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Outstanding. Debt
Sheldon8
Posts: 1 Newbie
Facing imminent redundancy should receive a total payment of around 19k. if I clear a car loan of 10k will I then receive some form of unemployment benefits or will they deem I have used this money irresponsibly ??
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Comments
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Savings, redundancy payments, payment of debts etc is not considered when applying for Jobseekers allowance.0
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At this point stock pile cash until you find a new job, dont pay anything off at the moment.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert. Please complete an SOA if you are looking for debt advice. Link here - https://lemonfool.co.uk/financecalculators/soa.php
Baby Step 6/7 . £20000 + saved and invested. £47,000 deposit paid on new home CONSUMER DEBT FREE !!!1 -
Question for the benefits board.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0
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You can use the money to pay of debts.
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I don't think JSA is means tested so your financial situation is not relevant (check gov website).
As Andyjflet said, you might want to consider holding on to as much cash as you can right now!0
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