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According to this MoneySavingExpert thread, up to 6 months statements plus ISA statements could be required for Income based JSA.
LINK
(Although that thread is 3 years old.)
Savings And Job Seeker Sllowance contribution based
#16
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Posted 07 December 2011 - 07:50 AM
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#17
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Posted 08 December 2011 - 12:08 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.
Surely Premium Bonds and shares are classed as savings, just as cash is. PMs I don't know about but if they see you have disposed of your money on the quick just to get benefits, probably you're disallowed or even done for fraud. Personally I would not play it any way other than straight with them, yes I know it's very irritating but that's the law
#18
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Posted 08 December 2011 - 08:14 PM
inflating, on 08 December 2011 - 12:08 PM, said:
Surely Premium Bonds and shares are classed as savings, just as cash is. PMs I don't know about but if they see you have disposed of your money on the quick just to get benefits, probably you're disallowed or even done for fraud. Personally I would not play it any way other than straight with them, yes I know it's very irritating but that's the law
AFAIK the only things that are exempt are physical things you own (e.g. clothes, tv, a car, any precious metals) and property provided it is your only property and you live in it i.e. it is your home.
Also AFAIK, the only way it is legal to spend more money than you have previously spent on rent/food/bills is to buy a house to live in as your one and only home.
ETA: converting say 50k into PMs to claim benefits would be capital deprivation and fraud as inflating says though.
This post has been edited by rented: 08 December 2011 - 08:16 PM
#19
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Posted 09 December 2011 - 04:44 PM
inflating, on 08 December 2011 - 12:08 PM, said:
Surely Premium Bonds and shares are classed as savings, just as cash is.
True, but cash in a shoebox at home doesn't show up on any bank statements.
#20
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Posted 09 December 2011 - 04:46 PM
rented, on 08 December 2011 - 08:14 PM, said:
ETA: converting say 50k into PMs to claim benefits would be capital deprivation and fraud.
If you did it all at once with that intention.
But if you bought say, £3000 worth every so often on the off chance of one day being made unemployed....
#21
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Posted 09 December 2011 - 07:46 PM
'Bart, on 09 December 2011 - 04:44 PM, said:
True, but cash in a shoebox at home doesn't show up on any bank statements.
Indeed. Plus there can be up to 6k in the bank (level at which means testing kicks in) so as long as there isn't a particularly obvious paper trail as to where the rest went. Although I can't imagine many people in this day and age wondering why someone appeared to save so little.
'Bart, on 09 December 2011 - 04:46 PM, said:
If you did it all at once with that intention.
But if you bought say, £3000 worth every so often on the off chance of one day being made unemployed....
But if you bought say, £3000 worth every so often on the off chance of one day being made unemployed....
An insurance policy of sorts... would be a very good plan under the current means tested system.
This post has been edited by rented: 09 December 2011 - 08:04 PM
#22
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Posted 10 December 2011 - 06:04 PM
'Bart, on 07 December 2011 - 07:27 AM, said:
Do you know how many months?
Unfortunately not, it's been a long time since I got stung by them so I cant recall and it may well have changed now.
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.
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"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
#23
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Posted 23 January 2012 - 07:06 PM
If Shares, Investment Bonds etc are held in a Stocks and Shares ISA does this count as savings also to the means testing? I'm guessing funds held in a SIPP in what ever form are not as they can not be drawn on until retirement.
#24
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Posted 23 January 2012 - 08:13 PM
My Name Is ??, on 23 January 2012 - 07:06 PM, said:
If Shares, Investment Bonds etc are held in a Stocks and Shares ISA does this count as savings also to the means testing? I'm guessing funds held in a SIPP in what ever form are not as they can not be drawn on until retirement.
All savings you have, including Shares and Investment Bonds are taken into account. Anything over £6,000 is deducted from JSA up to £16,000 when you are no longer entitled. Pension plans are not important.
The best policy is to just declare everything that you have and let the DWP decided for you. It is really not worth lying and risking a criminal record.
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"All money is a matter of belief" Adam Smith