Help

brokebanker

I'm just about to wind down my ltd company due to so many people owing the company money and not paying & I'm not wanting to risk getting the ltd company into debt. I have a mortgage and no job to go to. I am thinking of going self employed but wondered what benefits I'm entitled to until I have set up the new busines???? Single, no kids!!!

dmg24

Were you paying NI Contributions on a self employed basis, or as an employee of the Limited Co?

Do you have any savings?

brokebanker

8k savings but 20k debts (inc car loan).

My NI was paid through Ltd co, I am classified as employed at the moment.

healy

If you have not already you could try putting your details into entitledto.com to see what you may be entitled to.

Conor_3

Your debts are irrelevent. Your £8k savings are though for any means tested benefits. You have sufficient contributions to get Contributions based JSA and Council Tax Benefit. When you start up self employed, you may get Income Support and CTB depending on your level of income.

healy

Conor wrote: »

Your debts are irrelevent. Your £8k savings are though for any means tested benefits. You have sufficient contributions to get Contributions based JSA and Council Tax Benefit. When you start up self employed, you may get Income Support and CTB depending on your level of income.

As the OP is single with no children I cannot see how he could claim IS, he would have to claim JSA or maybe WTC.

alwaysonthego_2

Providing you are up to date with your national insurance contributions you may be able to claim contribution based JSA. You may get help with council tax benefits. You should try and contact your mortgage lender to let them know your situation. You could ask to take a payment holiday if it is in your contract. You would be better trying to find a job asap whilst you set up your business.