Hoping someone can advise :)

gilly41

Hi
My husband works for Corus and as many of you probably know they are making a few thousand redundant. Luckily he wasnt one of those however he has heard that some more redundancies are on the cards and I was hoping someone can give me some advice.
He has worked there for 34 years(since he was 16!) and would therefore be getting a decent payout should he be in the next lot to go.However, at nearly 50 he will struggle to get another job and our worry is regarding the redundancy pay. Are you able to pay off some of your mortgage with it or do you have to use it to live off?? I cant seem to get a straight answer off the benefits agency nor from Citizens Advice. Surely they must know??
I hope someone can help me on here.
Many thanks xx

gilly41

Anyone please??? xx

therealdessie

I'm a bit confused by your question - surely you can use the pay to do as you please? Are you asking whether your right to benefits, including help with the mortgage, would be affected by the pay? Do you also work full time?

gilly41

Hi
Awww sorry when i read it again it doesnt make sense LOL!!!

Yes I am wondering what benefits we would be able to claim. I dont work. I am confused by it all as i read somewhere that you had to have less than 8 k to claim anything.
If we paid off a part of the mortgage and OH was still out of work surely the benefits agency would say we should have used it to live off rather than claim?
Thanks xx

1984ReturnsForReal_2

I read a little about this the other day its called "deprivation of capital".


You need to look into it.

Sone guy on here was saying paying off debt doesnt mean the DWP dont calculate your entitlement the same way as still having the money.

I dont agree with him in some areas. You need to research it.

Sorry I cant help more.

therealdessie

Your assessment is based on the last month's bank statement and any savings you have - so I would guess, as a layman, that you could pay the lump off and rightfully declare you have few savings left. The money is income until you make use of it, whether to secure your home now or to save it later...