Advice

Luckyjammygit

Hello all

I have been offered a lump sum from my pension on being made redundant.

I would welcome any advice on should we pay off mortgage in full which is exactly this amount and then have no savings so can claim of DHSS for a short time until house is sold.

Would it be better to keep paying mortgage monthly with this money until our house is sold as we are moving towns and I do not want to look for work until we move.

Also as I have a long service with this company and have 5 days extra holiday more than anyone else am I entitled to claim more in redundancy package to reflect this?

Thanks for any replies.

JoeK_3

I would pay your mortgage off, as it will reduce the financial pressures on you.

JoeK

maninthestreet

The DSS (there is no such Governement department as the DHSS anymore) are wise to these sort of 'tricks' - if you use your redundancy payment to pay off your mortgage, the DSS might refuse any claim for benefits, on the basis you should have used the redundancy payment to fund your mortgage payments and other living costs until you have found new employment.

dunstonh

If the lump sum goes back into a pension, it wouldnt be considered deprivation of assets.

Luckyjammygit

Thanks for advice

Think We will pay mortgage and car loan off move house and find jobs so will not have to claim social.