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Redundancy advice and tax credits
stonecat
Posts: 1 Newbie
Please can anyone advise,
I am currently expecting to be made redundant following several restructures at my company after 22 years service and expect to receive around 20k we have a mortgage of 48k and I would like to reduce this debt.
At the moment we receive the basic child tax credit of 41.84 per month.
My husband works full time on a low wage and based on just him working the tax credit site says we would get 52.00 approx per week child tax credit and 12.00 approx working tax credit.
If I use the redundancy money to reduce the mortgage is this classed as deliberately depriving us of income to get higher tax credits?
I really don't know what to do as we can't afford the mortgage just based on my husband's pay and I want to get rid of as much debt as possible in order to keep our home !!
Any advice would be welcome, I am really worried about this and don't know what to do.
I am currently expecting to be made redundant following several restructures at my company after 22 years service and expect to receive around 20k we have a mortgage of 48k and I would like to reduce this debt.
At the moment we receive the basic child tax credit of 41.84 per month.
My husband works full time on a low wage and based on just him working the tax credit site says we would get 52.00 approx per week child tax credit and 12.00 approx working tax credit.
If I use the redundancy money to reduce the mortgage is this classed as deliberately depriving us of income to get higher tax credits?
I really don't know what to do as we can't afford the mortgage just based on my husband's pay and I want to get rid of as much debt as possible in order to keep our home !!
Any advice would be welcome, I am really worried about this and don't know what to do.
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