Should I use reundancy pay to clear 0% debt

mikey_bach

I don't think paying off credit cards would be deemed as deprivation of capital, in this case the OP would be entitled to six months JSA conts and would have to wait 13 weeks for help with his mortgage.
He would then claim JSA IB to receive this, if his savings are at this point under 6k and he has receipts and statements to show where his capital went I can see no problem in this, who wouldn't pay off all their debts given these circumstances

bloolagoon

mikey_bach wrote: »

I don't think paying off credit cards would be deemed as deprivation of capital, in this case the OP would be entitled to six months JSA conts and would have to wait 13 weeks for help with his mortgage.
He would then claim JSA IB to receive this, if his savings are at this point under 6k and he has receipts and statements to show where his capital went I can see no problem in this, who wouldn't pay off all their debts given these circumstances

On 0% no I wouldn't. It doesn't make sense.

[Deleted User]

I stand by what i said,and OP you are wise to seek advice because if down the line you move to inn.related benefits you will be surprised at how far back they may want to check your banking details,as an example 6 months worth of statements wouldnt be out of the norm

mattcanary

bloolagoon wrote: »

Wouldn't it come under spending to get benefits.

Ie most people don't pay off a zero interest loan, they'd put money in their bank account. So it's likely that if they did pay off 0% then ask for benefits they could decide it was to get benefits.

I think a lot of people would pay off a zero interest loan, if they ahd the money to.

missapril75

bloolagoon wrote: »

On 0% no I wouldn't. It doesn't make sense.

But when it ceases to be 0% it'll be a prohibitive rate.