voluntary redundancy

katie_jane_2

hi im after some info my brother in law has took voluntary redundancy this morning and needs to know does mortgage insurance pay up on vol redundancy or just forced redundency?i know every mortgage is different but is there a general rule of thumb?Also is he likely to get any benefits jsa etc married 2 kids wife works part time.
ive probably stuck this in the wrong place please move if i have sorry

katex

billie19

Does he work for ntl: by any chance ?

katie_jane_2

no although they made someone i know redundant a few yrs ago and paid him a grand extra redundancy without realizing!not suprised theyre in trouble!

Debt_Free_Chick

katie_jane wrote:

hi im after some info my brother in law has took voluntary redundancy this morning and needs to know does mortgage insurance pay up on vol redundancy or just forced redundency?

Almost certainly not. Effectively, he has asked for redundancy. Insurance normally only covers unforeseen events that can't be controlled. In his case, he was "in control" as he applied for redundancy.

Worth checking the policy or calling the insurance co .. but expect a knock back - sorry

katie_jane_2

that was what i thought will tell them to check their policys

Mr_Frugal

Katie Jane, I too took voluntary redundancy about 3 months ago.
My policy did not cover me (worth checking the individual policy) but as it was VOLUNTARY I would be VERY surprised. I didn't expect to get it but rang my insurer just as a fail safe.

Re JSA. He will get JSA (about £57 a week) guaranteed for 182 days (ie 6 months) providing he is looking for work and goes to the Job Centre Plus every other week to 'sign on'. This is NOT means tested and everyone (even Millionaires) are entitled to this so long as they have been paying NI previously.
Make sure he gets the Job Centre to honour his NI stamp from when he took redundancy as any gap in that can affect your state pension at a later date.

He will be entitled to other allowances if his savings are below a certain threshold (about 8k I think). I unfortunately (or fortunately depending which way you look at it) didn't qualify for these but I believe these means tested benefits can contribute towards council tax, heating etc.


Hope this helps,

Mr_F.

wannabedebtfreebeth

Hi
I've only just seen this thread so what I say may be too late to help - but he will only be able to claim any benefits from the end of his notice period. I took voluntary redundancy a couple of years ago and was paid 3 months in lieu of notice - benefits only applicable at the end of that period as you are officially working still until then. If that is the case then hopefully he will have a new job by the end of that period and may be able to do some work in the meantime. Good luck.