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Received cash from selling family house how will it affect income support?

(8 Posts)
hopeonhorizon Sun 05-Jan-14 09:45:27

We finallly sold the family home and I got 22k cash from sale. I am a single parent with 3 kids and have been trying very hard to get work but not had much success so far. Ideally I would like to save the money for my kids education and I have accrued some debt that needs to be paid. I do not get housing benefit but tax credits and income support. Will I be entitled to anything now?

clio51 Sun 05-Jan-14 10:15:07

Google benefits calculator
That should tell you

lougle Sun 05-Jan-14 10:29:40

It won't affect tax credits unless it generates income through interest, but you must tell them. Your income support will stop because you have more than £16,000 capital.You must tell them immediately.

vicki2010 Tue 07-Jan-14 13:28:17

Your income support will definitely be affected. Why would you feel comfortable claiming it with such a large of money?

AliceinWinterWonderland Tue 07-Jan-14 14:01:45

Yes, you'll need to let IS know, and it'll most likely stop. You will most likely have to advise any "means tested" benefits.

CaisleanDraiochta Tue 07-Jan-14 14:12:39

You need to inform them as soon as you receive the money. It can sometimes be ignored for up to 6 months for example, if you will be using it to buy a new house or pay rent/deposit. after that if you have over 16K left you claim will be nilled. Anything between 6-16k will afect how much IS you get, £1 for every £250. Be careful though what you spend it on as you could be accused of deprivation of capital, if you spend it all just so you can continue to claim.

Blushingm Wed 08-Jan-14 20:49:13

Lougle I think it does affect tax credits - they always ask if you or anyone in the household has savings over a certain amount - can't remember if it's £3k or £6k

lougle Wed 08-Jan-14 20:55:46

Savings only affect Tax Credits if there is interest derived from them, Blushingm.

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