losing benefits after a critical illness payout and worried
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greatscott83
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.
Comments
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Hello @greatscott83 and a warm welcome! How are you?
I can see you had this question answered on another thread Please let us know if anything remains unclear and we'll be happy to help.
Take care and best wishes.Online Community Co-ordinator
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