Savings And Job Seeker Sllowance contribution based
Posted 20 November 2011 - 02:43 PM
Posted 20 November 2011 - 03:18 PM
"Bank runs instruct the public in the essential fraudulence of fractional reserve banking, in its essence as a giant Ponzi scheme in which a few people can redeem their deposits only because most depositors do not follow suit."
"The Central Bank functions as a government cartelizing device to coordinate the banks so that they can evade the restrictions of
free markets and free banking and inflate uniformly together."
Murray Rothbard's The Mystery of Banking
Posted 20 November 2011 - 03:45 PM
It's 6 months. Contribution based JSA is paid for 6 months (if you've been employed paying NI for at least 2 years prior to that), after 6 months are up it reverts to means testing.
Those with between 6 and 16k in savings receive some JSA, housing benefit, and council tax benefit but it would be reduced according to the level of savings.
If someone has 16k+ in savings they are not entitled to any means tested benefits (e.g. JSA, housing benefit, council tax benefit, free prescriptions etc.) and are expected to support themselves on their savings until they fall below the 16k limit. If they deliberately spend more than they have previously done to fall below that 16k limit then they could find themselves being prevented from claiming even though they have less than 16k - they could be considered to have deliberately disposed of money and that money will be treated as if they still had it (e.g. notional capital).
Eligibility for means tested benefits is also affected by living arrangements, i.e. living with a partner working full time may prevent someone from claiming anything at all.
If someone is in the process of buying a home to live in as their sole residence their savings for that can be disregarded for up to 6 months, however, I have no idea of how someone could prove that to the dole office if they hadn't already made an offer that had been accepted.
Posted 20 November 2011 - 03:47 PM
Posted 20 November 2011 - 03:58 PM
Posted 20 November 2011 - 04:37 PM
In the next 12 months London will fall by >10%
Wonder how many illegal immigrants you'd have to squeeze in there to make this a savvy investment?
Posted 20 November 2011 - 05:05 PM
This is the inequity of the way our benefits system is set up - if you wazzed your savings on property or some other asset, your JSA means testing process looks the other way. If you've saved hard, that money is going to be used by the state to justify not paying you benefits.
When I last had this a few years ago, the job centre staff were quite ambivalent about this - if you have it in cash, you "must" declare it. If you don't declare it, you will be assessed the same way that someone already owning a house would be assessed.
But that's wrong isn't it?
Economist, May 31st to June 6th 2003
Posted 20 November 2011 - 05:06 PM
Ask for it as soon as you go in or you will need to fill in all the means-tested forms. I got a suspicious "Why?" and I just said that there was no way I would qualify for means-tested so wasn't going to try, that satisfied them so I just had to fill in the contributions form. The second time I did this (about six years on from the first) they alos seemed to have a lot less required interaction at sign-on, I got the impression that they didn't bother you much in the first few months anymore and just let you get on with looking for a job.
Posted 25 November 2011 - 12:06 AM
I've been doing this, some shiny stuff as well but for benefits it's not savings it's capital. So if it's traceable from your bank account then it counts. The want to see previous X months bank statements for JSA.
"Credit is indeed vital to an economy, but it does not constitute an economy within itself. ... When businesses borrow to fund capital investments, the extra cash flows that result are used to repay the loans. When individuals borrow to spend, loans can only be repaid out of reduced future consumption."-Peter Schiff, Jan 19 2009; <a href="http://www.321gold.com/editorials/schiff/schiff011909.html" My link
"The bold effort the present bank had made to control the government... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it."-Andrew Jackson on the Second Bank of the United States
"The problem with socialism is that eventually you run out of other people's money."-Margaret Thatcher
"If tyranny and oppression come to this land, it will be in the guise of fighting a foreign enemy. Of all the enemies to public liberty, war is perhaps the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes; and armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few. The loss of liberty at home is to be charged to the provisions against danger, real or imagined, from abroad." - James Madison
"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."
John Kenneth Galbraith
Posted 26 November 2011 - 02:04 PM
If you're slightly over the limit buy fuel, pay off all bills, and do a large food shop. Keep all bills.
This post has been edited by Son of Taeper: 26 November 2011 - 02:08 PM
These should not be used a a definitive answer to any posts I attempt to answer.
Posted 03 December 2011 - 03:38 PM
(trying to justify carrying on renting lol)
She has entrapped me and Sean Connelly o O O
Catherine Zeta Jones, she dips beneath the lazers o O O
She has entrapped me and Sean Connelly o O O
Posted 07 December 2011 - 07:34 AM
HB requires two months, I doubt you will find anything definitive as if they have reason to be suspicious that you're concealing some assets they will ask for them going back earlier. I suggest you wear your old clothes 'Bart' and arrive smoking a very thin roll-up from which you keep the dog-end for later.
Posted 07 December 2011 - 07:41 AM
My "around the flat" attire should suffice.
Hopefully this is all speculative on my part but I'm a compulsive saver and I don't fancy being penalized for it some time in the future.