01-08-2013, 09:39 AM
11
Re: mortgage woes
Originally Posted by ukmartian
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well said i put that question to my MP ..he couldn't answer it ..the prob is if i do end up having my house repossessed, I will have to rent somewhere ...but because i am in line for a bit of equity ( about 2 1/2 times what i owe) I wont get benefits because i will have to much in the bank. plus i would never get a mortgage again as my credit rating is shot as well
Not true Steve matey. You can have capital (from the proceeds of the sale of a house) notwithstanding its over the £8000.00 capital limit for up to six months, if it is to be used to purchase alternative accommodation.
01-08-2013, 09:47 AM
12
Re: mortgage woes
Sorry for high jacking thread but why then when my husband was made redundant and he was owed his last months wages was he told live on your wages for 8 weeks before we consider you for benefits ? Note owed the last months wages but it was 7 years later they paid him 15% of that figure after they had paid all their creditors etc.Meant we had to live 12 weeks before they would give us any money, then another 4 weeks before any money at all arrived as it had to be processed, so 16 weeks in all then we got £70 handed to us.
Too late by then though as my husband had a stroke from the stress so we went onto sick pay instead.
Never understand why or how people prefer to be on benefits it nearly killed us. And I am guessing Martin isn't having much fun either.
01-08-2013, 12:50 PM
13
Re: mortgage woes
Originally Posted by Uncle Joe
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Not true Steve matey. You can have capital (from the proceeds of the sale of a house) notwithstanding its over the £8000.00 capital limit for up to six months, if it is to be used to purchase alternative accommodation.
01-08-2013, 07:05 PM
15
Re: mortgage woes
Steve, Jimmy, you're both WRONG!!! I wasn't talking about INCOME or SAVINGS, but CAPITAL arising from the proceeds of sale of the home.Schedule 10, paragraph 3 Income Support (General) Regulations 1987 states:
CAPITAL TO BE DISREGARDED:
.... Any sum directly attributable to the proceeds of sale of any premises formerly occupied by the claimant as his home which is to be used for the purchase of other premises intended for such occupation within 26 weeks of the date of sale or such longer period as is reasonable in the circumstances to enable the claimant to complete the purchase.
01-08-2013, 07:30 PM
16
Re: mortgage woes
Yes Joe, but he isn't selling his home to use the proceeds to buy another home, he is being forced to sell it because he cannot keep up the payments, so if he sells, and doesn't buy another house within six months it will be classed as capital.At least I think so.
02-08-2013, 11:53 AM
19
Re: mortgage woes
Originally Posted by Julie1962
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It's very dangerous for anyone to give or take financial advice on a forum, Martin needs proper help CAB would be a good start.
Julie the advice I gave Steve is 'proper' as you call it, since for more than 21 years I was a founding member of a Neighbourhood Law Centre. Prior to 1986 (when the law was changed) I was a member of the Supplementary Benefit Appeals Tribunal panel. I have, (and continue to do so, provgide advice up to and including representation at Social Security and Disability Appeals Tribunal hearings as well as Social Security Commissioner appeal hearings.
02-08-2013, 11:58 AM
20
Re: mortgage woes
Originally Posted by Jimmy
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Yes Joe, but he isn't selling his home to use the proceeds to buy another home, he is being forced to sell it because he cannot keep up the payments, so if he sells, and doesn't buy another house within six months it will be classed as capital.At least I think so.
Jimmy matey, as Steve himself as stated, his 'equity' in the property is likely to be in the region of £100K. That is considerable equity and could very seriously be used for the purchase of alternative accommodation even if, Steve might need to take out yet another mortgage to bridge whatever financial gap there might exist.
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