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Original poster

I just won the ruddy lottery. But …

312 replies

Lotteryinducedturmoil · 02/06/2023 19:37

I just won the ruddy lottery 🤩
£10,000 per month for a year 🤩
But, I’m not sure if I can spend it!?
I have been desperately saving for a deposit to buy my first house for myself and my 3 young daughters for years so this is beyond bloody amazing.
I’m a lone parent & work full time on minimum wage. My wage only just covers my rent so I get Universal Credit to top up my earnings.
I can’t work out if I can use all of the money to put towards a house deposit. Would that be classed as deprivation of capital?
I have been googling my fingers to the bone and can’t find anything out other than I may be expected to live frugally on it for ever more.
My head is going around in circles and getting nowhere.
The first £10,000 monthly amount will take me over the threshold of the savings limit of £16,000 meaning that I won’t qualify for universal credit any longer.
Will I be able to get a mortgage with just my (ever so slightly over) £1,000 a month wages?
I had spoken to a mortgage broker recently and they said I’d be able to get a small mortgage for a shared ownership property with my current wage plus UC benefits/ child benefit etc.
Does anyone have a clue how it all works?
I also have a complete twat of a husband who I have been separated from for 5 years but am still married to. Will he be able to get his nasty hands on any of it?
Any advice would be most helpful.

OP posts:
Room102 · 03/06/2023 13:47

DoingSomethingUnholy · 03/06/2023 09:55

120k is a nice amount to win, if I was you I'd be looking at long term ways to up your income. You don't have enough money to buy a house outright and your income is fairly low so even with a decent deposit from this win as a single person you will only be able to borrow a small amount. Personally I'd be looking at ways you could retrain and put yourself in a better financial position long term so you aren't sat on benefits forevermore. You could still have some put aside for a decent deposit but you'd eventually have the income to be able to borrow a decent amount. House prices/interest rates are high at the moment so sitting it out a couple of years will save buying when prices are up. I think you need to move away from the mindset that you'll take your 120k and then get back on benefits as soon as you can, this is an ideal opportunity to improve your income long term so you aren't relying on benefits.

Agree completely. Exactly what I was trying to say.

Room102 · 03/06/2023 13:54

I completely agree with this. The people on here are all about women’s rights but as soon as the boot is on the other foot, everyone is suggesting she should fuck off with the money and not hand it over, as per the law.

The problem is the law is antiquated and unfair.

I also hate the posts telling women who've never worked for decades that they are "entitled" to half the house and half of their husband's pension. It's as bad as the "entitlement" to not work full time and claim benefits because you can, when there's no disability etc.

I also don't like it when the divorce law fleeces women. Like higher earning women who were also the main carer yet because the law presume implicitly you are one or the other you end up a single parent, looking after the kids full time and having to pay off your ex-husband because he earns less! Ridiculous.

In this case they have been separated 5 years. OP is resident parent, ex had nothing to do with acquiring this money. So hopefully the court will take a sensible view and not require her to give much of it to him. But that is up to discretion of the judge if he contests it. Very unwise not to divorce earlier. Actually usually very unwise to marry at all, except in exceptional circumstances where you expect the other partner to subsidise you financially to not work/ work very little.

The law needs a total overhaul.

prh47bridge · 03/06/2023 17:04

Her husband is not entitled to anything. Given that they have been separated for 5 years and this is OP's win, there is a good chance he wouldn't get any of it. However, OP must disclose the win when they divorce. The various ruses suggested on this thread to get around this won't work.

SultanOfPing · 03/06/2023 18:14

Firstly, congratulations!
As well as a divorce though, you also need to get a clean break order in place. Even with a divorce finalised, your ex could still lay claim to half of your winnings (or try to, not sure if he'd be successful) without the clean break order in place.
Good luck!

Kentucky83 · 03/06/2023 18:18

Congratulations. Keep working, save as much of the money that you won as you can, for 2-3 years (depending on whereabouts in the country you're living!) then buy a house outright.

Room102 · 03/06/2023 18:25

Kentucky83 · 03/06/2023 18:18

Congratulations. Keep working, save as much of the money that you won as you can, for 2-3 years (depending on whereabouts in the country you're living!) then buy a house outright.

The winnings are only for 12 months. Confused

MILofdoom · 03/06/2023 18:27

Sorry haven't RTFT. I'm not sure what you and exH agreed when you separated and what his financial situation is but when the consent order is done you may have to disclose all financial details (not in every case though, usually just if one or the other contests what they're getting/not getting) the judge will take into account what's been agreed already plus income maintenance payments etc and then simply decide what is fair before signing off the consent order. I'm guessing as you have young DC and work part time they wouldn't expect you to give away half of the money but if your ex isn't working or is living with parents (or similar) then he most likely will get some of it. Hard to say without knowing more.
Anyway enough about the boring crap bit... big congratulations!!! How nice to hear something great for a change!!

Messyhair321 · 03/06/2023 18:34

You could remove your benefits for a year & could you buy a house outright with that money in your area? In essence then you would be using this money for property to live in.
I don't know if the benefits department would say that you should live on the won't money, you could ask a financial advisor confidentially?

Kentucky83 · 03/06/2023 18:38

I know, I read it again just after I'd posted then couldn't find my own comment to delete. Doh!

Newnamesoembarrassed · 03/06/2023 19:03

I am sooooo happy for you, congratulations!
live off it for a year, cancel UC, tell NO ONE, in a years time you’ll have a decent deposit and can start really living your life.
you’re living in a fairytale xxx

HamstersAreMyLife · 03/06/2023 19:33

Oh wow this is such lovely news! Hope you get some good advice OP and manage to find yourself a home, this will be life changing! So excited for you 🏠

Singlemum19802023 · 03/06/2023 19:58

Are you trying to figure out how to keep being on universal credit when you get £10k tax free a month??? Are you mad???

T1Dmama · 03/06/2023 20:28

Congratulations xx I entered the £10,000 a month lottery too and wish I’d won it!! I’d be ploughing some into kids accounts and some into savings as it’s only for 15 years so plan ahead…

penni00 · 03/06/2023 20:33

The issue is whether OP can over the next year use her winnings to buy a home. OP will have to stop claiming UC once the winnings start coming in and accumulating of course. OP could use the winnings once they have accumulated to buy a home as long as she doesn't have intentions/need to apply for UC once the winnings have been used on the home purchase. I do think the dwp may refuse UC if a large amount of money has recently been spent on buying a property. OP needs a solicitor who specialises in benefits.

Hollyppp · 03/06/2023 20:36

Singlemum19802023 · 03/06/2023 19:58

Are you trying to figure out how to keep being on universal credit when you get £10k tax free a month??? Are you mad???

Yeah same confusion here?!

Isinglass20 · 03/06/2023 20:39

Find a financial adviser. Talk to your bank. Open savings account. Don’t tell your ex. Don’t spend anything until you’ve done all this.
£120,000 won’t last long and probably the only time in your life. Beware too that fraudsters will try to trick you out of your money. Look at upgrading your skills. Do a uni course. Good luck

T1Dmama · 03/06/2023 20:47

Get your financial statement with husband in place ASAP… it states he can’t claim any of your assets, pension, inheritance etc and vice versa….
then apply for divorce ASAP.
could you see a mortgage advisor and just plough the whole £10k into the mortgage for a year and then reduce payments after the year is up?

Remagirl · 03/06/2023 21:01

@Room102
I was recently divorced after 5 years of wrangling. Our division of assets was calculated from date of separation. There was no agreement just an expensive battle that could have been avoided. So I was simply going by my divorce experience.

Rosscameasdoody · 03/06/2023 21:08

T1Dmama · 03/06/2023 20:47

Get your financial statement with husband in place ASAP… it states he can’t claim any of your assets, pension, inheritance etc and vice versa….
then apply for divorce ASAP.
could you see a mortgage advisor and just plough the whole £10k into the mortgage for a year and then reduce payments after the year is up?

It’s a clean financial break and you can only apply to the court to approve a consent order once you have started the divorce and got to the conditional order stage. Financial disclosure from you and your ex-spouse and your financial agreement is needed to start the consent order process. The win would be considered in the settlement because it came while they were still married.

Insertcreativenamehere · 03/06/2023 21:13

You’ve won £10k a month and you want to keep UC??? 🤨🤨🤨

CheshireCat1 · 03/06/2023 21:41

Many congratulations on your win, what fantastic news. Please get some expert financial advice before you do anything.

Singlemum19802023 · 03/06/2023 21:47

Exactly! WTH???

MistyMountainTop · 03/06/2023 21:51

Insertcreativenamehere · 03/06/2023 21:13

You’ve won £10k a month and you want to keep UC??? 🤨🤨🤨

She's never said that. Are you and @Singlemum19802023 totally incapable of reading and comprehending the OPs posts?

OhcantthInkofaname · 03/06/2023 21:55

I'm not sure if this would work in the UK it
would work in the USA. You could talk with your bank about them accepting the monthly payments as repayment of a deposit on a house. That way the money would never come to you but come to your daughters as they could be listed as 1/2 owners of the house. You would be responsible for paying the remaining amount in a mortgage.

Singlemum19802023 · 03/06/2023 22:00

Honestly maybe I am? Did I miss something! Not trying to be a knob. It just read like that?