Redundancy help and advice needed

level200

Hi hope everyone is keeping well during these difficult times.
My place of work is asking for volunteer redundancy with an incentive, if not enough people apply then they will move onto compulsory but with no incentive. I also have a few loans (car etc..) and have a very small part time home business.
 My question is that If I  apply for voluntary redundancy, Can I use the money to pay off my loans then apply for benefits whilst I build up my self employment?
Thanks for any help and advice

sharpe106

Yes you can use redundancy money to pay back debts before benefits are calculated.

level200

sharpe106 said:

Yes you can use redundancy money to pay back debts before benefits are calculated.

Phew thats a relief, will help a lot to reduce my outgoings. Thank you