redundancy, 2 BTLs - effect on JSA?

fairmove

Hello:
I've just been made redundant after 9 years with the company and am currently serving out the last 4 weeks of the notice period. My company outsources IT work to Romania and my role is going there too. It has hit me and my family hard at the worst time possible - we've got credit card debt, no savings, and my DH has been suffering from depression and been out of work since Sept 2012 - he does not claim any benefits. However, we do have 2 BTL properties that are currently let bringing in £300 a month each after the interest only mortgage and insurances have been paid. We also have an MPPI policy that covers employment, and hopefully that will cover the residential mortgage payment if I don't find a job asap.
I have been looking at the JSA online application and it specifically asks about assets. While I have no intention of concealing anything, does anyone know if we can apply for JSA despite the BTL houses? We had both of them valued last year and they don't have any equity, selling them would be pointless.
W/o registering for JSA we might not be able to claim the Paymentshield MPPI.
Would appreciate info please - thanks in advance.
HAPPY NEW YEAR! Hope 2014 is a better year for all!

getmore4less

You can still claim the contributions JSA to qualify for the NI credits and any insurance requirements.

For contributions JSA assets don't count and if there is no equity then they are a low value asset anyway.

You need to check if the income will count reducing any payment possibly to zero.

Smi1er

You will have to have a JSA agreement in place to claim from Paymentshield. What they will pay you is clearly stated in the certificate of cover you have from them. I found them somewhat difficult to deal with and they do try and catch you out.


As you own a second property you can only claim contributions based JSA of £71.70 paid fortnightly. You may be able to claim tax credits, or further benefits if you have children but it all goes on what you have earned this tax year.


After six months your JSA will stop but you need to keep the JSA agreement in place to satisfy Paymentshield.


Good luck in finding a job