inherited money

[syston96]

I am a single parent not working and on benifits with a £70,000 morgage ,I will be inheriting £80,000 plus shortly...what would be the best thing to do with the money ?I presume i will loose all my benifits and be no better off in say 5 years when the £80 k has been used to live on ? ? any suggestions would be appreciated.

[bednobs]

of course you will lose your benefits, as you won't need them anymore. In 5 years time if you need them again, of course you can re-apply :)

Anyway, i would pay off my mortgage in your position as it is probably your biggest outgoing

[bednobs]

Also meant to say no matter how old your child is now, in five years time they will be in school therefore you could work and be better off

[Ninnynanny]

The CAB money advice workers would be advising that you should clear off your mortgage and any other debts. This would not be classed as "deprivation of capital" of course you would have to declare any remaining savings and then your benefits would have to be recalculated to reflect the savings. Maybe when all this has happened your children might be old enough for you to have a job; at least you will be free of debt and worry. The CAB public advice website will be able to help you further;www.adviceguide.org.uk Good luck

[DocHH]

Definitely pay off your mortgage, and any other debts you may have! There is a Northern phrase "Out of debt, out of danger!" How true, your benefits will obviously change, but at least you will have a roof over your head, with no claim against it. ps I'm not a Northerner, but agree with the sentiment.