I have been on JSA just over 2 years now, with no luck in finding a job,

Time to put my house on the market.



I should be left with roughly £80,000 after paying all fees and mortgage, 
debts.



I know my JSA will stop, do I need to sign on as usual for my N.I or stamp 
to be paid?

if so how much do they pay?



I want to put the money into some sort of savings account

that I can't withdraw for say 5 years ---  but pays me monthly interest.



Will I have to pay Tax or fees on the interest?



Does anyone have any ideas on a savings account or whatever



Im a single guy, 37. no children.



Grateful for any advice on this as am a newbie when it come to these things 
L



Thx

Phil

wazzle wrote:
> I have been on JSA just over 2 years now, with no luck in finding a job,
> 
> Time to put my house on the market.
> 
> 
> 
> I should be left with roughly £80,000 after paying all fees and mortgage, 
> debts.
> 
> 
> 
> I know my JSA will stop, do I need to sign on as usual for my N.I or stamp 
> to be paid?
> 
> if so how much do they pay?
> 
> 
> 
> I want to put the money into some sort of savings account
> 
> that I can't withdraw for say 5 years ---  but pays me monthly interest.
> 
> 
> 
> Will I have to pay Tax or fees on the interest?
> 
> 
> 
> Does anyone have any ideas on a savings account or whatever
> 
> 
> 
> Im a single guy, 37. no children.
> 
> 
> 
> Grateful for any advice on this as am a newbie when it come to these things 
> L
> 
> 
> 
> Thx
> 
> Phil
> 
> 

Yes, if you want to receive NI credits then you'll still need to sign 
on. You don't actually receive anything - your NI account is credited 
for every week you continue to sign on. I believe that the value of the 
credit is about £7 or £8 per week.

I can't help with the other question, sorry. There are some uk financial 
newsgroups that may be of use for your question, eg uk.finance.

-- 
Robbie

On Fri, 28 Sep 2007 16:36:59 +0100, wazzle wrote:

> I have been on JSA just over 2 years now, with no luck in finding a job,
> 
> Time to put my house on the market.
> 
> 
> 
> I should be left with roughly £80,000 after paying all fees and mortgage, 
> debts.
> 
> 
> 
> I know my JSA will stop, do I need to sign on as usual for my N.I or stamp 
> to be paid?
> 
> if so how much do they pay?
> 
> 
> 
> I want to put the money into some sort of savings account
> 
> that I can't withdraw for say 5 years ---  but pays me monthly interest.
> 
> 
> 
> Will I have to pay Tax or fees on the interest?
> 
> 
> 
> Does anyone have any ideas on a savings account or whatever
> 
> 
> 
> Im a single guy, 37. no children.
> 
> 
> 
> Grateful for any advice on this as am a newbie when it come to these things 
> L
> 
> 
> 
> Thx
> 
> Phil

For a guide to your entitlements, see:

http://www.entitledto.co.uk/

If at all possible, try and downsize your house rather than putting the
proceeds into savings. Because the value of your residence is normally
disregarded when it comes to working out your benefits entitlement,
whereas only the first £6,000 of your savings will be disregarded, and you
could end up having to live off your savings until you find another job.

Robin T Cox wrote:
> On Fri, 28 Sep 2007 16:36:59 +0100, wazzle wrote:
> 
>> I have been on JSA just over 2 years now, with no luck in finding a job,
>>
>> Time to put my house on the market.
>>
>>
>>
>> I should be left with roughly £80,000 after paying all fees and mortgage, 
>> debts.
>>
>>
>>
>> I know my JSA will stop, do I need to sign on as usual for my N.I or stamp 
>> to be paid?
>>
>> if so how much do they pay?
>>
>>
>>
>> I want to put the money into some sort of savings account
>>
>> that I can't withdraw for say 5 years ---  but pays me monthly interest.
>>
>>
>>
>> Will I have to pay Tax or fees on the interest?
>>
>>
>>
>> Does anyone have any ideas on a savings account or whatever
>>
>>
>>
>> Im a single guy, 37. no children.
>>
>>
>>
>> Grateful for any advice on this as am a newbie when it come to these things 
>> L
>>
>>
>>
>> Thx
>>
>> Phil
> 
> For a guide to your entitlements, see:
> 
> http://www.entitledto.co.uk/
> 
> If at all possible, try and downsize your house rather than putting the
> proceeds into savings. Because the value of your residence is normally
> disregarded when it comes to working out your benefits entitlement,
> whereas only the first £6,000 of your savings will be disregarded, and you
> could end up having to live off your savings until you find another job.


Good advice, and the proceeds from any house sale can be disregarded for 
up to 26 weeks, so long as the money is earmarked for a further house 
purchase.

That said, I get the impression the original poster needs to free up 
capital, so will probably be left with more than £16,000 in savings, 
even if he was to buy a cheaper property which means he won't get any 
JSA (Income Based) or Council Tax Benefit.

-- 
Robbie

"wazzle"  wrote in message
news:8uednahFH8oKgmDbRVnytwA@eclipse.net.uk...
> I have been on JSA just over 2 years now, with no luck in finding a job,
>
> Time to put my house on the market.
>
>
>
> I should be left with roughly £80,000 after paying all fees and mortgage,
> debts.
>
>
>
> I know my JSA will stop, do I need to sign on as usual for my N.I or stamp
> to be paid?
>
> if so how much do they pay?
>
>
>
> I want to put the money into some sort of savings account
>
> that I can't withdraw for say 5 years ---  but pays me monthly interest.
>
>
>
> Will I have to pay Tax or fees on the interest?
>
>
>
> Does anyone have any ideas on a savings account or whatever
>
>
>
> Im a single guy, 37. no children.
>
>
>
> Grateful for any advice on this as am a newbie when it come to these things
> L
>
>
>
> Thx
>
> Phil


Most savings are taxed at source, and you'll get a certificate with the
amount deducted by the bank or building society at the end of each tax year.

I assume that you definitely need to sell the property in the hope
of finding work elsewhere, and or raising capital or because any help
with payments under the IMSI provisions have been exhausted.

As otherwise unless you expect property prices to fall in your area
you'd be better advised to hang on to what is an appreciating asset,
an asset which doesn't affect your entitlement to benefits, and which
if you are getting any help with payments puts you at even better
advantage. All of which will be lost by selling.

If you only expect to raise £80,000 by a sale then unless you
secure employment elsewhere then you'll need to pay rent. But
without any automatic entitlement to JSA or housing benefit
certainly after 6 months.

What it boils down to is if you hope to get a job elsewhere then maybe
you should consider letting out this property for the time being
- keeping it as an asset thus allowing you to make a more measured
decision as to the best time to sell.

If you have no hopes of finding a job elsewhere, or are unsuccessful
then you may find that savings can depreciate rather faster than does
income, putting you back where you started but with nothing left at
all.


V









>
>

On Fri, 28 Sep 2007 22:18:59 +0100, "anon"  wrote:

>
>"wazzle"  wrote in message
>news:8uednahFH8oKgmDbRVnytwA@eclipse.net.uk...
>> I have been on JSA just over 2 years now, with no luck in finding a job,
>>
>> Time to put my house on the market.

Why not find out about the rent a room scheme?

-- 
http://www.orderonlinepickupinstore.co.uk
Ah fetch it yourself if you can't wait for delivery
http://www.freedeliveryuk.co.uk
Or get it delivered for free

On Fri, 28 Sep 2007 22:34:34 +0100, Mogga wrote:

> On Fri, 28 Sep 2007 22:18:59 +0100, "anon"  wrote:
> 
>>
>>"wazzle"  wrote in message
>>news:8uednahFH8oKgmDbRVnytwA@eclipse.net.uk...
>>> I have been on JSA just over 2 years now, with no luck in finding a job,
>>>
>>> Time to put my house on the market.
> 
> Why not find out about the rent a room scheme?
>

A further possibility would be to contact your local housing association,
and see if they will purchase all or part of your house, leaving you as a
sitting tenant.

"Robin T Cox"  wrote in message 
news:b0qLi.3341$Qd2.716@newsfe6-win.ntli.net...
> On Fri, 28 Sep 2007 22:34:34 +0100, Mogga wrote:
>
>> On Fri, 28 Sep 2007 22:18:59 +0100, "anon"  wrote:
>>
>>>
>>>"wazzle"  wrote in message
>>>news:8uednahFH8oKgmDbRVnytwA@eclipse.net.uk...
>>>> I have been on JSA just over 2 years now, with no luck in finding a 
>>>> job,
>>>>
>>>> Time to put my house on the market.
>>
>> Why not find out about the rent a room scheme?
>>
>
> A further possibility would be to contact your local housing association,
> and see if they will purchase all or part of your house, leaving you as a
> sitting tenant.


Thanks for the info all, will take it all onboard, and make a few decisions,

update soon

thx again