Redundancy, debt, mortgage advice

Blunty123

In process of being made redundant, wife only working part time and have three kids. Have a lot of debt, a mortgage and a secured loan,does anybody know if there's any financial help and benefits we would be entitled to? Or who to get help from?

woody2234

well you could get a rough idea on the online calculators then go to your local job centre and ask them

patman99

The DWP don't help with mortgage for the first 12 months as they expect you to have a policy in place to cover the cost.
For loans, they will give no help at all.

Sorry to drop that bombshell on you, but I speak from personnel experience. Buying a house these days is a huge mistake. If you rent, they pay the lot.

Caz3121

Blunty123 wrote: »

In process of being made redundant, wife only working part time and have three kids. Have a lot of debt, a mortgage and a secured loan,does anybody know if there's any financial help and benefits we would be entitled to? Or who to get help from?

are you getting a redundancy payout?

How long have you been working? If you have sufficient NI contributions over the tax years 09/10 and 10/11 you will qualify for 26 weeks of CB JSA at £71 per week.
Notify the tax credits and give an estimate of income this year (note if you underestimate, eg get a job straight away you will end up with an overpayment) if you get help with childcare costs through tax credits this will stop. If you get WTC and your wife works less that 24 hours this will also stop.

If your wife earns under £111 per week then you may have an underlying entitlement to income based JSA in which case you will get some help with your mortgage interest after 13 weeks.

As said, no help for loans you will just need to negotiate with your creditors for payment breaks or reduced payments or speak to one of the debt charities