Being made redundant help!

lorriellah1

I am going to lose my job in a few months but wont have any redundancy payments etc due to the contract I am on.

I have money in savings though; several bonds, ISAs and savings accounts. My baby too has a trust fund and a savings account.

When I am job-less will I not qualify for Job seekers allowance because of my savings?

if I didn't have savings but my daughter had her trust fun and savings account do they still check for this so they'd make me spend her money first? A friend of mine said something of the like and I wasn't sure if it's true.

basically I'm trying to establish what will happen when I lose my job. I really have worked hard and it seems so frustrating to then have to eat into my savings which I hoped to spend on a deposit for a house instead.

Thank you for any advice

daimonde

dont know about the daughters bits n bobs, but for yourself.....

theres two types of Jobseekers,

one is based on your income, which if you have over £16k in savings/capital you wont qualify for, ive you have savings for a deposit im guessing that counts you out for this ?

the other is based on national insurance contributions paid in the last couple of years. this only runs for 6months but doesnt any account of savings etc. this is also paid at a flat rate, personal allowance, which from april i beleive is £65.45, no additions for other family members.


hope thats of use,


Dave.

sickofusernames

lorriellah1 wrote: »

........I really have worked hard and it seems so frustrating to then have to eat into my savings which I hoped to spend on a deposit for a house instead.

Thank you for any advice

Good luck, I was hoping to save some of my redundancy towards a house deposit but it's almost all gone now! Don't think i'll ever buy a house at this rate.

I guess your daughter's trust fund will be exempt from the calculations as you personally can't take money out of it until they are 18 I think? With your daughter's savings account, we've just had one made for ours as she had quite a bit of money but considering that parents are allowed access to her account as she is only a minor then they probably take that into account in calculations, although I'm not sure but it seems common sense that's how it would work.

karenx

If you have acess to the money, ie you are named on the account then yes thats taken into consideration. As technically its money available for you should you need it. I know its harsh as its for your children but its the way it works.

Sunshine12

If you apply for contributions based then you should get it providing you have paid enough N.I

After 6 months you can no longer claim contributions based and will go onto income based which takes into account all monies you have including anything in trust.

sunnyone

lorriellah1 wrote: »

I am going to lose my job in a few months but wont have any redundancy payments etc due to the contract I am on.

I have money in savings though; several bonds, ISAs and savings accounts. My baby too has a trust fund and a savings account.

When I am job-less will I not qualify for Job seekers allowance because of my savings?

if I didn't have savings but my daughter had her trust fun and savings account do they still check for this so they'd make me spend her money first? A friend of mine said something of the like and I wasn't sure if it's true.

basically I'm trying to establish what will happen when I lose my job. I really have worked hard and it seems so frustrating to then have to eat into my savings which I hoped to spend on a deposit for a house instead.

Thank you for any advice

Thats what savings are for, you save when you can and use the savings during the lean times.

We are both unable to work ATM and we have used up most of our savings but thats what they are for and you can claim means tested benefits when its gone, thats the safety net.

The one thing you can do is put as much in ISAs as possible, its then invisable for tax credits.