Redundency and Debt

SarEl

Going4TheDream wrote: »

What I advised was correct and was in reply to another post suggesting that the maximum savings/payout allowed to claim benefits was 8k or so she thought. I don't mention anything about disposing of any savings in any manner and if you see from my previous comment on this thread actually advised the OP that I didn't pay of my financial commitment when I was made redundant. You have left me a little confused as to why you tagged your post on to my comment?

I tagged it to your comment because I wanted to emphasise getting proper advice about what counts as capital because disposed of assets can still count as capital. Savings wouldn't be taken into account for contribution based JSA - but might be later (including "disposed of" assets) if the OP was still unemployed six months later. It was nothing personal!

getmore4less

buzzby wrote: »

Hi

Cheers for all the replies.

Situation is I get made redundent at the end of November.

My total debt is around £6000,

My redundency is government minimum for 8 years which for me is £2700.

Could I take out any payment protection now? (Just a thought)

Do you earn less than £400pw?

statutory redundacy is capped at £400 for each years service so even if some are(due to age) 0.5 or 1.5 that is still an even number.


PPI is a non starter if you under notice of redundany.

Rednelly_2

agrinnall wrote: »

If one of your creditors is your bank then you should open an account elsewhere to have your redundancy paid into otherwise they may just take it whether you want to use it to pay off the debt or not (and generally they are allowed to do this).

If you are overdrawn (or likely to become so), This is very good advice indeed. You don't have to close your existing account - just get a basic accuont with a different bank.

Going4TheDream

SarEl wrote: »

I tagged it to your comment because I wanted to emphasise getting proper advice about what counts as capital because disposed of assets can still count as capital. Savings wouldn't be taken into account for contribution based JSA - but might be later (including "disposed of" assets) if the OP was still unemployed six months later. It was nothing personal!

Thanks, I was a bit concerned something had changed and I had got it wrong :-)

SarEl

Going4TheDream wrote: »

Thanks, I was a bit concerned something had changed and I had got it wrong :-)

As I said originally, I wouldn't generally know if it had - I don't do benefits! But I had come across this particular little nasty small print before, when people had won tribunal awards or obtained settlements, and along comes the JSA saying you had no right to spend £500 on a caravan in Cornwall... or whatever, and counting the money as still available even though it was spent. I'd be the first one to say that benefits are for those who haven't (got money) and can't (work) - but when some poor b****r wins say, £10k, wisely saves £7.5k against a raint day but spends £2.5k on the family holiday they all need after a tribunal (which isn't a lot of money on a holiday these days) then has that held against them....

buzzby

buzzby wrote: »

Hi

Cheers for all the replies.

Situation is I get made redundent at the end of November.

My total debt is around £6000,

My redundency is government minimum for 8 years which for me is £2700.

Could I take out any payment protection now? (Just a thought)

Hi

I earn under £400 a week, sorry it was just the rough figure.