savings and pip

Hello there,
I need advice regarding savings !
i shall be selling our home home in the near future, as i feel moving too a more rural area will benefit my sons mental health.
Would it be sensible of me too put the capital from the sale in my sons sons savings as he is only in receipt of PIP ,myself being his carer receive income support !
We plan too rent a while till the appropriate property becomes available,as i feel staying while the sale goes through would be too stressful for my son .
Thank you brenda

Hello Brenda

I really think you should approach someone with more knowledge of financial matters about this; it is complicated and we would hate you to lose out because our own depth of knowledge is not enough.

If you approach the CAB, they should be able to help you, or if not an independent financial adviser.. The fact that your property is not yet sold makes it a little bit difficult to advise you anyway.

I would wait until the sale is finalised and you know exactly what your financial position is before you advise the DWP or anyone else.

Good luck with the sale, and the move to the country

Thankyou for the advise ,it does make sense too wait till the sale !
i shall seek help as you advised.much appreciated
brenda

Hi Brenda,

I should just warn you that if somebody else is looking after money for you, it is treated by the DWP as your own capital. On the other hand, the proceeds from the sale of a house may not be considered savings if it is required to purchase another house in the near future.

As Shelam said, it is crucial that you get face-to-face advice before the sale so you know exactly where you stand and avoid any problems in the future.

Best of luck,

Derek

Hello Derek,
Thank you for taking the time too reply too me , it is a minefield isn't it !,you made a good point about the money being put by for a future home., made me think then about the money being but by for Davids needs in the future ,such as a trust fund!
I have a gentleman calling Friday from saga to advise me on the ins and outs and i shall make a decision from there.
Once again thank you for giving me food for thought Derek
Kinds regards
Brenda