Maintenance funds and Money in Transit

[Parry08]

Hi,

I have two queries related to HSMP extension.

I am planning to apply for a HSMP extension for me and my family (wife and one daughter – 4 years old). I have been living in UK for last 12 months.

1. I have to show a maintenance funds of Pounds 800 for me and Pounds 533 for each of the dependent. To show the amount, can I club the funds from my wife’s account?

Example: Suppose a minimum amount in my account for the month of December 08 is Pounds 1000 and my wife’s account is 900. Can I show total minimum monthly balance is Pounds 1900 ( 1000+900)for December 08.

2. Money in transit: I have two bank accounts in UK, with two different bank. If I transfer the amount the amount from one bank’s account (Account A) to other bank’s account (Account B), it take 3 working days for the transfer to take effect. The transfer amount is credited to Account A instantly, but it take 3 days to appear that amount on Account B. During the transit the money is owned by me but it is not shown on any of my bank’s account. Can I consider the money in transit while calculating the my minimum balance?

I would appreciate if you could answer my queries?

Parry

[push]

1. I have to show a maintenance funds of Pounds 800 for me and Pounds 533 for each of the dependent. To show the amount, can I club the funds from my wife’s account?

Example: Suppose a minimum amount in my account for the month of December 08 is Pounds 1000 and my wife’s account is 900. Can I show total minimum monthly balance is Pounds 1900 ( 1000+900)for December 08.

Yes. In fact technically you can claim for a slightly higher min balance amount if the dates on which these minimums on each of the two accounts differ. But keep it simple.

2. Money in transit: I have two bank accounts in UK, with two different bank. If I transfer the amount the amount from one bank’s account (Account A) to other bank’s account (Account B), it take 3 working days for the transfer to take effect. The transfer amount is credited to Account A instantly, but it take 3 days to appear that amount on Account B. During the transit the money is owned by me but it is not shown on any of my bank’s account. Can I consider the money in transit while calculating the my minimum balance?

No otherwise everyone with a minor deficit will start claiming that the funds were in transit i.e. were sitting with him/her in cash for sometime.

[Jarrad]

Hi,

If I have three accounts (two savings accounts and 1 transaction account, with different banks) and transferred all of my funds from savings account A to transaction account B on a particular date, with that date being consistent on both accounts, and then transferred the funds from transaction account B to savings account C, the day after, with that date being consistent on both accounts, is it acceptable that I have had the minimum level of funds for the full 3 month period that includes this transaction in the timeframe? At no time were the funds unavailable to me during the 3 month timeframe.

I greatly appreciate any responses!