Facing redundancy what am i entitled to ?

jimbouk_2

43 years old and facing redundancy early to mid 2010
Will walk out with appx 10k redundancy, i have appx 45k in savings offsetting our nortgage and the wife works full time earning around 20k per anum.
We have a 17 year old daughter in full time education.
I am a complete novice to the benefits system so i have not got a clue what i am entitled to claim if anything
I have never had to sign on before and hope i do not have to this time.
Any advice as to what i am entitled to , loopholes etc would be much appreciated.

Cheers

dave4545454

with 10k redundancy and 45k savings you won't qualify for any benefits sorry. 16k is the limit

Rikki

There are two types of Jobseeker's Allowance, 'contribution-based Jobseeker's Allowance' and 'income-based Jobseeker's Allowance'.


Contribution-based Jobseeker's Allowance - Age 25 or over: £64.30 Jobcentre Plus can pay this for up to 182 days. It’s based on how much National Insurance you have paid in the last two tax years. Generally, self-employed contributions will not help you qualify for contribution-based Jobseeker’s Allowance.
Income-based Jobseeker's Allowance This is based on your income and savings. You may get this if you have not paid enough National Insurance contributions (NICs) (or you've only paid contributions for self-employment) and you're on a low income.


You will be entitled to the fist 'contribution-based Job seekers Allowance'. Once this runs out you will not be entitled to the second type as you have to much in savings.

Natalie6999

the manthach wil not let me b

jimbouk_2

Thanks for the replies,
Contradicting info there chaps, am i or am i not entitled to the Contribution-based Jobseeker's Allowance ?
My initial thought was that i am entitled to it for 6 months then it becomes means tested?

alibongo54

Could you put some of your savings in to an account for your daughter?? Not sure if they would ask for your bank statements and see the money going out but you could say its a deposit for a flat if she is approaching 18!

mark5

If you have been employed for the last few years and your NI contributions are up to date you will get the 6 months of contribution based jsa no matter what you have in savings.

I cant see how jimbouk giving some of his savings (post 6) to his daughter could gain from this with a benefits claim, his wife earns £20k per year so he will probably fall short of state help through this alone.

If your made redundant in Wales your entitled to training worth upto £2500 to help you get back to work through REACT.
Maybe where you live will have something similar, so worth looking into it could help you find a different career and its better than sitting in the house all day.

Goodluck with your job search if it comes to that,

mark