Wife losing her job - any advice please

morrow56

My wife is losing her job after 34 years service at the end of March

She is receiving a healthy redundancy package of close to £50,000 but she has worked for her firm for 34 years

Can anyone advise how we can approach it best to make use of benefits which may be available to use like Child Tax Credit (2 kids ages 15 and 12), Working Family Tax Credit and any other possible benefit which may be available

We owe approx £40,000 on our mortgage, she has a personal loan of £13,000 and I have one myself of £6,500

My salary is £17,290

Any information you could provide or advice would be very helpful

Thank you

alwaysonthego_2

She could get cont based JSA for 6 months if she has paid enough NI conts for previous 2 tax years, ctc, wtc and cb.

barnaby-bear

morrow56 wrote: »

My wife is losing her job after 34 years service at the end of March

She is receiving a healthy redundancy package of close to £50,000 but she has worked for her firm for 34 years

Can anyone advise how we can approach it best to make use of benefits which may be available to use like Child Tax Credit (2 kids ages 15 and 12), Working Family Tax Credit and any other possible benefit which may be available

We owe approx £40,000 on our mortgage, she has a personal loan of £13,000 and I have one myself of £6,500

My salary is £17,290

Any information you could provide or advice would be very helpful

Thank you

Pay off the loans with APRs above BoE. Then offset mortgage - it's there in an emergency but not savings for various calculations.

morrow56

alwaysonthego wrote: »

She could get cont based JSA for 6 months if she has paid enough NI conts for previous 2 tax years, ctc, wtc and cb.

Won't they ask how much redundancy she got

Any idea how much we could expect to get based on her getting JSA and my earnings of £17,200

Thanks again

alwaysonthego_2

morrow56 wrote: »

Won't they ask how much redundancy she got

Any idea how much we could expect to get based on her getting JSA and my earnings of £17,200

Thanks again

No savings and your earnings will not be taken in to account for contribution based jsa. She can claim this for 6 months providing she has paid enough NI conts in the previous 2 tax years. After this she would not be entitled to anything apart from ctc, wtx and cb. You need to included CBJSA in your tax credits claim for income so you may not be entitled to wtc in those 6 months.

Try www.entitledto.co.uk for an idea of what you will get, don't forget to include the jsa in the relevant bit.

asandwhen

I would pay off the 2 loans then as much of the mortgage as I could

You wont have any saving left so you would still be entitled WTC,CTC,CB and Contribution based job seekers.

£50,000 is a great redundancy package - well done her.

alwaysonthego_2

asandwhen wrote: »

I would pay off the 2 loans then as much of the mortgage as I could

You wont have any saving left so you would still be entitled WTC,CTC,CB and Contribution based job seekers.

£50,000 is a great redundancy package - well done her.

This could be classed as deprivation of capital and would be viewed as being fraud.

As cont based jsa is not dependant on savings or household income it does not applyy to the op.

p.s don't forget to include any interest on your savings for tax credits purposes if over £300.

morrow56

Does she have to state the amount of redundancy she received when we apply for Child Tax Credit and Working Tax Credit?

Thanks so much for your advice

alwaysonthego_2

morrow56 wrote: »

Does she have to state the amount of redundancy she received when we apply for Child Tax Credit and Working Tax Credit?

Thanks so much for your advice

No just any interest over £300 in the full tax year.

jacklink

Pay of the mortgage , the rest can wait, you can manage on £17,000 mortgage free.

see website 'entitled to' to see what benefits you could claim

good luck

reheat

Remember that only the first £30,000 is tax free. I'm not sure if there's any ways to defray tax liability on the remaining £20,000 - maybe someone else may be able to help here.