We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
MPP & Redundancy Office payment
chickalittle
Posts: 187 Forumite
Has anyone had MPP and then been made redundant through company insolvency where the redundancy payment office makes statutory payments?
The RPO only pays the statutory notice on completion of the notice period entitlement. In my case I have 8 weeks statutory notice which wouldn't be paid until after that time (provided I haven't found alternative employment in the meantime) but my contractual notice is 16 weeks. Over and above the statutory notice paid by the RPO there is no certainty I will get anything else in respect of my additional contractual entitlement. It depends on how much money remains in the company and if there is any money remaining, what the divident payable is to creditors. Even if there was to be some payout - it may only be a small percentage of what I would be due. And we've been told it could take the liquidators anything up to a couple of years before they confirm any dividends/payments etc
I hold a Mortgage Repayment Protection policy which pays out after 30 days unemployment. I've looked through the policy documents and it would seem that I can't make a claim until my notice period has ended - but would this be my statutory or contractual - even though I may not receive anything for my contractual element?
Has anybody been in this situation and can tell me how the insurer handled the claim?
The RPO only pays the statutory notice on completion of the notice period entitlement. In my case I have 8 weeks statutory notice which wouldn't be paid until after that time (provided I haven't found alternative employment in the meantime) but my contractual notice is 16 weeks. Over and above the statutory notice paid by the RPO there is no certainty I will get anything else in respect of my additional contractual entitlement. It depends on how much money remains in the company and if there is any money remaining, what the divident payable is to creditors. Even if there was to be some payout - it may only be a small percentage of what I would be due. And we've been told it could take the liquidators anything up to a couple of years before they confirm any dividends/payments etc
I hold a Mortgage Repayment Protection policy which pays out after 30 days unemployment. I've looked through the policy documents and it would seem that I can't make a claim until my notice period has ended - but would this be my statutory or contractual - even though I may not receive anything for my contractual element?
Has anybody been in this situation and can tell me how the insurer handled the claim?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards