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DrMartinSanchez

Made Redundant, Too Much In Savings

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I've just been made redundant and I know that I have too much in savings to be able to claim job seeker benefits.

Do I have to disclose the amount in each one of my bank accounts?

If not can they find out?

:angry: Again, being punished for being a saver. I should have spent it all on drugs and prostitutes.

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I've just been made redundant and I know that I have too much in savings to be able to claim job seeker benefits.

Do I have to disclose the amount in each one of my bank accounts?

If not can they find out?

:angry: Again, being punished for being a saver. I should have spent it all on drugs and prostitutes.

The first six months are not means-tested, so they won't even bother looking at your savings.

After that, yes you are being punished for being a saver and not buying a big house that you couldn't afford.

So after six months, if you don't find anything I advise going abroad (New Zealand?) and never coming back.

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I've just been made redundant and I know that I have too much in savings to be able to claim job seeker benefits.

Do I have to disclose the amount in each one of my bank accounts?

If not can they find out?

:angry: Again, being punished for being a saver. I should have spent it all on drugs and prostitutes.

how much do they say the limit is these days?

if it was in your pension it would not have affected your allowances.

however now is too late as it would be interpreted as disposing of funds AFAIK if you suddenyl did it in a lumpo sum

.

not sure if your redundancy money would count against your allowances or not.

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Solution One:

Buy an off the shelf Limited Liability Company and dump your savings above the Threshold in that pro tem.

Solution Two:

Select someone you trust with your life, (Mother, Sister, Brother, Mistress) and "Gift" your excess savings to them.

Solution Three:

Dump your excess savings into your pension as a One Off Contribution; or start another pension.

Desperation Solution Four:

Give your excess savings to a Cat's Home!

:lol:

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Guest Barebear

Buy GOLD (lol) just enough to get under the threshold. If DSS query a large amount coming out of your account just say you lost it gambling.

Do NOT try and claim anything if you have cash over the threshold, first 6 months or not, its fraud. A mate got done for it and they hammered him.

-------------------------------------------------------------------------------------------------------------------------------------

Thinking about it dont even bother with the excuse, I think their rules relate to cash in regard to savings not liquifiable assets.

So instead of gold I'd buy some very safe shares, if such things exist.

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Guest X-QUORK

The limit for JSA is around six thousand quid in savings, and yes, you will have to declare all your capital/savings.

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Solution One:

Buy an off the shelf Limited Liability Company and dump your savings above the Threshold in that pro tem.

Solution Two:

Select someone you trust with your life, (Mother, Sister, Brother, Mistress) and "Gift" your excess savings to them.

Solution Three:

Dump your excess savings into your pension as a One Off Contribution; or start another pension.

Desperation Solution Four:

Give your excess savings to a Cat's Home!

:lol:

I think none of these will work as they count as disposing of it. You should have thought of this earlier. It seems too late now.

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Guest Barebear
From the six month point though isn't it, i.e. as JSA comes to an end.

Yeh but that doesn't matter because he will be claiming other things as well, council tax maybe housing benefit.

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Guest X-QUORK
From the six month point though isn't it, i.e. as JSA comes to an end.

Not in my experience. From day one.

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Guest Barebear
Buy gold in small, physical quantities, and then claim you got depressed and blew it on alcohol.

I think you can buy 10k in physical gold by cash before they ask you to prove who you are and inform the revenue and whoever else. I think you can do this once a year.

But if you bought it from different suppliers in less than 10k chunks I guess that would be o.k.

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Guest skullingtonjoe
I've just been made redundant and I know that I have too much in savings to be able to claim job seeker benefits.

Do I have to disclose the amount in each one of my bank accounts?

If not can they find out?

:angry: Again, being punished for being a saver. I should have spent it all on drugs and prostitutes.

Don`t declare it. If you`ve got more than one account, just use the one with the smallest amount (I`m assuming you`ve got less than 3 grand in there).

Honesty is not the best policy.

Welcome to the wild and wacky world of the benefits system. :rolleyes::(

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Guest Barebear
Don`t declare it. If you`ve got more than one account, just use the one with the smallest amount (I`m assuming you`ve got less than 3 grand in there).

Honesty is not the best policy.

Welcome to the wild and wacky world of the benefits system. :rolleyes::(

Mate that is such bad advice. They have access to all banks in this country and would need a mere bench warrant to ask any bank to furnish them with ALL your accounts.

I know because my mate did exactly that with 100k in a savings account.

He did 3 months.

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Guest skullingtonjoe
Mate that is such bad advice. They have access to all banks in this country and would need a mere bench warrant to ask any bank to furnish them with ALL your accounts.

I know because my mate did exactly that with 100k in a savings account.

He did 3 months.

It depends on how much you`re over - if it`s a few grand then it`s not such a bad bet (you could reasonably say you `forgot` how much was in there etc).

If you try saving over 100k then that is a bit blatant, and yes, it would be very bad advice in that case.

I guess it`s a matter of weighing the costs against the benefits. If you`ve been working in a well-paid job for a number of years then I suppose there would be a few raised eyebrows if you said you were broke!

3 months is a bit excessive for just being a saver. :blink: Guess if he was a chav and had burgled someone`s house (with violence), he`d have got a few hours community service and a tag. <_<:(

I would say to anyone who is getting remotely worried about their jobs and may be facing unemployment to start shifting their money out of banks now so as to try and avoid the `asset disposal` malarkey at the job centre! So much for rewarding financial prudence - there may well be merit to the `blowing it all on drugs and whores` school of thought!

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Guest Barebear
It depends on how much you`re over - if it`s a few grand then it`s not such a bad bet (you could reasonably say you `forgot` how much was in there etc).

If you try saving over 100k then that is a bit blatant, and yes, it would be very bad advice in that case.

I guess it`s a matter of weighing the costs against the benefits. If you`ve been working in a well-paid job for a number of years then I suppose there would be a few raised eyebrows if you said you were broke!

3 months is a bit excessive for just being a saver. :blink: Guess if he was a chav and had burgled someone`s house (with violence), he`d have got a few hours community service and a tag. <_<:(

I would say to anyone who is getting remotely worried about their jobs and may be facing unemployment to start shifting their money out of banks now so as to try and avoid the `asset disposal` malarkey at the job centre! So much for rewarding financial prudence - there may well be merit to the `blowing it all on drugs and whores` school of thought!

Joe, they chase you to the ends of the earth if you over claim by a fiver !!

I'll say again if your over the threshold by a penny or by a million and you claim its fraud. People will always come up with mitigating circumstances. But the salient fact is that you ARE guilty.

Dispose of the money before you sign the claim form is the only way. Say you lost the money gambling or paid of debts ( they will require receipts).

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Guest skullingtonjoe
Joe, they chase you to the ends of the earth if you over claim by a fiver !!

I'll say again if your over the threshold by a penny or by a million and you claim its fraud. People will always come up with mitigating circumstances. But the salient fact is that you ARE guilty.

Dispose of the money before you sign the claim form is the only way. Say you lost the money gambling or paid of debts ( they will require receipts).

That`s probably the best way.

It just makes me sick that people are damned if they do and damned if they don`t. Seems that getting an education and a career are all well and good when things are going all right, but if you fall on hard times you have no recourse to benefits. Makes a mockery of the idea of being an `honest citizen` - instead of going through all that cr*p why not just choose the honourable profession of `benefit-claiming-chav-with-no-intention-of-working-one-day-in-my-life`?

Makes me sick, it really does. If you say you lost the money through gambling you`d probably be made to attend gambling addiction courses before they`d give you a penny in benefit. :angry:

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Buy GOLD (lol) just enough to get under the threshold. If DSS query a large amount coming out of your account just say you lost it gambling.

Do NOT try and claim anything if you have cash over the threshold, first 6 months or not, its fraud. A mate got done for it and they hammered him.

-------------------------------------------------------------------------------------------------------------------------------------

Thinking about it dont even bother with the excuse, I think their rules relate to cash in regard to savings not liquifiable assets.

So instead of gold I'd buy some very safe shares, if such things exist.

Shares count as "savings" in the eyes of DSS, a friend of mine only got reduced benefits when they found out he still had shares after losing his job. The DSS can look through all your bank accounts without you knowing according to a relative of mine who works for them. The best thing to do if you fear for your job security is transfer savings into the savings account of someone you can trust, and who won't be affected in the eyes of the DSS / HMRC / Tax credits etc if you can. And keep a little in alternative forms perhaps.

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I've just been made redundant and I know that I have too much in savings to be able to claim job seeker benefits.

Do I have to disclose the amount in each one of my bank accounts?

If not can they find out?

:angry: Again, being punished for being a saver. I should have spent it all on drugs and prostitutes.

Buy a safe and put all your savings in it in cash. Say you lost it all on the horses.

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Guest Barebear
That`s probably the best way.

It just makes me sick that people are damned if they do and damned if they don`t. Seems that getting an education and a career are all well and good when things are going all right, but if you fall on hard times you have no recourse to benefits. Makes a mockery of the idea of being an `honest citizen` - instead of going through all that cr*p why not just choose the honourable profession of `benefit-claiming-chav-with-no-intention-of-working-one-day-in-my-life`?

Makes me sick, it really does. If you say you lost the money through gambling you`d probably be made to attend gambling addiction courses before they`d give you a penny in benefit. :angry:

Yep me too.

Especially when you get these MP's taking the pi$$ claiming public money and to date no one has been arrested for it. Yet you do an odd job when your claiming and dont tell em they're up in arms.

By there very own admission they say that you cant live off the dole especially if your a homeowner with bills to pay, so they know people will work on the side, their answer to that is let you keep the first fiver , the rest they stop. Talk about actively creating crimes.

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Interesting that not one person has told OP not to claim it if he can afford not to.

Surely this is benefit fraud, as bad and morally repugnant as faking a bad back to avoid work.

It ain't fair, but if you have thousands in the bank, leave the public funds for someone who needs them.

And this isn't to mention that committing fraud for 70 squid a week isn't the smartest course of action.

(Sorry, it's just that I've seen HPCers get on their high horse about the benefit classes when this is exactly the same situation.)

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Guest Barebear
Buy a safe and put all your savings in it in cash. Say you lost it all on the horses.

What horses , what meeting, wheres the betting slips, could the bookie verify that an amount you said you lost was actually bet on the day you said you lost it.

You have to get your story water tight before you sign the claim form.

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Guest Barebear
All my savings are in my wife's name. Would that be taken into account by the benefits office?

No unless both of you were claiming.

Tiss a way round it, you can do the same with bankruptcy. But I wouldn't trust any wife I've had with it.

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