JSB redundancy lump sum and mortgage settlement

M

MeathCommute

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Hi. I am getting a lump sum of 100k as a Voluntary Redundancy payment next month. I currently owe 65k on my mortgage. I intend paying off the mortgage when I get the money.

Will the timeline to receiving the job seekers benefit be assessed on the 100k, or the 35k I have left, after I pay off the mortgage e.g. will my 9 weeks waiting time for job seekers become 1 week ?
 
You get your jobseekers benefit as of right ie not means tested.I think you get it for 7 mths .
You are then means tested , I think the k35 left will have little nuff impact ,from memory you are permitted k20 before any impact.
Do n ot know timeline for accessing Job Seekers Benefit but it is important to sign on once you are redundant.
Good Luck.
 
Thanks Gerry. I am currently looking at a 9 week waiting time because of the lump sum involved, but for €35k, the waiting time is 1 week. I can get it for 9 months, but the 9 week wait is part of that
 
Not my understanding on Jobseekers benefit that any lump sum means you have to wait.

Please recheck it out .

I am fairly sure on this , so if wrong I would like to know from AAM people.
 
Hi Gerry, I found a list of periods of disqualification from the Citizens Advice site

Amount of redundancy paymentPeriod of disqualification
€50,000.00 - €55,000 1 week
€55,000.01 - €60,000 2 weeks
€60,000.01 - €65,000 3 weeks
€65,000.01 - €70,000 4 weeks
€70,000.01 - €75,000 5 weeks
€75,000.01 - €80,000 6 weeks
€80,000.01 - €85,000 7 weeks
€85,000.01 - €90,000 8 weeks
€90,000.01 and over 9 weeks

Site link - http://www.citizensinformation.ie/e...nts/unemployed_people/jobseekers_benefit.html
 
Thanks mrblues and Gerry Canning. I think the Welfare site has it -

In cases where the customer intends to use some of the redundancy payment to clear or reduce debts which have accrued, it is reasonable for Deciding Officers to offset these debts against the amount received before determining an appropriate period of disqualification, e.g. arrears of mortgage or rent, arrears of telephone/electricity/gas bills and debts to moneylenders
 
Gerry Canning said:
Methinks pay mortgage down asap.
Click to expand...

Yes, agree completely Gerry - pay mortgage first.

I was only aware as have been helping a friend who was in a similar position and the deciding officer insisted on the full 9 weeks before any payment was allowed.
 
That 100k is taxable in some cases - e.g. if you have received previously an untaxed redundancy payment. Also some companies auto deduct the tax on the basis that they dont know if you have previously received a payment. You should ask your company of they intend to tax at source.
 
kmick said:
That 100k is taxable in some cases - e.g. if you have received previously an untaxed redundancy payment. Also some companies auto deduct the tax on the basis that they dont know if you have previously received a payment. You should ask your company of they intend to tax at source.
Click to expand...

Thanks kmick. The tax on the redundancy is low because I have 30+ years service and I qualify under the Superannuation Calculation, and they will tax this at source too
 
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