Will My ISMI Limit Increase As An Existing Claimant?Posted on: 01 December 2008 by Gareth Hargreaves
50connect reader Margot asks finance expert Peter McGahan about changes to her ISMI limit.
Will existing claimants be hit with an increase to their ISMI limit and when are any changes likely to take place?
I was wondering if you can help; I am currently on income support, receive carers allowance and wanted to know whether the ISMI limit will be going up for me as an existing claimant, as the interest being paid on my mortgage is calculated on the 100,000 - yet my outstanding balance is more than this.
If so, do you know when this is likely to change?
That's an interesting question and one that I have to confess I didn't know the answer to.
So in order to answer the question I contacted the Benefit Enquiry Line and had a chat with one of the advisors there.
Unfortunately they didn't know the answer either. It is assumed that it will start in April in conjunction with the new annual budget changes, however nobody has actually had this confirmed to them so it is nothing more than an assumption.
As for whether or not it will apply to existing claimants or solely new claimants, unfortunately I received a similar response. As it stands they had not been given detailed information on the changes taking place and as such couldn't give me a definite answer on this one either.
Rather frustrating, but unfortunately it seems nobody has these answers yet. As soon as we find out we will let you know.
In the meantime keep in touch with your independent financial adviser and they will let you know as and when confirmation occurs.
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