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ESA and savings
- Blues Brother
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4 years 1 month ago #257636 by Blues Brother
ESA and savings was created by Blues Brother
I have had to take my private pension as a lump sum to buy a house to save myself from being homeless. I have paid a large proportion of my pension pot in tax to HMRC. I now have to contact dwp esa to declare my pension payment and feel I will lose my benefits because I have gone over the savings limit. I have taken this lump sum to buy a house and put a roof over my head. I have a home at the moment but am being pressed by my mortgage provider to sell as the mortgage is past due. I will not make any money from the sale of my home. The council can’t help until I am actually homeless and I am unable to rent because I an dhss. I do not want a council house or to claim housing benefit. I just need to use this money to buy a house, as I have said, I have paid a substantial amount of tax on my pension pot, why should I lose my benefits that I worked so hard to get. How can I get around this situation please ?????
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- Catherine
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4 years 1 month ago #257640 by Catherine
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Catherine on topic ESA and savings
Hello Blues Brother,
I so feel for you, but unfortunately your question is beyond the scope of this forum. You really do need personal advice from someone who can consider all the details of your situation.
This can be a helpful link in locating someone.
Hoping you find a way which works for you,
Catherine
I so feel for you, but unfortunately your question is beyond the scope of this forum. You really do need personal advice from someone who can consider all the details of your situation.
This can be a helpful link in locating someone.
Hoping you find a way which works for you,
Catherine
Nothing on this board constitutes legal advice - always consult a professional about specific problems
The following user(s) said Thank You: Blues Brother
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- keeptrying
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4 years 1 month ago #257644 by keeptrying
Replied by keeptrying on topic ESA and savings
Catherine is right, you need to speak to a welfare advisor - also speak to SHELTER to see if they can help in any way.
I think there are certain provisions regarding money for housing. Dont give up yet.
I think there are certain provisions regarding money for housing. Dont give up yet.
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- Gary
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4 years 1 month ago #257657 by Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gary on topic ESA and savings
Hi Blues Brother
Whether it will affect your ESA will depend on the type of ESA you receive, how you take the pension and how much it is?
If you are only receiving Contribution Based ESA then a lump sum will not affect your ESA but a regular payment will. If the pension is more then £85/week then there will be a £1/week deduction for every £2 in excess of the £85.
If you are receiving any Income Related ESA, either in part or in whole, then it will affect your ESA.
First, there is an assets and savings rule if you take a lump sum, see
Asset and savings rule for ESA(IR)
Secondly, any regular payments will be deducted £ for £ from any ESA(IR) that you receive.
If the ESA(IR) is fully eroded then you will lose access to passported benefits such as free prescriptions and dental care.
Gary
Whether it will affect your ESA will depend on the type of ESA you receive, how you take the pension and how much it is?
If you are only receiving Contribution Based ESA then a lump sum will not affect your ESA but a regular payment will. If the pension is more then £85/week then there will be a £1/week deduction for every £2 in excess of the £85.
If you are receiving any Income Related ESA, either in part or in whole, then it will affect your ESA.
First, there is an assets and savings rule if you take a lump sum, see
Asset and savings rule for ESA(IR)
Secondly, any regular payments will be deducted £ for £ from any ESA(IR) that you receive.
If the ESA(IR) is fully eroded then you will lose access to passported benefits such as free prescriptions and dental care.
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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