Redundancy & universal credit

randombetas

Hi, does anyone know if your redundancy payment counts as capitol when they review our joint claim 

Just my wifes getting just over 18k in redundancy money and we're wondering if the 18k  will be classed as savings or if there's a Grace period? 

randombetas

We have yet to let them know as my wife's not got her final settlement yet but will upload it to universal credit when we have it 

sammyjammy

I would imagine it will be reported direct but yes you need to let them know as soon as its received, it is taken into account as capital as soon as its received, you can legitimately use it to repay debt.

andrewmp

If you repay debt before your next assessment period it'll be like it was never there. 

8dayweek

The final wages / PILON will be reported by the employer in the normal way. 

The redundancy part will need to be reported by you under Savings, Capital and other Investments. 

poppy12345

randombetas said:

Hi, does anyone know if your redundancy payment counts as capitol when they review our joint claim 

Just my wifes getting just over 18k in redundancy money and we're wondering if the 18k  will be classed as savings or if there's a Grace period? 

I don't understand the reason for another thread. Your question was answered on your recent thread yesterday. https://forums.moneysavingexpert.com/discussion/6571140/redundancy-questions#latest

It's confusing starting multiple threads with the same questions.