losing benefits after a critical illness payout and worried

greatscott83
Online Community Member Posts: 2 Listener
Hello everyone, hoping you can offer some guidance if been through a similar thing.
I had a car crash in 2017 that left me registered disabled, I get enhanced PIP on both elements, contributions ESA support group and limited capability on UC, 100% discount on council tax.
I've had a critical illness payout for my mortgage of 6 figures, now this could clear my mortgage, and have a couple of grand left to enjoy, but I've also had an opportunity to try and create some additional income and a pension down the line with buying a flat to rent out I can buy outright with cash.
I know I would lose UC and I'm thinking I would lose the council tax discount as well but I'm unsure.
if I purchase a flat and rent out on my current benefits what will I lose? im likely to lose UC and council tax reductions, but will I lose contributions ESA? and I have a 17 yr old kid who lives with me (moved in last week) would I lose any support for him also? (child element of UC) Currently, I don't get anything for him including child benefits as he's moved in literally last week long term.
do I pay off my mortgage and live an easy mortgage-free life and continue to claim all im eligible to or try and use this money to set myself up and step away from benefits and maybe make myself a future in the landlord game?
any advice is welcomed.... im really stressed with it all as I think im risking a lot of benefits but im in a really good situation, but this money is a headache and id rather not have it in one sense.
I had a car crash in 2017 that left me registered disabled, I get enhanced PIP on both elements, contributions ESA support group and limited capability on UC, 100% discount on council tax.
I've had a critical illness payout for my mortgage of 6 figures, now this could clear my mortgage, and have a couple of grand left to enjoy, but I've also had an opportunity to try and create some additional income and a pension down the line with buying a flat to rent out I can buy outright with cash.
I know I would lose UC and I'm thinking I would lose the council tax discount as well but I'm unsure.
if I purchase a flat and rent out on my current benefits what will I lose? im likely to lose UC and council tax reductions, but will I lose contributions ESA? and I have a 17 yr old kid who lives with me (moved in last week) would I lose any support for him also? (child element of UC) Currently, I don't get anything for him including child benefits as he's moved in literally last week long term.
do I pay off my mortgage and live an easy mortgage-free life and continue to claim all im eligible to or try and use this money to set myself up and step away from benefits and maybe make myself a future in the landlord game?
any advice is welcomed.... im really stressed with it all as I think im risking a lot of benefits but im in a really good situation, but this money is a headache and id rather not have it in one sense.
0
Comments
-
Hello @greatscott83 and a warm welcome! How are you?
I can see you had this question answered on another threadPlease let us know if anything remains unclear and we'll be happy to help.
Take care and best wishes.0
Categories
- All Categories
- 15.4K Start here and say hello!
- 7.3K Coffee lounge
- 88 Games den
- 1.7K People power
- 119 Announcements and information
- 24.1K Talk about life
- 5.8K Everyday life
- 423 Current affairs
- 2.4K Families and carers
- 872 Education and skills
- 1.9K Work
- 533 Money and bills
- 3.6K Housing and independent living
- 1.1K Transport and travel
- 627 Relationships
- 1.5K Mental health and wellbeing
- 2.5K Talk about your impairment
- 866 Rare, invisible, and undiagnosed conditions
- 923 Neurological impairments and pain
- 2.1K Cerebral Palsy Network
- 1.2K Autism and neurodiversity
- 39.9K Talk about your benefits
- 6K Employment and Support Allowance (ESA)
- 19.7K PIP, DLA, ADP and AA
- 8.4K Universal Credit (UC)
- 5.7K Benefits and income