Redundancy and income protection

damajed

Apologies if this has been posted many times before, I could not find any threads on this specific point. The form I work announced at the end of Sept that they would be commencing redundancy measures and advised of the 30 notice period. Following this, redundancies were made at the beginning of Nov and those who were not made redundant, were advised that following a 3 month review early in the new year, further redundancies will be made.

I do not have any income protection (which is a major pain in the !!!!!, given that I paid it for years and cancelled it :mad: .....), and I have been looking into this and many of the providers, seem to have a catch all clause, something along the lines of "you will receive any payments if you reasonably knew that redundancy would affect you", which is a bit !!!!!! really.

Anyway, has anyone got any advice on this subject that can help, as I am getting frustrated by the whole situation and would like to see what options are available.

Many thanks in advance,

damajed

PS - this is my first post, please be gentle.......

dunstonh

I have been looking into this and many of the providers, seem to have a catch all clause, something along the lines of "you will receive any payments if you reasonably knew that redundancy would affect you", which is a bit !!!!!! really.

It is common sense though and I am sure if you were offering these plans you would have the same clause in there as well.

Anyway, has anyone got any advice on this subject that can help, as I am getting frustrated by the whole situation and would like to see what options are available.

You know there is going to be redundancies so its too late to get cover for this round.

TEDDYRUKSPIN

Yeah too late. Another classic example of you should have got it or kept it.

Don't worry too much. As a standard, you will be entitled to some redundancy pay. At the same time if you are unemployed go and register in your local jobplus centre. Tell them you have a mortgage.

Reason:

From January 2009, you will only have to wait 13 weeks until the government will help you pay your mortgage interest up to £175k.

However, this is means test. Therefore, if you have savings above £6k to a maximum of £16k, your benefit amount will be reduced. £250 equals £1 per week. Over £16k you will not get anything..

kharyss

TEDDYRUKSPIN wrote: »

Don't worry too much. As a standard, you will be entitled to some redundancy pay.

Don't forget that unless the company has an enhanced redundancy pay policy, you will only get Statutory Redundancy pay if you have more than 2 years service there. If not, it's notice pay only, and they can make you work it rather than pay in lieu!