Unemployed after compromise agreement

emv

Hi

I hope someone can help. My partner and I will shortly be unemployed after signing a compromise agreement with our employer, which offers us a certain financial sum. Will we be able to/obliged to sign on as unemployed once we have officially left work? Our lump sum will not pay us a regular income so will we be entitled to claim additional tax credit? Will we have to inform our mortgage provider, etc.?

Any help greatly apprecaited.

Emmavix

emilie03

look at my post been paid off- emilie 03 for any help

Bogof_Babe

Is your lump sum a redundancy payment? If so, I think the only thing you can claim would be contributions based JSA. Depending on the amount you have received you will possibly be over the capital limit for anything else.

If your pay-off includes pay in lieu of notice, I don't think you can claim anything until the notice period that it represents is over.

emilie03

any advice, in same boat. do i inform tax credits as soon as employment ceases?, still claim, etc

thanks

Zara33

Personally i would inform tax credits asap.

hex2

What reason does your compromise agreement state? I usually put redundancy regardless of the true reason as this leaves people able to immediately sign on. If it states resignation or dismissal then you need to fill in the claim forms, and they will look at the sums for holiday and notice pay, and then I think that they pay you the non means tested reduced rate for a while.

Tell tax credit people asap, it may significantly increase your entitlement.

emilie03

hex2 wrote:

What reason does your compromise agreement state? I usually put redundancy regardless of the true reason as this leaves people able to immediately sign on. If it states resignation or dismissal then you need to fill in the claim forms, and they will look at the sums for holiday and notice pay, and then I think that they pay you the non means tested reduced rate for a while.

Tell tax credit people asap, it may significantly increase your entitlement.

"says by mutual agreement"-

do i just write to explain my current employment has ceased.?
thanks

emilie03

with now ex emplyer offered a compromise of 6 months pay ,will i still recieve 6 months working tax/ child tax, inform them after the six months? or now /

thanks for help

ukdickie31

Hate to add a spanner in the works...

Remember, when making a claim for JSA, the reasons for leaving will need to be answered. If a referral is made to the Decision Makers to consider 'Leaving Voluntarily,' there could be a sanction of up to 6 months imposed.

Before any decision is made, both your ex employer and yourself will be given the opportunity to state the reasons for the employment ending.

Pending this decision being made, you will be paid any benefit you are entitled to.

Finally, make sure you sign on straight away even if you get paid your notice. Whilst it is true you won't get JSA, you will get your NI credits. More importantly, you will be registered as Unemployed and this will mean you can claim from your insurance company for your mortgage.

emilie03

any help with the wft/cc question

emilie03

sorry guys, but do really need advice

do i still recieve working tax/ child tax for the six months redun pay , do i inform them, will i still recieve child tax?

went to solictor today and he wants wording changed to "reduncey"


thanks again.