Hi, my name is Butterfly000! Risk of redundancy

Butterfly000
Butterfly000 Community Member Posts: 3 Listener
edited May 31 in Work

I am currently at risk of redundancy. Alternative job 35 hrs a week (not suitable for my disabled son or myself having adhd autism) employed 18 years

Standard redundancy £4674

Pilon 12 weeks salary plus benefit allowance 2908.80 + 46.16 = £2954.96
i earn £1050.40 per month 16hrs a wk


UC Standard allowance £424.90
Children £655.82 You get support for 2 children
Disabled children £164.79 You said that you have 1 disabled child
Children in childcare £114.24
Carer £209.34 You said that you are caring for someone.
Total entitlement before deductions £1,569.09
What we take off (deductions) Take-home pay minus‑ £169.20
Earnings reported by your employer£1,017.64

The amount we'll use to work out your Universal Credit is £1,017.64

Your total take-home pay for this period is £1,017.64

The first £710.00 of your take-home pay does not affect your Universal Credit monthly amount. Every £1.00 you earn in take-home pay over this amount reduces your Universal Credit by 55 pence.
Money, savings and investments minus‑ £0.00

We have taken £0.00 off your Universal Credit payment because you have money, savings and investments of £2,852.02.
Total deductions minus‑ £169.20
Your total payment for this month is £1,399.89

DLA £428

CB £145.60

CM £461

Summery of capital to date

(£2,852.02. + £4674) = 7526.02

(unless enhanced redundancy paid

(2852 + 4674 + 18,900) = £26,426.02

Debt

Morgage £70,000

2021 Divorce settlement (mum relinquish ex of car debt so I didn’t have to buy him out) £6,900 owed to her as and when can afford or at latest mortgage cleared

Car purchased by uncle agreement to payback at renewal of morgage terms due June 2027 (borrow the money out of house/ add to morgage) £16,000


Help! I’m so overwhelmed I don’t know what I should or shouldn’t be doing first?

Tagged:

Comments

  • Rachel_Scope
    Rachel_Scope Posts: 3,943 Online Community Team

    Hi @Butterfly000 and welcome to the community. I'm so sorry you're at risk of redundancy. You've shared a lot of information there so let's break it down.

    Are you already claiming these benefits? If so, are they the amounts you currently get?

    Is the 35 hour a week job being offered by your current employer? If so, is there an opportunity for a job share?

    Are you in a position to look for a more suitable job with less hours?

  • OverlyAnxious
    OverlyAnxious Community Member Posts: 6,150 Championing

    From a financial point of view, I assume you're not having to pay interest on your Mum and Uncle loans? So the mortgage is the one to reduce first, as that'll have the highest interest rate.

    But in terms of UC it's not that simple. Technically you are allowed to pay debts. But if you just spend £10k on the mortgage to get your capital below the UC maximum, they could consider the intent behind that to be Deprivation of Capital. Though if you don't have a proper debt agreement with your relatives, then giving either of those a lump sump just to get below £16k is likely to cause problems as well.

    Honestly, I'm not sure what's best to do in this case.

  • Butterfly000
    Butterfly000 Community Member Posts: 3 Listener

    hi

    https://forum.scope.org.uk/discussion/comment/1128782#Comment_1128782

    No more me but thank you for commenting.

    Mortgage I need to find my log on details as I can only pay over certain percentage into it per year (only figure I don’t have)

    Divorce settlement - I have agreement with her and court paperwork’s signed by all.

    Uncle - I have agreement but written in about morgage review about when to pay back

  • Butterfly000
    Butterfly000 Community Member Posts: 3 Listener
    https://forum.scope.org.uk/discussion/comment/1128771#Comment_1128771

    Thank you

    Yes currently claiming

    Yes figures I currently receive

    No to job share

    I can absolutely look for work and there’s nothing I won’t do in the interim until I find “the one” just struggling with reduced hrs around child care, dog being left at home. And not getting overwhelmed by it all.

  • Rachel_Scope
    Rachel_Scope Posts: 3,943 Online Community Team

    Do you have a good support network around you? It's such a stressful time so it'd be good to have people there who can help guide you through it.

    What's the main thing you want to figure out? Are your finances ok until you can find another job? Or are you worried about not finding a job that's part-time?

    Again, sorry for all the questions. My brain is having a bit of a Sunday struggle and I don't want to get anything wrong!

Categories