Voluntary Redundancy and effect on Universal Credit

1normie1

I understand the implications of Redundancy on savings and benefits but could someone please enlighten me as to the effect if i were to take Voluntary Redundancy ( approx. £15K )

sharpe106

If it takes you above the saving threshold then it will effect your benefits. Have a look at a benefit calculator, below is one is others. 
https://benefits-calculator.turn2us.org.uk/AboutYou

For Universal credit the main one any capital/ savings you have under £6,000 is ignored.

Any capital/ savings you have between £6,000 and £16,000 is treated as if it gives you a monthly income of £4.35 for each £250, or part of £250, regardless of whether it does or not. So if you have £6,300 in a savings account, £6,000 of it will be ignored and the other £300 will be treated as giving you a monthly income of £8.70.

If you currently have debts you can use the money to pay of the debts, you can use the money to buy things you need to get it under the amount, but if you rush off and buy a top of the range car or go on an holiday of a lifetime they will see that as deprivation of assets so you can qualify for UC and you won't be able to claim. 

1normie1

Do you know what would happen if i declared bankruptcy but then received a redundancy payment. Would i have to pay it into the receivers kitty ???

sharpe106

depends basically
https://debtcamel.co.uk/or-redundancy-money/#:~:text=It%20depends%20on%20your%20discharge%20date&text=the%20last%20day%20of%20your,to%20the%20OR%20(see%2031.5.