold my esa while they're looking. Of course if they do decide to stop my esa while they look that means I won't get any housing benefit and will have to fight to not go homeless and to be honest the way things have been recently I think the stress would be the final straw.
    • rvj87
    • By rvj87 11th Jul 18, 3:40 AM
    • 39 Posts
    • 6 Thanks
    rvj87
    p.s. after reading various stories about esa being stopped for the most trivial things I see even less reason to give myself cause to speak to the DWP about anything even remotely related to money. I remember the struggle I went through to make sure I didn't lose my esa when they sent my questionnaire to the wrong address; I had to chase them up for months and months and the stress and strain nearly led me to take my own life. I had to fight so hard to make sure I didn't lose my payments. If I lose my ESA this time I will be forced to take universal credit.

    (Text removed by MSE Forum Team)
    Last edited by MSE ForumTeam3; 11-07-2018 at 9:09 AM.
    • seven-day-weekend
    • By seven-day-weekend 11th Jul 18, 6:40 AM
    • 30,957 Posts
    • 58,974 Thanks
    seven-day-weekend
    Where is the money that you said you withdrew?
    Member #10 of 2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
    • bspm1
    • By bspm1 11th Jul 18, 8:04 AM
    • 86 Posts
    • 181 Thanks
    bspm1
    Not sure if you are taking any notice of the many replies on this subject which have told you, many many times that savings below 6000 will have NO impact on your Income related benefits.

    I think you should stop torturing yourself unnecessarily.
    Last edited by MSE ForumTeam3; 11-07-2018 at 9:10 AM. Reason: Quoting edited post
    • marliepanda
    • By marliepanda 11th Jul 18, 9:03 AM
    • 6,304 Posts
    • 13,432 Thanks
    marliepanda
    Hi,
    Apologies for taking such a long time to get back to you. Things have not been going well recently. I am still terrified of the idea of ringing the DWP and asking if I can have premium bonds. I think there's a very good chance that even if I have nothing they'll still go through my records and will probably withhold my esa while they're looking. Of course if they do decide to stop my esa while they look that means I won't get any housing benefit and will have to fight to not go homeless and to be honest the way things have been recently I think the stress would be the final straw.
    Originally posted by rvj87
    There is very little point posting for help if you are going to ignore every last thing people have said to you.

    You can have savings up to 6k without it impacting means tested benefits

    It doesnt matter if the 6k is cash, premium bonds, savings account, current account, ISA it all counts in exactly the same way.

    Between 6k and 16k it will reduce your benefit and you can use your savings to 'top up' what you do not get in benefits.

    If you only have the money you mentioned in your opening post, which adds up to 4600, that wont affect anything. Fretting, calling up, moving money around is more likely to flag up to them as something 'odd' and make them check your accounts than just saying 'Hi, I have 4600 in various accounts and premium bonds.'
    • pmduk
    • By pmduk 11th Jul 18, 10:02 AM
    • 8,833 Posts
    • 6,572 Thanks
    pmduk
    Don't forget that although you may hear horror stories, they are only the tip of the iceberg and most people in your circumstances have no issues whatsoever with holding that level of savings (4600). Just ensure you answer any questions about savings honestly and completely and you should be fine
    • macman
    • By macman 11th Jul 18, 10:50 AM
    • 42,276 Posts
    • 17,672 Thanks
    macman
    So you now have a large amount of cash presumably hidden somewhere in the house, which is neither invested in PB's, giving you a (small) chance of a win, or invested in a bank account which could be paying you 5% (Nationwide Flexdirect). Instead it's subject to the risk of fire/flood/theft, depreciating annually, and you've failed to declare it.
    How exactly is that benefiting your financial position or reducing your anxiety?
    No free lunch, and no free laptop
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