To be gutted at losing my benefit

[Clappingforjoy]

I am going to inherit some money from sale of parents house and have told universal credit to close my claim but I'm gutted about it.
I have always struggled never had 2 Penny's to rub together and it just so happens I will go over the 16000 mark with this money and know i must sound greedy but my income is very low and i am scared this money will all go on living costs.

If you can't do anything with it then in that case think of your son and pay for some good extra curricular stuff (like languages for example) so he can have better future. Something what will be useful for him.

@Clappingforjoy

When your stuck in mental illness its not easy to better yourself.

Not easy no, but doable. I have first hand experience of this. You can make a plan of exactly how to spend the money to help you now and for the future. Have you got anyone who can help you with this?

I dont really have anybody no.
I dont want to go wow now I want a new car next thing spending spree at the shops then big holiday. I just want security money behind me.

I have multiple issues depression, eating disorder, overweight, diabetic, hypertension, autistic traits, hypothyroidism life hasnt been easy and it doesn't help that I am 50 years of age and also have siblings who are very comfortably off I dont know of anybody like me.

Go and speak to a financial advisor and put some money aside for your son's university fees.

Get some good therapy to help you manage your multiple mental health conditions. That would be the best gift to yourself, to enable you to live again.

Approach this analytically, it'll help cut through your anxiety. It's very easy for people to say varying things on "pull yourself together" but mental illnesses don't always respond to that, funnily enough!

If I were you, I'd start from page 1 of your thread - brace yourself to see the shit-talk one more time - and write down every constructive suggestion, even if they don't much appeal. As you go through if you see someone point out that a previous suggestion is legally dubious or would probably get you done for fraud, cross it out

Look at what's left and you should see the makings of a good plan for moving forward. You have already stopped your claim, so you have to do something. I would avoid doing anything you couldn't sustain if your bank balance was suddenly zero, like moving to a bigger place. Look at how you can improve your standard of living, and what might help your state of mind. And try to live in the moment and enjoy the money. I won't be morbid but none of us knows what comes next. You're good financially now. Appreciate that.

I'm sorry for your loss, OP.
£26K is a really great sum of money, it's not a small amount at all. I would think your bank may be able to advise you on if there are any good accounts or investments you can make.
Have you thought about making any plans yet?
It's worth mentally ringfencing £15-16k as "untouchable" so you always have some savings, but that still leaves you with £10k you could use for retraining for work, gifting or saving some for your son, or investing somehow.
I know you say you rent, it wouldn't be wise to refurb a flat you don't own. Do you need to upgrade any transport? Or other items that you've been putting off? Is there something you could buy that holds value that you could use in the future?
You'll need to use some of that for your daily expenses, so be wise with what you spend and you could find it lasts you a long time. It could be nearly before you may be able to claim again - but you could use those months productively.

Sorry ... * nearly a year.

Thanks

@Chailatte20

Go and speak to a financial advisor and put some money aside for your son's university fees.

Get some good therapy to help you manage your multiple mental health conditions. That would be the best gift to yourself, to enable you to live again.

Great advice 👏

Put some in a pension? And/or children's savings/trust? I think those don't count as savings for UC purposes.
Or speak to a few mortgage brokers and see if there's any way you could get a property?

Oh no what a shame.

Benefits are for the desperate, and as you have an inheritance of what you say to be approx 26k, you wont be desperate to use peoples taxes for a while.

What makes you think you should use other peoples money whilst you have your own? Essentially you will have just about a years salary to live on.

@RayOfSunshine2013

Oh no what a shame.

Benefits are for the desperate, and as you have an inheritance of what you say to be approx 26k, you wont be desperate to use peoples taxes for a while.

What makes you think you should use other peoples money whilst you have your own? Essentially you will have just about a years salary to live on.

Ohhh get a grip and leave OP alone. OP works. So it’s not “other people’s money”.

Benefits are not for the desperate what a stupid thing to say.

I voted yabu OP but I actually understand how this is upsetting for you and do empathise. If you spend you life scraping by and then suddenly come into money which you hope to use to better your situation, it is horrible to discover that actually you'll need to use that to get by and can't therefore do much to change your situation.

That said, we don't have an infinite pot of money and so there have to be decisions made about how it is spent and what the thresholds are. Because of that, if you have substantial savings (which arguably over 16k is) I can understand why the government takes the view that you are no longer sufficiently in need.

To the poster up post who said should everyone have savings after 16k taken off them, that is different as it is savings where the government isnt providing support. If I lost my job, as I have savings over 16k, I wouldn't get help until it has gone below. That sucks when you've worked hard to save (as someone on benefits who saves also wouldve) but I get it. I once had to look at what we might be entitled to when my husband lost his job and basically we wouldn't have gotten anything bar job seekers as we owned a home, had no dependents and his income that year was over the threshold (he earned a modest wage in employment). We didnt have over the threshold of savings. But it came back saying £0. That terrified me as it was all well and good calculating help based on his previous wage but we didnt have that money anymore.

During the pandemic, I was entitled to nothing as a self employed person as I am over the threshold. I get noone would be sympathetic but obviously not everyone has savings as they dont expect this. Luckily I did and, in the end I found enough work, but people I know through work didnt. They all had to use whatever savings they did have - some had little. I was fully prepared I'd have to use my savings if needed having not long returned from maternity and already had to save before that and use up savings during it because I didnt have an employer paying maternity for me.

In summary - it sucks and I get it but yabu on balance.

In practical terms you've had some great advice about ways you might be able to legitimately spend some to invest in yourself and better your situation and then potentially fall back under 16k. Try that. Then you will get to improve your situation. I really hope that you can x

@Chailatte20

Go and speak to a financial advisor and put some money aside for your son's university fees.

Get some good therapy to help you manage your multiple mental health conditions. That would be the best gift to yourself, to enable you to live again.

This is great advice

Op I haven’t RTFT, but just also please consider that with UC they reduce the amount they pay you if you have savings over £6k. So even is you spent/invested a certain amount to bring you back under the £16k threshold, they will still reduce your monthly amount.

I’m not 100% sure of the figures but I think they take away £5 per month for every £250 you have over £6k. So if you have £16k, that’s £10k over, which will mean about £200 less in benefits per month (I think, please double check figures and my maths)