Mortgage payment protection in the event of redundancy

[moneypit23]

Has anybody actually been made redundant and claimed on a policy? Basically we've got our annual redundancy "game" being played out again at work. This year I've just got a gut feeling it's my year and we find out at the end of this month. I can see the signs - my annual season ticket ends on Dec 3rd, my current Mortagage comes out of its fixed rate next week, my missus is trying to get me to spend another 70k on a house extension....!!

So would I actually have to sign on the dole for the policy to pay out?

 

[Interpol Shrimper]

So would I actually have to sign on the dole for the policy to pay out?

No you can start the claim when you get your 90 days Notice of Redundancy, I'm led to believe. People did this when I got made redundant 3 years ago!

 

[Cricko]

Has anybody actually been made redundant and claimed on a policy? Basically we've got our annual redundancy "game" being played out again at work. This year I've just got a gut feeling it's my year and we find out at the end of this month. I can see the signs - my annual season ticket ends on Dec 3rd, my current Mortagage comes out of its fixed rate next week, my missus is trying to get me to spend another 70k on a house extension....!!

So would I actually have to sign on the dole for the policy to pay out?

Well as DTS is on his way to Vienna and Mcnasty Ken is at some Porn show in London mate ...I would not know who to ask.

 

[Firestorm]

I think you have to be out of work for a specific period though....

 

[moneypit23]

I wasn't planning to actually sign on though as I doubt I'd be entitled to anything with a payoff in my back pocket. We all know how generous the Government are...

If I do actually get the boot my next thread will be suggestions what a washed up Unix Systems Administrator should do for a career change!

 

[MrB]

my missus is trying to get me to spend another 70k on a house extension....!!

70k? Are you getting a new terminal and runway or something?

 

[Cricko]

70k? Are you getting a new terminal and runway or something?

B dosen't even spend that a year on Golf Machines and Wii games FGS

 

[moneypit23]

70k? Are you getting a new terminal and runway or something?

She seems to take great pleasure in spending money I don't have. Apparently having a 4th bedroom is an absolute must when there's you, your missus and a 10 month old baby. How on earth have we coped up to this point?....

 

[Southminster_Shrimper]

My mates house extension has cost him £200K.....so far!

One of the builders has run off with his Mrs....

 

[moneypit23]

One of the builders has run off with his Mrs....

You don't have his number do you?

 

[Holy Joe]

I wasn't planning to actually sign on though as I doubt I'd be entitled to anything with a payoff in my back pocket. We all know how generous the Government are...

If I do actually get the boot my next thread will be suggestions what a washed up Unix Systems Administrator should do for a career change!

I thought I read on a link in the McClaren thread that the first 6 months or so of Job seekers allowance (or whatever it is) is not means tested - but you do have to sign on to get it.

 

[GNH]

My mates house extension has cost him £200K.....so far!

One of the builders has run off with his Mrs....

.........oh and he does miss him! :cry:

 

[WestRoadShrimper]

I wasn't planning to actually sign on though as I doubt I'd be entitled to anything with a payoff in my back pocket. We all know how generous the Government are...

If I do actually get the boot my next thread will be suggestions what a washed up Unix Systems Administrator should do for a career change!

Ah, no, you must sign on.

The tax you pay from April is calculated for the whole of the tax year, so if you're made redundant soon then you've got 4/5 months left of the tax year. Means you've overpaid the tax for the 7/8 months that you had worked for, hence you get it stuck back in your bank account.

Came as a pleasant surprise to me a few years back when this happened.

 

[* ORM *]

You will not get JSA - trust me I have been there - but you MUST sign on - however dull and laborious - otherwise it will screw up your tax affairs.

 

[jstallan]

Has anybody actually been made redundant and claimed on a policy? Basically we've got our annual redundancy "game" being played out again at work. This year I've just got a gut feeling it's my year and we find out at the end of this month. I can see the signs - my annual season ticket ends on Dec 3rd, my current Mortagage comes out of its fixed rate next week, my missus is trying to get me to spend another 70k on a house extension....!!

So would I actually have to sign on the dole for the policy to pay out?

Annual game eh? Ours is now running 24*7 , 363 days a year (apparantly we can have Christmas off)