Can't pay my Egg loan untill insurance starts?

Emmzi

J-Pop wrote: »

My lieu of notice is up to Dec 17......i don't know how egg worked it out but i don't think they pay out for the first 60 days after lieu of notice ends.

You need to know, not think. this would have them aying in Feb, not April.

Go and look at your policy and tell us what is stated as the EXCESS PERIOD.

J-Pop

MrRedundant wrote: »

So basically you got pay in lieu; squandered it and dont want to pay bills until May now. Did I miss a bit?

Yeah, you missed a bit....read it properly!

MrRedundant wrote: »

Why did you squander the money rather than save it. The salary in December would have been the same salary you would have received had you not been made redundant therefore why did you blow the boat out.

I said i can pay next months bill and i didn't squander it....i recieved very little pay off.

MrRedundant wrote: »

I suspect it was deliberate for benefits/insurance reasons and has backfired.

Wrong again! You got a chip on your shoulder or something?

You sound like a real misery guts.

To everyone else thanks for the replies.

Apples2

J-Pop wrote: »

Yeah, you missed a bit....read it properly!

Wrong again! You got a chip on your shoulder or something?

You sound like a real misery guts.

You are being unnecessarily harsh in your replies. Let me remind you what you wrote

J-Pop wrote: »

my loan claim has been accepted by Egg but they are not going to start covering my loan until March/April because i got my lieu of notice payment.

I can manage my payment next month but after that i will be living off jobseekers allowance, most of my redundancy money is gone putting it towards the kids christmas.

Can you not see why people are thinking you have received money in lieu of notice which, according to Egg, is enough to last you until March/April?

Rather than spread it out until then, you raced off to Toys'R'Us (or so it comes across)

The quality of your replies is a reflection of the accuracy of the post.

If you had said in the first place you only had 1 months pay but egg won't pay for 5 Months, people would understand.

john_white

arbroath_lass wrote: »

Won't your pay in lieu of notice cover your payments up to March as you've effectively been paid up until then? I didn't think you could claim JSA until after then anyway?

JSA stands for Job Seekers Allowance
So if the OP is out of work through redundancy they can claim JSA as long as they are looking for work, from the date they were made redundant. PILON has no bearing on the situation.

tamarto

john_white wrote: »

JSA stands for Job Seekers Allowance
So if the OP is out of work through redundancy they can claim JSA as long as they are looking for work, from the date they were made redundant. PILON has no bearing on the situation.

Yes it does, it affects whether they will pay you money or not.

Hax

PILON is the wage that you would get if you continued to be an employee of the company for the duration of your notice period. My understanding is it should be comprised of your normal wage for the notice period stated in your contract, any remaining holiday entitlement you still have and whatever the redundancy package is (often 1 week for every full year in employment - either at the your full pay or the statutory minimum - depending on contract/redundancy offer).

It is also my understanding that you are viewed as being in receipt of your salary for the period the redundancy notice covers. So, if you've got a 3 month notice period, then you're effectively viewed as being employed for three months from your notice date regardless of whether you attend the company premises or not.

One important point to note is that if you fail to make your monthly payments to Egg, then you will have failed to keep up with the insurance payments on the loan and this will probably result in the insurance being cancelled.

P.S. Happy to be corrected on any of the above - it's just my view/interpretation as a layman!

LilacPixie

You need to contact the PPI company/Egg and find out exactly why payment will not be made until April and then go from there. You never know you may be offered a job starting before your PILON ends