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Original poster

What to do with cheque?

6 replies

pepperrabit · 30/01/2025 14:19

Hi have a cheque for $50k (actually dollars not sterling).

This is unexpected and more money than I would have ever expected to randomly get.

Any ideas what would be a good use of it?

I am going to loss my Uc as soon as I cash it. Which means most will potentially go to making up the loss. So any advice?

OP posts:
AllTheChaos · 30/01/2025 14:21

Would it be worth waiting h til the new financial year? Would that mean it wouldn’t then affect your benefits for this financial year? (My apologies, I don’t know enough to say either way, just wondered if it might be an issue).

Geneticsbunny · 30/01/2025 14:26

Buy a camper van and rent it out? They don't lose much value and I don't think it would count as deprivation of assets

Original poster
pepperrabit · 30/01/2025 14:26

AllTheChaos · 30/01/2025 14:21

Would it be worth waiting h til the new financial year? Would that mean it wouldn’t then affect your benefits for this financial year? (My apologies, I don’t know enough to say either way, just wondered if it might be an issue).

I never considered that. Honestly, ive really no clue, i have to use a part of this money to travel (essentially) and so its the fear of losing my UC as I have recently lost my job. I've applied for others but still waiting to hear back. And so I am honestly unsure what to do...

OP posts:
CrotchetyQuaver · 30/01/2025 16:47

Well I believe US Dollar cheques can take a long time to clear - up to 6 weeks - so I would carry on as you are until it's actually cleared funds available to spend in your account. Hopefully by that time your job situation might be looking clearer. Yes once the moneys really there in your account you should stop your claim but I wouldn't just now.

Original poster
pepperrabit · 30/01/2025 18:15

CrotchetyQuaver · 30/01/2025 16:47

Well I believe US Dollar cheques can take a long time to clear - up to 6 weeks - so I would carry on as you are until it's actually cleared funds available to spend in your account. Hopefully by that time your job situation might be looking clearer. Yes once the moneys really there in your account you should stop your claim but I wouldn't just now.

Oh that's great to know!! I've been applying for everything and anything. I just don't want to waste the only lump sum of money I'll ever get

OP posts:
kitchenknight · 30/01/2025 18:34

You could potentially claim new style JSA after you lose UC, as the JSA is not affected by savings. It would depend on your NI contributions in the 2 tax years before the year you claim (so 2022-2023 and 2023-2024). You can claim for a max 6 months and it would just be around £90pw (there is no payment for children etc like there is on UC).
https://www.gov.uk/guidance/new-style-jobseekers-allowance#eligibility

New Style Jobseeker's Allowance

You may be able to claim New Style Jobseeker’s Allowance (JSA) with, or instead of, Universal Credit, depending on your National Insurance record.

https://www.gov.uk/guidance/new-style-jobseekers-allowance#eligibility

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