Jump to content
House Price Crash Forum

Archived

This topic is now archived and is closed to further replies.

Lovely Leeds

Is It Wrong To ...

Recommended Posts

...stash some cash away? Now the savings interest rates are so low, my friend has advised me to take out just under £8000 in cash and keep it in the house. That way, if I lost my job and didn't declare the stashed cash, I would get some benefits.

I think it's wrong that savers should be penalised when they've saved and people who have spent every single penny can claim everything that's going.

I don't feel at all comfortable in doing this, so as yet have kept it in my saver's accounts, luckily I'm also not likely to lose my job. This is a 'what if' type question.

Legal and moral replies welcomed as it will help me see it from all angles.

Many thanks

Share this post


Link to post
Share on other sites

Legal - it is still your assets which you will need to declare.

Moral - why the hell shouldn't you get benefits just because you've put some money away, when they're doled out like sweets to people who spend everything?

Practical - don't take it all in one go as it may ring bells. Start doubling up your visits to the cashpoint.

And, before the goldbugs leap in, you might want to buy some sovereigns as inflation looks to be on the way and £8k cash earning no interest will be eroded.

Share this post


Link to post
Share on other sites
...stash some cash away? Now the savings interest rates are so low, my friend has advised me to take out just under £8000 in cash and keep it in the house. That way, if I lost my job and didn't declare the stashed cash, I would get some benefits.

I think it's wrong that savers should be penalised when they've saved and people who have spent every single penny can claim everything that's going.

I don't feel at all comfortable in doing this, so as yet have kept it in my saver's accounts, luckily I'm also not likely to lose my job. This is a 'what if' type question.

Legal and moral replies welcomed as it will help me see it from all angles.

Many thanks

Legally; if you under declare your assets in order to declare benefits then you are breaking the law.

Morally; fvck them and do whatever you want with your money. It's your's, you've earned it and paid tax on it. The idea that you pay into the National Insurance system and then get told where to go when you need to make a claim purely on the grounds that you have too many assets is abhorrent. If you smash your car up your insurer doesn't refuse to pay out on the grounds that you can afford to fix it your self so why should the government?

My attitude to fiddling the government has changed markedly over recent months for various reasons. Mainly for the reasons I've given above but when you couple that with the facts that 90% of MP's seem to be on the take and the tax payer is bailing out reckless banks that should have gone to the wall the decision becomes a whole lot easier, morally speaking.

If it were me I think I'd be keeping a good chunk of it in gold though. More easily hidden, less susceptible to physical damage, easy to convert into any currency you like and more easily transported if you need to shift it.

Share this post


Link to post
Share on other sites
...stash some cash away? Now the savings interest rates are so low, my friend has advised me to take out just under £8000 in cash and keep it in the house. That way, if I lost my job and didn't declare the stashed cash, I would get some benefits.

I think it's wrong that savers should be penalised when they've saved and people who have spent every single penny can claim everything that's going.

I don't feel at all comfortable in doing this, so as yet have kept it in my saver's accounts, luckily I'm also not likely to lose my job. This is a 'what if' type question.

Legal and moral replies welcomed as it will help me see it from all angles.

Many thanks

It's a total disgrace that it's means-tested.

It should reflect the payments made into the system (as it does here in Geneva).

Mind you there is a specific deduction for it, basically unemployment insurance.

Share this post


Link to post
Share on other sites

Forget the legal stuff.

If they ask where the money went just say William Hills, Ladbrokes, sex, drugs, or rock and roll.

Morally, also forget the guilt.

If you have been working and contributing then why not get some back.

Means testing is wrong in this circumstance, it should be a flat sum for all. It makes my blood boil that if you are careful, work earn and pay tax, don't hock yourself up to the eyeballs, save for a rainy day, etc, etc, you get very little loads help financially when you lose your income. On the other hand you get it all if you are a fritter, borrower and financial feather brain who takes the immediate short term view.

I suffered redundancy a couple of years ago. I had mortgage protection insurance and was very glad of it as it protected my savings and saved a lot of worry. I had paid for this over the years, so why should everyone else get away with not paying and be supported by me when I am working.

Means testing generally encourages people to be spendthrifts and does not encourage common sense. My daughter will get nothing to stay on at sixth form whilst many of her classmates are getting £30 for just attending and doing the same courses. She certainly feels that it is very unfair.

Lets scrap means testing and have fewer but equal benefits for all. The end result will be that it will encourage saving, sensible financial planning and get people to take up work rather than just stay on the dole as the benefits are better than working.

So get your money out and lose no sleep over it.

Share this post


Link to post
Share on other sites

I wish I had stashed my hard earned cah away, instead I was forced to live on it, then it seemed pointless to sign on and of course my contributions were then not enough to claim anything. The system stinks. Stash it away but do take security precautions.

good luck

Share this post


Link to post
Share on other sites

If there were any doubt in anyone's mind as to the morality of fiddling a few quid out of the government, consider this article from today's Telegraph;

http://www.telegraph.co.uk/news/newstopics...-at--greed.html

"MPs' expenses: Soldier tells of his disgust at greed

On Friday, the Telegraph disclosed that the mole who leaked the expenses files did so out of anger at the Government’s failure to provide adequate equipment for troops in Afghanistan.

The mole was processing MPs’ files in a room at the Stationery Office which was protected by serving soldiers working as private security guards. "

Okay, I'm certainly not one to automatically jump to the defence of everything printed in the press but, even if this is total fabrication, it does make a pretty valid point. That being that our politicians are claiming thousands of pounds for floating duck houses whilst at the same time sending under equipped troops to foreign lands to get killed and maimed for no discernible reason.

In short.....fvck them and claim and fiddle every penny you can. If MP's can do it then why can't you and I?

Share this post


Link to post
Share on other sites

I think your mate will burgle you if you stash that much cash under your pillow ;)

Split the money, keep the maximum allowed in the account and put the rest into a safe deposit box, secure storage, perhaps get some form of decent financial advice.

Share this post


Link to post
Share on other sites

Anyone who hasn't got a good cash stash is running a fair risk in case of disaster.

Get it out over a period and have it in £20 notes as £50 notes are too difficult to get back in the system.

Also don't put it back in in one go, you'll end up with the police round to check if you're a money launderer/drug dealer.

If you ever have very large amounts of cash to put in, there's only so many cars you can sell for cash, in this scenario you'll have to try and work something with a large cash depositing business to get it back into the system.

I don't think you should be a high-earning company director - the tax minimising schemes would leave you very sleepless. ;)

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   295 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.