Savings

maggieomx

Im selling my home im on pip and income related ESA how much savings can i have in my bank account is it 16,000 or £6,000.
After i sell my house and have bought new appliances and carpets I WILL have around £18.000 left  will it affect my ESA ???

markyboy

I think £16000 is the limit for ESA

Yadnad

markyboy said:

I think £16000 is the limit for ESA

Yes it is - £16,000 and above will see the IR ESA removed.
Between £6,000 and £16,000 you will lose £1 per week for every £250 you have above £6,000.

So with savings of say £10,000 you will lose £16 a week from the ESA payments.

maggieomx

Hiya just for instance say i sold my home and all solicitors fees and  £7000 mortgage paid off and all fees are paid and if i say had £30,000  left over can i use the money to buy a new bed removal fees a new suite new curtains and so forth im down sizeing from a big 3 bedroom house and nothing is going to be any good in the bungalow iv bought will i be able to use the £30,000 to purchase these things which will bring the £30,000  down to a near £16.000 .
And i dont mean buying top not stuff ??? Most of my white goods are intergrated 
Will i be able to do this ???
Thankyou 

maggieomx

Why will i lose money from between the £6 and £16000 thought your allowed to have  £16000 in your account ?? Before it affects your money ???adnad said:

markyboy said:

I think £16000 is the limit for ESA

Yes it is - £16,000 and above will see the IR ESA removed.
Between £6,000 and £16,000 you will lose £1 per week for every £250 you have above £6,000.

So with savings of say £10,000 you will lose £16 a week from the ESA payments.

poppy123456

I'd advise you to keep receipts for the things that you buy. Once your savings drop below £16,000, depending on how long it's taken to spend that money then a decision maker may ask for those receipts to prove what you spent the money one. Deprivation of capital could be looked at. I'm not saying this is what will happen but just in case it does.

Also when you do eventually re-claim benefits then you will need to claim Universal credit because all areas are now a full universal credit area. Claiming housing benefit and ESA won't be possible.

Good luck with the house move.

maggieomx

Thankyou poppy so i can use the funds for replaceing household stuff iv got to replace  that iv had to leave behind .thats what iv been worrying about
i will need to buy it in manchester where i live before i move to wales so i have it when i move in my new place ?? 

poppy123456

There's no rules against not being able to replace or buy new household goods but as advised, keep receipts just in case. If you decide to by the most expensive item then they may start asking questions, if you see what i mean.

maggieomx

I dont do expensive lol
 just 1 more question im down sizing home got loads of junk left can i sell my possesions on ebay , clothes and ornaments and that sort.of goods x

poppy123456

It will still be down to a decision maker to decide whether you can re-claim a means tested benefit when your savings drop below £16,000. There's no rules that say you can't sell your possessions as far as i know.

maggieomx

Thankyou poppy your a star x

dolphins7

@poppy

If your on uc and PIP which saving bracket would that be 

OverlyAnxious

dolphins7 said:

@poppy

If your on uc and PIP which saving bracket would that be 

Hi,

This is a very old thread and Poppy prefers not to be tagged.  You might have been better off starting a new topic.

PIP is not means tested, so there is no savings bracket for that.

The UC bracket is the same as ESA.  Under £6000 they don't need to be notified.  Between £6,000 to £16,000 they need to be notified and you lose a small amount of income.  Over £16,000 you lose the entitlement to means tested UC.

EvanWm

My Grandson receives ESA & PIP - his ESA is sufficient for him live on - so he is accumulating his PIP  - must he keep it below £6k to avoid his ESA being affected - or can he give the money to me for me to invest for him or is this still classed as Savings

EvanWm

Thank you that is what I thought

poppy123456

EvanWm said:

My Grandson receives ESA & PIP - his ESA is sufficient for him live on - so he is accumulating his PIP  - must he keep it below £6k to avoid his ESA being affected - or can he give the money to me for me to invest for him or is this still classed as Savings

He can give his money to you but it will still be treated as savings at the end of the period it's paid for. There's a deduction in his Income Related ESA for savings between £6-£16,000. More than £16,000 and entitlement to all means tested benefits will end.

EvanWm

Thank you - confirming what I thought