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I may be out of work soon ,and be forced to sign on but I am worried as I have been saving very hard for a deposit for something for the future,butwill I still get the dole as i have 23k saved up roughly .Even though unskilled I do not intend to be on the dole for long as I will find something no matter what it is .But will my savings be taken into account as it will be based on my contributions or do they take my savings into account as well which would be unfair .doe anyone know the answer to this for me please .
Savings And Job Seeker Sllowance contribution based
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#2
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Posted 20 November 2011 - 03:08 PM
You'll get 6 months contributory despite all your savings.
All the forms are geared towards the means-tested benefit, however, so you'll still have to give that information.
All the forms are geared towards the means-tested benefit, however, so you'll still have to give that information.
#3
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Posted 20 November 2011 - 03:18 PM
I heard something on the news the other day when they were interviewing an older lady who was made redundant 13 months ago at 55 or so and couldn't get work. Sure they said that as she had over about 15k in savings, after 1 year or so of being jobless you lose all entitlements.
"It should be clear that modern fractional reserve banking is a shell game, a Ponzi scheme, a fraud in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipts".
"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."
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Murray Rothbard's The Mystery of Banking
"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
#4
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Posted 20 November 2011 - 03:45 PM
GeordieAndy, on 20 November 2011 - 03:18 PM, said:
I heard something on the news the other day when they were interviewing an older lady who was made redundant 13 months ago at 55 or so and couldn't get work. Sure they said that as she had over about 15k in savings, after 1 year or so of being jobless you lose all entitlements.
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.
#5
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Posted 20 November 2011 - 03:47 PM
I signed on for 6 months last year. You will get contributory JSA for 6 months regardless of your savings provided that you have made adequate NI contributions over the previous 2 years. If you are still signing on after six monts you will then have to reapply for income based JSA when you will have to divulge information about your savings. With 23K in the bank you will probably not be eligible for this - I think the current threshold is 16K plus. You will however be eligible for national insurance credits.
#6
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Posted 20 November 2011 - 03:58 PM
Thanks guys this is very handy to know as i was very worried as i was thinking what was the point in doing the right thing by saving , thank you all very much for your help .if the worst happens it will be good to know for 6 moths i will be able to get contribution based allowance without being penalized ,but i will make bloody sure if needs be that i find work before 6 months is up .
#7
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Posted 20 November 2011 - 04:37 PM
Sounds like it would be worth transferring your money from 'savings' into something else like premium bonds, shares, precious metals or something else than cash. This is what I am doing for retirement so that I can get full benefits as it looks to me that it is not worth buying a house or saving for a pension.
2nd May 2012 12:00 - I am calling the London top!
In the next 12 months London will fall by >10%
http://www.estateage...le-at-over-500k
Wonder how many illegal immigrants you'd have to squeeze in there to make this a savvy investment?
In the next 12 months London will fall by >10%
http://www.estateage...le-at-over-500k
Wonder how many illegal immigrants you'd have to squeeze in there to make this a savvy investment?
#8
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Posted 20 November 2011 - 05:05 PM
khards, on 20 November 2011 - 04:37 PM, said:
Sounds like it would be worth transferring your money from 'savings' into something else like premium bonds, shares, precious metals or something else than cash. This is what I am doing for retirement so that I can get full benefits as it looks to me that it is not worth buying a house or saving for a pension.
+1
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?
Quote
"Anyone thinking of buying in any of the housing markets that this survey has identified as bubbling should wait until prices have fallen"
Economist, May 31st to June 6th 2003
#9
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Posted 20 November 2011 - 05:06 PM
trevor_1977, on 20 November 2011 - 03:58 PM, said:
Thanks guys this is very handy to know as i was very worried as i was thinking what was the point in doing the right thing by saving , thank you all very much for your help .if the worst happens it will be good to know for 6 moths i will be able to get contribution based allowance without being penalized ,but i will make bloody sure if needs be that i find work before 6 months is up .
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.
Honorary truck driver.
#10
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Posted 25 November 2011 - 12:06 AM
khards, on 20 November 2011 - 04:37 PM, said:
Sounds like it would be worth transferring your money from 'savings' into something else like premium bonds, shares, precious metals or something else than cash. This is what I am doing for retirement so that I can get full benefits as it looks to me that it is not worth buying a house or saving for a pension.
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.
As I wandered in the darkness a voice came unto me, it said "smile, be happy, things could get worse". So I smiled and was happy and behold, things did get worse.
"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
"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
#11
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Posted 26 November 2011 - 02:04 PM
Need to check with family that no trusts were set up for you or your partner as well.
If you're slightly over the limit buy fuel, pay off all bills, and do a large food shop. Keep all bills.
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
The views expressed in my posts are my own based upon what I read on other information supplied by other HPC members.
These should not be used a a definitive answer to any posts I attempt to answer.
These should not be used a a definitive answer to any posts I attempt to answer.
#12
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Posted 03 December 2011 - 03:38 PM
What I worry about is if I finally get a house, pay off the mortgage and fall ill in my later years unable to work for unknown time, no other assets (before unsubsidised pension age) - would I have to sell up and rent again?
(trying to justify carrying on renting lol)
(trying to justify carrying on renting lol)
Catherine Zeta Jones, she dips beneath the lazers o O O
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
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
#13
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Posted 07 December 2011 - 07:27 AM
zebbedee, on 25 November 2011 - 12:06 AM, said:
The want to see previous X months bank statements for JSA.
Do you know how many months?
#14
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Posted 07 December 2011 - 07:34 AM
'Bart, on 07 December 2011 - 07:27 AM, said:
Do you know how many months?
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.
Quote
Most recent bank statements (covering most recent two months)
http://www.salford.gov.uk/hben-faq.htm
Honorary truck driver.
#15
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Posted 07 December 2011 - 07:41 AM
Frank Hovis, on 07 December 2011 - 07:34 AM, said:
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.
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.