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Found 55 results

  1. Millions of Britons fail to tell their partners of their outstanding debts, savings or investments. Twenty per cent of Britons - or 6.2 million of us - have debts that they have not disclosed to their partners. The average value of these outstanding debts is £9,546. Other financial skeletons include hidden savings and investments, with 4.3 million people admitting that they have private nest eggs of savings and investments kept secret from their other halves. On average, these concealed finances are worth £2,004. According to a survey by Prudential which examined the attitude towards financial planning among cohabiting couples over 40, 14pc of respondents say their partner does not know how much they earn. For 9pc of these people, this is because they claim they do not discuss earnings – despite living under the same roof. However, the remaining 5pc admitted this is because they deliberately mislead their partners into thinking they earn more or less than they actually do. When those who had admitted to having hidden debt were asked how the situation arose, more than a third said they had borrowed money to cover everyday living costs. Thirty-three per cent said they had borrowed the money to pay off other outstanding debts, such as credit card bills, and a further 6pc said the debt arose through travel costs. More reasons for this hidden debt included overspending due to an emotional situation, with 5pc claiming this was the reason for their financial trouble, and a further 5pc said their debt had been inherited from previous relationships, such as joint mortgages. Link: http://www.telegraph.co.uk/finance/personalfinance/savings/9693612/One-in-five-hide-savings-and-debt-from-their-partners.html
  2. Hi All I need some help if anyone out there can assist me. My Children had savings accounts with my mum as trustee, when she died my sister was the executor of her will and assigned her boyfriend to the account as trustee. They then emptied the bank accounts. I have been to CAB and I need to send a LBA before I can issue a claim in court but I am struggling to find a suitable template. Can anyone help??
  3. I'm after a bit of advice in a field I have absolutely no Knowledge in at all... My sister is a single mother bringing up three kids, she works with disabled children less than 16 hours a week and received tax credits and a small amount of housing benefit. She had no savings to speak of. 6 years ago she was knocked over by a dog whilst out walking her own dog and luckily the dog owner was insured, its taken 6 years for the case to finally be resolved and she has been awarded a lump sum to cover her medical bills in the future as they estimate she will need two knee replacements as she struggles to walk distances now. The initial plan was to have this money put into a trust which then wouldnt affect the benefit she receives and a solicitor drew up a trust form with two trustees (myself being one). When applying to the bank however they have declined to accept the trust and cited bad credit reports, both myself and my sister have bad credit files through various circumstances. so I wonder will the lump sum be taken as pure savings despite having a planned use? and hence affect the housing benefit. S.
  4. hi all, This post is on behalf of a friend and im looking for some advice regarding barclays bank. My friend holds a savings account with barclays, near the end of may her entire balance was wiped out of her account. My friend immeadiately contacted her account holding barclays branch, and was advised that fraud had taken place on her account. She was told that it would take 6 months for barclays to investigate the fraud on her account and plus she would have to wait this time to get her money back. Something doesnt sit right here? Any suggestions/advice appreciated. Thanks
  5. Hello CAG, I would like to know how long income remains income in a bank account before it can be treated as capital.When looking below, please bear in mind that I know £6,000 is the lower limit, the figures used are rough and I also understand that DWP decides the first and last day of term irrespective of when they actually are. My wife (who is severely disabled) recently was asked to provide bank statements for last 3 years and for myself for 1.5years (the length of time she has lived with me). My accounts are always pretty much zero but my wife has a few savings, a large income from DWP and is also a full time student therefore receiving student loans/grants (in place of some IS during term time). So when you look retrospectively at our capital it would appear as if there are savings when in fact it is income. For example, one day My wife would receive £2,000 in the form of a student loan and grant that is to last the term and also the IS is reduced as the loan is classed as income of some kind. At the same time she would have about £4,500 in a saving account so it would appear when looking back at our daily totals that on that day she had savings of £6,500. Obviously on that first day it iseasy to prove that the £2,000 is income but this is to last the whole term (let us say 16 weeks to keep things simple) So I would like to know what are the laws regarding on this when DWP look retrospectively at capital: 1.) Does my wife have an obligation to spend an exact amount each week and any short fall of that amount becomes savings (so the £2,000 should become £1,875 through the second week, then through the third week it should be £1,750)? 2.) Similar; is it expected to be spent evenly over the three months monthly (£2,000 as income for four weeks then £1375 as income the next four so on, so forth) 3.) Is there no expectation in law for my wife to spend i tat a set rate so the full £2,000 could be savedand then spent in full on the last day of term with no problems and if not spent then it is treated as savings only after the last day of term? It is also the same question for the DLA she recieves as this is paid monthly. I appreciate your help on this but please may I ask that only fact and not opinion is used to answer as there willbe many opinions on what should be right according to how you view this. I will love to hear from anyone who went through the same with a large sporadic income being treated as income to reduce IS then afterwards being used as capital to further reduce IS Thank you for your time in reading this.
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