Redundancy in a couple of months

jodie_d_2

Hello All,

I'm getting made redundant at the end of June, and want to plan as much as possible before hand, and have a few questions if that's ok?

A bit of background, I have worked in my current work place for almost 9 years, I work in local government, and my place is being closed down by the new government. At the moment I am currently on maternity leave and as such the law is on my side, as they cannot make me redundant while I am on maternity leave (The company is open until March 2012, but my position is redundant at the end of June this year). I am due back to work on the 27th June, and will be made redundant on the 30th. My company have informed me, as they cannot give me my notice period I shall be paid 3 months in lieu of notice, therefore in my June wage package, I should get four months worth of money. As the government will pay my redundancy pay, this will take 6-8 weeks (they say) to be paid into my bank account once I have left. We have a mortgage, and a bank loan each, although I do have PPI on my loan, stupidly we don't have it on the mortgage - I know I know, how stupid do you get, but stupidly thought I would be ok working for the government, but no longer a 'job for life' I've learnt from my mistakes.

I am currently the higher earner in my household, although DH does work full time, I earn more, we are going to struggle without my wage (I am already on the job trail). My question is, how soon should I inform the tax credits place about my job loss? We have one child, currently we get £81.20 per month Child Benefit (I think this is standard that everyone gets?) we also get £39.27 child tax credit a month, am I correct in thinking this should increase when I get made redundant? and if so how soon should I contact the child tax credit place? As I'm guessing it will take a while for them to process our new claim?

I also wondered if I will be entitled to Job Seekers Allowance? Someone told me I will, and someone told me I will not be entitled to anything while ever I have any money in the bank, i.e. while ever I have any redundancy money left. Does anyone know what the case is here? I would rather spend my redundancy money on doing the work on my house that needs doing, nothing crazy, but a new bathroom where things actually work properly would be nice

If anyone has any advice I would be extremely grateful, I have worked everyday of my life since leaving school, and therefore have no knowledge of the benefits system, and not sure what I will and won't be entitled to, any help very much appreciated.

Thank you

completelyspent

You should be entitled to job seekers allowance for 26 weeks without means testing, and after that they will look at your household finances but not sure what the limits are for savings (16k popped into my head but someone else can hopefully verify/correct this).

jodie_d_2

Hi Completelyspent,

Thank you for your response. So hopefully this will mean I can have up to 16k before they stop payments? I'm awaiting my final figure for my redundancy payment, but think it will be less than this, so thanks for the information. If anyone can verify this would be much appreciated.

Jodie

completelyspent

jodie_d wrote: »

Hi Completelyspent,

Thank you for your response. So hopefully this will mean I can have up to 16k before they stop payments? I'm awaiting my final figure for my redundancy payment, but think it will be less than this, so thanks for the information. If anyone can verify this would be much appreciated.

Jodie

Have a look on this site...has lots of useful information on claiming benefits:
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/index.htm