How to claim JSA

[NibblyPig]

So where is your warchest then? I'm not getting something here? The 8k in your current account is your warchest?

Pretty much yeah, I'll save a bit more next year, but I am trying to overpay my mortgage by the maximum allowance before the year end when it rolls over. If contracting goes tits up tomorrow and I am unemployed for 2 months with no end in sight, and all is doom and gloom, I'll just go permie. I'm not one of the types that will weather it out for months and months until the climate changes and they can contract again. I'm happy to do a bit of permie stuff for the time being, otherwise I'd go nuts.

I've only been contracting for 8 months after all. I don't have a family, I don't have many expenses, and I have a few outstanding invoices, so that's as low as I feel happy with my savings going at the moment, with the remainder going into my mortgage.

No doubt the lifestyle will suck me in though and I'll build a huge war chest and post on here with much more disdain and experience in the future....

IANCOTBAC right?

[northernladuk]

Getting money out inefficiently to pay off the lowest method of borrowing available leaving you at risk of possibly needing credit which will negate any possible savings you made on your mortgage. Sounds like an utter ******* car crash to me but it's your life.

[DieScum]

How much do you get with JSA?

I've never claimed it but I always thought the amounts were so low it wasn't worth the hassle. Rather than fill in the forms and be part of that system I'd rather just put a bit aside in case of emergency and use the time to chill and skill.

[Sam Sung]

I don't agree that <16k puts you in a "dark place", that'd depend on your outgoings/debts, of which mine are hundreds-a-month and none, respectively.

Second, I was claiming back in April or so a few weeks, ticked the box on the DWP site to say I had more than 16k, they didn't do a single check, and I got my money. Income based, which means you have months, not years to find a gig.

Most annoying thing with claiming is the stooopid hoops the idiots at the DWP put you through with keeping a Jobsearch diary, I just wrote the same crap out, applied for 20+ gigs a week but would just list serial numbers for a couple of them.

Scratch that, THE most annoying thing was when I got an offer on Friday starting Monday WEEK, I was near the Jobcentre when the offer hit my inbox, walked from the pub to the Jobcentre and told the staff "I'd found work, so no point me coming in Monday to sign, just close my claim on the last Sunday before", silly jobsworth bint said "Nahhh you carnt do vat you need ta be availabool for work rye up to yer last day of yer claim loike".

Gave her my most boyishly handsome smile, marched back out and never came back.

[Sam Sung]

How much do you get with JSA?

I've never claimed it but I always thought the amounts were so low it wasn't worth the hassle. Rather than fill in the forms and be part of that system I'd rather just put a bit aside in case of emergency and use the time to chill and skill.

About £320/month, so should pay a fair chunk of the mortgage/rent.

[BolshieBastard]

Haven't read it all.

In my experience, I've NEVER been asked how much is left in the company. They do ask how much savings you've got though - pretty sure it wasn't as low as that last time I did it.

I guess having less than £16K savings might be a show stopper these days.

One thing - if you know there is bench/JSA time likely there is nothing stopping you declaring a dividend on the Friday (when you're still in contract) and clearing the company out, then using this to pay off credit cards/mortgage or whatever. Then monday its gone. Of course, you can't leave it in savings account...

Unethical maybe. Not getting into that one. But theres no way anyone can dictate how you choose to deal with your own finances BEFORE you claim of course.

God, how many times do we have to go through this?

If you're claiming contributions based JSA, savings and money in a company do not matter. JSA Conts is based solely on your (NI) contributions record.

If you're claiming income based JSA then savings and money available to you in a company is considered when determining your entitlement.

[NibblyPig]

Getting money out inefficiently to pay off the lowest method of borrowing available leaving you at risk of possibly needing credit which will negate any possible savings you made on your mortgage. Sounds like an utter ******* car crash to me but it's your life.

How come it's inefficient? My mortgage has compound interest at a higher rate than any savings account. There is no situation where I'm going to need credit, I can afford to live for 6 months without working before I have to start thinking about permiedom, the market in which I could get a job in a split second in the current climate, and I am prepared to do it.

I know you like to berate everyone but I was trying to be reasonable and actually explain. I guess I should have known better.

[northernladuk]

Am probably making a right dick of myself but isn't taking divis over the basic rate inefficient?

[WordIsBond]

Am probably making a right dick of myself but isn't taking divis over the basic rate inefficient?

He's only been contracting for eight months. He probably hasn't exceeded the basic rate threshold yet (this tax year is only six months old, after all). He didn't say he had taken divis over basic rate.

[NibblyPig]

He's only been contracting for eight months. He probably hasn't exceeded the basic rate threshold yet (this tax year is only six months old, after all). He didn't say he had taken divis over basic rate.

I see, as I have just started I am not in the higher rate band yet. I will probably get there before year end though at which point I will be saving due to the limit of overpayment on my mortgage.

But even in the higher rate band, what choice do I have, unless I plan on closing the company in the near future? The money would presumably not earn anything and be useful only for closing the company or if I choose to spend a year not working much? Or am I missing something?