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Savings Query
- Mark
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4 years 8 months ago #250737 by Mark
Replied by Mark on topic Savings Query
That’s what I was expecting, so just don’t know why they would have ignored the evidence (premium bond statement) and added £250 to it.
I’m in two minds what to do. Part of me says query it, the other, is it worth the hassle. Especially if it gets me on the radar and all for £2 a fortnight.
Do you think if I were to stick another £250 in premium bonds then I don’t need to declare it because they are assuming another £250 in savings anyway?
I’m in two minds what to do. Part of me says query it, the other, is it worth the hassle. Especially if it gets me on the radar and all for £2 a fortnight.
Do you think if I were to stick another £250 in premium bonds then I don’t need to declare it because they are assuming another £250 in savings anyway?
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- Gary
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4 years 8 months ago #250740 by Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gary on topic Savings Query
Hi Mark
Putting another 250 in premium bonds will still be classed as savings.
Savings are counted as any money you can get hold of relatively easily, or financial products that can be sold on. These include:
- cash and money in bank or building society accounts, including current accounts that don’t pay interest
- National Savings and Investments savings account and Premium Bonds
- stocks and shares
- property, which is not your main home.
Other savings and capital are disregarded including:
- personal possessions, such as jewellery, furniture or a car
- value of any pre-paid funeral plans
- life insurance policies which have not been cashed in
- insurance claims will be ignored for six months if used to replace or repair.
As Gordon has stated if you are under PC age and you have £11,000.01 in savings then you would loose £21 in tarrif income. If it was £11,250.01 then it would be £22 in tarrif income.
Gary
Putting another 250 in premium bonds will still be classed as savings.
Savings are counted as any money you can get hold of relatively easily, or financial products that can be sold on. These include:
- cash and money in bank or building society accounts, including current accounts that don’t pay interest
- National Savings and Investments savings account and Premium Bonds
- stocks and shares
- property, which is not your main home.
Other savings and capital are disregarded including:
- personal possessions, such as jewellery, furniture or a car
- value of any pre-paid funeral plans
- life insurance policies which have not been cashed in
- insurance claims will be ignored for six months if used to replace or repair.
As Gordon has stated if you are under PC age and you have £11,000.01 in savings then you would loose £21 in tarrif income. If it was £11,250.01 then it would be £22 in tarrif income.
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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- Mark
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4 years 8 months ago #250741 by Mark
Replied by Mark on topic Savings Query
Hi Gary
As Gordon said they should only be deducting £20 as I declared my full savings of £11k to them. This is why I was querying the situation where the day you are due another payment of ESA if you have a few pence or pounds in your account are you technically over the threshold and should lose another £1 per week. If I put £250 in premium bonds then we are even because they are assuming £11250 savings in the letter they sent me.
I think they have taken the full backpayment and applied that rather than just the evidence they asked for. Why ask for the evidence if they are going to ignore it!!!
As Gordon said they should only be deducting £20 as I declared my full savings of £11k to them. This is why I was querying the situation where the day you are due another payment of ESA if you have a few pence or pounds in your account are you technically over the threshold and should lose another £1 per week. If I put £250 in premium bonds then we are even because they are assuming £11250 savings in the letter they sent me.
I think they have taken the full backpayment and applied that rather than just the evidence they asked for. Why ask for the evidence if they are going to ignore it!!!
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- Gary
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4 years 8 months ago #250744 by Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gary on topic Savings Query
Hi Mark
Any backdate award is ignored for one year, any savings over £6,000 even by 1p is affected by £1.00 tariff income in blocks of £250 if you are under PC age, if you are over PC age then the starting block is £10,000 and tariff income of £1.00 is applied to blocks of £500 over the £10k
If you have over £16,000 in savings, then you will not be eligible to claim any means tested benefits.
Gary
Any backdate award is ignored for one year, any savings over £6,000 even by 1p is affected by £1.00 tariff income in blocks of £250 if you are under PC age, if you are over PC age then the starting block is £10,000 and tariff income of £1.00 is applied to blocks of £500 over the £10k
If you have over £16,000 in savings, then you will not be eligible to claim any means tested benefits.
Gary
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- Mark
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4 years 8 months ago #250746 by Mark
Replied by Mark on topic Savings Query
I think I’ll leave it for now and maybe put a bit more in premium bonds later this year and hope they use the correct amount next time. That should correct the issue. Hope they don’t stick another £250 on that or else things will be getting very silly.
Thanks anyway.
Mark.
Thanks anyway.
Mark.
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- Dawn
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4 years 8 months ago #250756 by Dawn
Replied by Dawn on topic Savings Query
Hi
Following on about the savings rules are you then allowed to spend your savings on whatever you wish or do you have to explain where you have spent it
Thank you
Dawn
Following on about the savings rules are you then allowed to spend your savings on whatever you wish or do you have to explain where you have spent it
Thank you
Dawn
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