Stressed. 15151515

Lounge
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About money.

Basically me and my partner are on disability.

Anyway I am looking at a very large lump sum of money due to what happened at birth. It’s more than I can ever imagine really but not enough to live off solely the rest of my life. Also if I have more than 6k in my bank I can’t get universal credit which is most of our income.

So the thing is I feel like I’m in a dilemma. Do we get jobs and buy this house with the money. Do we just live off that for a while and then go back on universal credit. Or do I put it in a trust fund where universal credit won’t be affected (I think)

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You need to contact a professional financial advisor.

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Your right. I think that would be a relief to be honest. But one I can trust.

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Really annoying that you can’t have more than 6K. Makes the lump sum less attractive.

Maybe consult someone who can give you expert advice.

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I think they have to be registered and licensed and there’s a website to check that.

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I’m also stressed about the amount my son could get. It will be considerably more. And that will be in a trust fund until he is 18 but I worry what he would do with it.

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Are you eligible for pip? You can have any amount of savings and any income.

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Payouts for medical negligence may not count for the purpose of “having savings”. Like I said get proper advice.

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That would be a relief.

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This includes benefits like Universal Credit, housing benefit, and council tax support. If you receive a compensation settlement exceeding

Just found this on google.

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I have more than this and get £325 UC per month. They reduced it by £48 because of my savings, but I still get a good amount of money.

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Yes just been on the website and saw they take a portion out.

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Compensation counts as savings. I googled it.

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I think over £30k you get nothing.

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I thought it was if you have over 16k, then they stop your benefits in the uk.

Idk but that’s how it was on esa anyway.

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It’s way over 30k. Maybe I can put some in the bank to pay off the car etc and some debts and the rest in a trust fund. Either way I think I will have to seek a financial advisor.

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Yea it’s 16k limit.

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By the time I get the money it’s likely my eldest will be full time school and my youngest nursery so I could get a job. However my partner just isn’t capable.

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Can you think of a job that you would be capable of?

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I have a BMus (music) so I could always go back to teaching privately. But that may not take off. I’d be happy to work at the local spar to be honest which is just a convenience store. I do have quite a bit of work experience.

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