Voluntry Redundancy / Savings and claiming benefits

dodgy_gooner

I currently work for a large financial organisation and have been offered a generous redundancy package equivalent to one years salary, however one thing I am keen to find out is how this would affect any potential Benefits I may be entitled to.

I have worked everyday since I was 18 and I'm now 40 and have always been careful and saved so as well as the large redundancy payout (Over 30K) I also have around 20K of savings.

With these figures in mind does the fact I will have a substantial amount in the bank stop me from being able to claim any benefits ?

If so would I be able to claim if I disposed of these savings by paying off my mortgage ?

getmore4less

Contributions JSA for 6 month unaffected.

means tested all fail.

Pay of the mortgage you risk them still saying no and having no money to live off.

gazzis

dodgy_gooner wrote: »

I currently work for a large financial organisation and have been offered a generous redundancy package equivalent to one years salary, however one thing I am keen to find out is how this would affect any potential Benefits I may be entitled to.

I have worked everyday since I was 18 and I'm now 40 and have always been careful and saved so as well as the large redundancy payout (Over 30K) I also have around 20K of savings.

With these figures in mind does the fact I will have a substantial amount in the bank stop me from being able to claim any benefits ?

If so would I be able to claim if I disposed of these savings by paying off my mortgage ?

How did things turn out regarding benefits? I'm in a similar situation plus getting a pension. I'm guessing I'll get zilch but want to know for certain.

Cheers

GS

wellused

The pension is considered in the contributions based jsa and will reduce your dole money.

tescobabe69

gazzis wrote: »

How did things turn out regarding benefits? I'm in a similar situation plus getting a pension. I'm guessing I'll get zilch but want to know for certain.

Cheers

GS

Contribution based JSA for six months of jobseeking, after that if you have £16k - nothing.
I'll take my hat off to you if you can put up with the hoops for getting your JSA, and the condescending fwits you will meet, (dross claimants, useless staff ) after all its only around £70/week and its taxable.
Frankly for £112/fortnight its hardly worth the bother.

G51shopaholic

if you are made redundant then whatever notice period your given is counted as if you were still employed . ie my sister got 14weeks notice (legal minimum) and jobcentre said she wasn't entitled to any money during that time.
And that her benefit wouldn't start till AFTER the 14 weeks but she was still expected to provide proof of her seeking employment during that time.
She was also told that if she used her measly redundancy money to clear debts it may be construde as disposal of income inorder to gain benefits! It has been a total nightmare. That was all 12mths ago and she is now getting £88 a fortnight - £44 a week to live on/heat a house. She is also have old council tax debt and overpaid tax credits deducted direct from her benefits and also has to pay £25 a month towards her rent. It leaves her £22 a week to eat, heat & try and find a job! She is my carer and I buy her a transcard to get too and from my house - the extra £33 a week that she should receives for this goes back into benefit system as it is deducted for over payment of housing benefit.

So when you say you get it in one hand and it's taken by the other is correct.

getmore4less

G51shopaholic wrote: »

if you are made redundant then whatever notice period your given is counted as if you were still employed . ie my sister got 14weeks notice (legal minimum) and jobcentre said she wasn't entitled to any money during that time..

Contributions JSA kicks in from the day you are terminated, PILON does not count.