Redundancy and benefits (if any)

marky_b_2

Hi, I am looking for some advice to start planning for potential redundancy.

I have worked for the same company for the last 20 years, I am expecting a redundancy payment of roughly £18,000.

My wife also works for the same company, she works part time, 20 hours per week and if she gets made redundant she would get roughly £11,000.

We have a daughter aged 4. We currently get £42 working tax credit and £80 family benefit(i think that's what it is called)

We still have an outstanding mortgage of £50000, house value roughly £110,000

An outstanding loan of £14,000

A car on HP, roughly owe £8,000 but we can hand this back due to the HP agreement.

Can the redundancy payments be used to pay off any of our debts?

Or will it all be classed as savings?

Is JSA all the we could claim until we get other jobs?

Would we receive anything for our daughter, ie tax credit or family benefit?

Thanks for any advice, as I have never been out of work before.