If I'm redundant what benefits will I get

[Deleted User]

Gordon_Hose wrote: »

I think I read somewhere that you can get help with mortgage interest payments.

I'm being made redundant in March, so I'm currently sat here applying for jobs, in between sh1tting myself because I have a mortgage, bills and a baby on the way.

Good luck mate - hope you find something

Blobby8_2

Please bear in mind that if you claim contribution based JSA it is taxable, therefore anything claimed in this tax year will reduce any tax rebate to which you may be entitled.
If you see yourself being unemployed long term it may be better to wait until the new tax year before claiming JSA

[Deleted User]

getmore4less wrote: »

Contributions JSA lasts 6 months.

AIUI anything over 16k in savings and means tested not going to happen.

So after 6 months you get nothing?

No savings anyway.

Gordon_Hose

After 6 months you'll go onto normal JSA, which is the same. But if you hadn't paid enough NI you wouldn't get anything for 6 months.

getmore4less

[quote=[Deleted User];40585444]So after 6 months you get nothing?

No savings anyway.[/QUOTE]


You will have very soon if you get made redundant with 3 months PILON and 4months pay redundancy(up to £30k tax free)

[Deleted User]

getmore4less wrote: »

You will have very soon if you get made redundant with 3 months PILON and 4months pay redundancy(up to £30k tax free)

True. Forgot about that. What if I spent it all straight away paying off my credit card?

langsmith

Gordon_Hose wrote: »

PILON or redundancy doesn't affect contribution based JSA I believe. I think it's £65ish a week now.

This is for every two weeks :eek:

If NI enough - contribution based if not means tested. If able to do so, get shot of savings over £16k (combined), Pay off mortgage if poss etc. Cash, shares etc. is only taken into account if Means tested BUT, if you have some and in the last week before testing you spend it... you have to explain why. Best to have the holiday, pay down mortgage though first.

Gordon_Hose

[quote=[Deleted User];40588516]True. Forgot about that. What if I spent it all straight away paying off my credit card?[/QUOTE]

You can't if you're signing on. They expect you to live off your redundancy money. If you pay off all your debts they'll sanction you I believe.

Gordon_Hose

langsmith wrote: »

This is for every two weeks :eek:

The maximum weekly rate is £65.45.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Employedorlookingforwork/DG_10018757

[Deleted User]

langsmith wrote: »

This is for every two weeks :eek:

If NI enough - contribution based if not means tested. If able to do so, get shot of savings over £16k (combined), Pay off mortgage if poss etc. Cash, shares etc. is only taken into account if Means tested BUT, if you have some and in the last week before testing you spend it... you have to explain why. Best to have the holiday, pay down mortgage though first.

Ah. Do they disregards anything under 16K then?

Good. Because my payoff would be just under this...