benefits help

ropper

my partner i to be redundant at the end if the month weve done the benefits advisor online to see what shed be entitled to.my only concern is the £6000 savings that you can have

after phoning to inform tax about her maternity pay stopping and that shed been made redundant the girl i spoke to said that any redundancy money received is classed as income and not savings or something along those lines and to ring back when she has her p45

shes expecting about £6000 and ive savings of £2000 weve also got 2 children with £1000 in each of their national saving accounts now i know that childrens saving are not included.

but is her redundancy money classes as savings if we keep it in the bank to help us through

alwaysonthego_2

Yes her redundancy is classed as capital/savings.

Do you work?

How much do you earn?

Has she paid enough NICs for year 06-07 and 07-08?

cbrown372

worth while reading this article.

http://www.moneysavingexpert.com/protect/redundancy-help#further

donnajunkie

ropper wrote: »

my partner i to be redundant at the end if the month weve done the benefits advisor online to see what shed be entitled to.my only concern is the £6000 savings that you can have

after phoning to inform tax about her maternity pay stopping and that shed been made redundant the girl i spoke to said that any redundancy money received is classed as income and not savings or something along those lines and to ring back when she has her p45

shes expecting about £6000 and ive savings of £2000 weve also got 2 children with £1000 in each of their national saving accounts now i know that childrens saving are not included.

but is her redundancy money classes as savings if we keep it in the bank to help us through

any pay she recieves is called as earnings and not savings whether it be wages, redundancy money or owed holidays. if you have more than £6000 in the bank it will affect how miuch benefit you are entitled to. how much you lose and for how long i dont know. it sucks i know. in my last job i thought i would save most of my holidays as the job wasnt permanent. i was pretty annoyed to discover that i would lose 1 days benefit for each days holiday i got. i should have just taken all the holidays.

ps they will want to see her last few payslips when she puts her claim in.

donnajunkie

alwaysonthego wrote: »

Yes her redundancy is classed as capital/savings.

Do you work?

How much do you earn?

Has she paid enough NICs for year 06-07 and 07-08?

i guess maybe i am wrong then but i always thought they classed anything your company pays you as earnings.

dookar

It's not earnings, it's a compensation payment. So it must be either income other than earnings or capital - neither of which are defined in the law. However, case law has established that income must be regular or repeated (I forget the wording) payments, which this isn't. ergo it is capital

donnajunkie

dookar wrote: »

It's not earnings, it's a compensation payment. So it must be either income other than earnings or capital - neither of which are defined in the law. However, case law has established that income must be regular or repeated (I forget the wording) payments, which this isn't. ergo it is capital

thanks. they do change rules from time to time and i wouldnt be surprise if they class it as earnings one day. i remember when they didnt take benefit off you when you got paid owed holidays.

ropper

donnajunkie wrote: »

any pay she recieves is called as earnings and not savings whether it be wages, redundancy money or owed holidays. if you have more than £6000 in the bank it will affect how miuch benefit you are entitled to. how much you lose and for how long i dont know. it sucks i know. in my last job i thought i would save most of my holidays as the job wasnt permanent. i was pretty annoyed to discover that i would lose 1 days benefit for each days holiday i got. i should have just taken all the holidays.

ps they will want to see her last few payslips when she puts her claim in.

thats wha she said on the phone about her redundancy being earnings.my worry is though if kept in the bank to help us get by when is it classed as savings (alongside savings ive got in my account)or are we better off keeping everything under £6000

karenx

What will you do with it then if you are wanting to keep your savings under £6000??

tonypop

ropper wrote: »

thats wha she said on the phone about her redundancy being earnings.my worry is though if kept in the bank to help us get by when is it classed as savings (alongside savings ive got in my account)or are we better off keeping everything under £6000

Better to wait till your savings are under £6000 as you will get less money.

And they will want to see your partners last few payslips and bank account statements, so no ways around it really!!

donnajunkie

tonypop wrote: »

Better to wait till your savings are under £6000 as you will get less money.

And they will want to see your partners last few payslips and bank account statements, so no ways around it really!!

i think if you have over £6000 they take some benefit off you and it depends how much over on how much they take off you. i dont know how it works. someone must know here. they will ask for payslips regardless. i've never known them to ask for bank statements though. i think i remember reading on one of their forms that if you have close to or over £6000 they want to see your bank statement then but otherwise they dont.