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Benefits and investing

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#1 Arterixp



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Posted 24 January 2023 - 10:54 AM

I'm currently claiming ESA and I have a friend who wants to invest in cryptocurrencies like bitcoin but his son is objecting saying that it's a waste of money.

To prevent any arguments my friend came up with the wonderful idea of using my bank account! I'm worried that this could be something that interferes with my benefits and that maybe I could lose them and/or my council property, but on the other hand I don't want to let my friend down. It's not a lot of money (only £200 to begin with) but he says if it's successful he would want to increase it.

His son has access to his bank accounts and credit cards so if he used his own accounts his son would know instantly.

Does anyone know if I would get hassle from DWP if I used my account?


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#2 samueljeremy



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Posted 24 January 2023 - 12:43 PM

If I were you, I'd suggest him alternatives. For example, to set up a separate account in his own name, or finding a reputable investment platform to use.

#3 victormiddleton



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Posted 24 January 2023 - 12:50 PM

It's wrong to use your bank account for someone else's investments. The DWP may consider any money received in your account as income. It could potentially affect your eligibility for benefits. It would be the best to discuss with your friend and explain your concerns about the potential issues. Besides, suggest him alternatives to invest in cryptocurrencies. It's important to always consider the consequences of getting involved in any financial arrangements. Encourage your friend to seek professional help from reliable advisors, such those from https://www.humaninvesting.com, especially if he has any doubts.