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danlee74

Maybe Facing Redundancy

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Ok I know that many other people may be in even worse positions but ...

My company is currently working with a bigger American rival for an acquisition of us into them - this process will reportedly take another 6-8 weeks (they are apparently quite a way down the road on the process). It is unclear what they will do once the deal is "closed" i.e. if jobs will go. Also, whatever happens I guess that full integration (in whatever form it takes) would take quite a few months to put into practice so I'd expect there would be a handover period so the day of reckoning may be a few months down the road, if I were put out of a job.

If I was made redundant I believe I would not qualify for any benefits due to my savings (they are over the £16,000 level which I believe is the line in the sand beyond which you cannot claim JSA). I also live with my parents whilst trying to save as much as I can whilst still living my life to a degree.

Question is, should I:

Firstly, hide some of my savings with siblings in accounts in their names to get below the limits?

And Secondly, should I get out and rent while I can, knowing that housing benefit will be covered if I am made compulsarily redundant?

Has anyone on here been through this?

What would be peoples thoughts be?

Also, if this has already been discussed then please could someone "point the way".

Thank you in advance for any advice - I know it is free and not legally binding!!

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Ok I know that many other people may be in even worse positions but ...

My company is currently working with a bigger American rival for an acquisition of us into them - this process will reportedly take another 6-8 weeks (they are apparently quite a way down the road on the process). It is unclear what they will do once the deal is "closed" i.e. if jobs will go. Also, whatever happens I guess that full integration (in whatever form it takes) would take quite a few months to put into practice so I'd expect there would be a handover period so the day of reckoning may be a few months down the road, if I were put out of a job.

If I was made redundant I believe I would not qualify for any benefits due to my savings (they are over the £16,000 level which I believe is the line in the sand beyond which you cannot claim JSA). I also live with my parents whilst trying to save as much as I can whilst still living my life to a degree.

Question is, should I:

Firstly, hide some of my savings with siblings in accounts in their names to get below the limits?

And Secondly, should I get out and rent while I can, knowing that housing benefit will be covered if I am made compulsarily redundant?

Has anyone on here been through this?

What would be peoples thoughts be?

Also, if this has already been discussed then please could someone "point the way".

Thank you in advance for any advice - I know it is free and not legally binding!!

Just out of interest what is your personal opinion of benefit fraudsters and the workshy who make up fake illnesses to get invalidity benefits?

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Have you considered updating your C.V., speaking to friends and associates about job opportunities, positioning yourself so if you are made redundant you can quickly find more work??

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If you have been paying your NIC for a couple of years then you would be entitled to up to 6 months 'contributions based' JSA regardless of your savings level. After that if you are still unemployed, you move onto 'income based' jsa which is means tested - and you won't get with > £16k in savings.

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Just out of interest what is your personal opinion of benefit fraudsters and the workshy who make up fake illnesses to get invalidity benefits?

I hardly think that is comparable ... I have worked pretty much non-stop since leaving school (bar a brain haemorrhage and a University course) and have lived reasonably thriftly hoping for the day where I can buy a stack of bricks to call my own. If I owned my own place I believe I'd be given MIS at the blink of an eye AND be entitled to JSA?

I am not workshy and would be searching for a job on day 1 of joblessness but feel (rightly or wrongly) that I am currently being screwed by Government policy, negative real interest rates on my savings and my taxes being used to afford people homes they would not otherwise be able to afford. Also one could argue that Government policy has led to this economic shambles (albeit the previous lot).

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Firstly - I have to say that being made redundant was the best thing that ever happened to me. I got out of a dead end job, with an awful company. There was a period of two months when I was in hell, but then I got a great job with a great company and I haven't looked back. (Plus I got the time to write my book)

Firstly, sign on. Not all benefits are means tested - you may as well get what you can. You pay taxes - you deserve it.

Secondly - try and find another job, because redundancy is soul destroying. Getting another job is the best way to restore your self esteme.

The DSS can and will demand past back statements. I don't know how far they can go back, but I vaguely remember them going back 6 months with me. Any large cash extractions they will question, and take into consideration. They will know about your redundancy money also. So hiding money is fairly pointless.

Should you rent a house so you can get housing benefit? Sort of depends on whether you can live with yourself. I guess you also have to ask yourself how stupid you would feel if you rented a house and they turned you down.

Good luck with what you decide

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No wife, no kids, and money in the bank.

Why don't you go and see something of the world for a while? Perhaps somewhere in South America - British English speakers are very much in demand for teaching. Get a job, cover a proportion of your costs, have a lot of fun and come back with Spanish as a second language and something interesting to talk about at your next job interview when you get home.

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I hardly think that is comparable ... I have worked pretty much non-stop since leaving school (bar a brain haemorrhage and a University course) and have lived reasonably thriftly hoping for the day where I can buy a stack of bricks to call my own. If I owned my own place I believe I'd be given MIS at the blink of an eye AND be entitled to JSA?

I am not workshy and would be searching for a job on day 1 of joblessness but feel (rightly or wrongly) that I am currently being screwed by Government policy, negative real interest rates on my savings and my taxes being used to afford people homes they would not otherwise be able to afford. Also one could argue that Government policy has led to this economic shambles (albeit the previous lot).

Hiding money with relatives is BENEFIT FRAUD.

You would not be given MIS if made redundant with 16K in savings all you would get would be 6 months JSA and then means tested for future benefits.

The system may be wrong then vote for a party that will change the system.

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Have you considered updating your C.V., speaking to friends and associates about job opportunities, positioning yourself so if you are made redundant you can quickly find more work??

Hi VoR

Yes, the CV is being updated this weekend (this was only announced earlier this week) ... I also have a good record with agencies, have on-line presence with all the main recruitment websites and a couple of good friends who work as recruitment advisers (but not in my field unfortunately) who are happy to advise on the CV. I also have holiday I have accrued so that if the worst comes to the worst I can use that to attend meetings/interviews if necessary (to my current employers credit I think they'd be understanding and would allow some flexible working).

Thanks for the ideas.

Cheers!

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Ok I know that many other people may be in even worse positions but ...

My company is currently working with a bigger American rival for an acquisition of us into them - this process will reportedly take another 6-8 weeks (they are apparently quite a way down the road on the process). It is unclear what they will do once the deal is "closed" i.e. if jobs will go. Also, whatever happens I guess that full integration (in whatever form it takes) would take quite a few months to put into practice so I'd expect there would be a handover period so the day of reckoning may be a few months down the road, if I were put out of a job.

If I was made redundant I believe I would not qualify for any benefits due to my savings (they are over the £16,000 level which I believe is the line in the sand beyond which you cannot claim JSA). I also live with my parents whilst trying to save as much as I can whilst still living my life to a degree.

Question is, should I:

Firstly, hide some of my savings with siblings in accounts in their names to get below the limits?

And Secondly, should I get out and rent while I can, knowing that housing benefit will be covered if I am made compulsarily redundant?

Has anyone on here been through this?

What would be peoples thoughts be?

Also, if this has already been discussed then please could someone "point the way".

Thank you in advance for any advice - I know it is free and not legally binding!!

Your plan is one I would have despised a few years ago but now I can see the sense in it. In the UK there is no point in trying to "do the right thing". The large amount of debt required to buy somewhere to live and the huge taxes make working and saving a mugs game. The more you have the more the state will steal from you to give to the elites and those who have wised up and stopped working.

If I were in your position I would get the money out of the bank, not by transferring it to another account. Buy something with cash that holds some value e.g. coins etc.

If you enjoy your new stress free lifestyle and they try to make you work, consider feigning an illness to put some obstacles in the way. Something psychological, getting made redundant could easily have caused depression.

Rent a house at the housing benefit limit with space to breed some children to earn more benefits. On as long a lease as possible.

Read up on claiming benefits with the same enthusiasm a law student might study old case historys.

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Hi VoR

Yes, the CV is being updated this weekend (this was only announced earlier this week) ... I also have a good record with agencies, have on-line presence with all the main recruitment websites and a couple of good friends who work as recruitment advisers (but not in my field unfortunately) who are happy to advise on the CV. I also have holiday I have accrued so that if the worst comes to the worst I can use that to attend meetings/interviews if necessary (to my current employers credit I think they'd be understanding and would allow some flexible working).

Thanks for the ideas.

Cheers!

Why not spend that 16K on one of those Hollywood sex-change operations, go to Vegas, become a showgirl and have a 'Pretty Woman' type encounter with a banker? It will all end in happiness and your Mum can help you choose your wedding dress.

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Assuming you have a good relationship with parents their support, emotional at the very least, would persuade me to stay put and avoid extra expense in rented.

Yes, good relationship and I would think they would advise the same. However, at 37 I have been a bit of a boomerang and usually stay at the parents to build up the savings then get out for a suitable period of time to give both parties some space and was hoping to move out in about August after maxing out the FY12 ISA allowance.

I do, however take the point that staying at the parents until resettled may be the best thing, if indeed my services are indeed dispensed with.

Thanks for the advice.

Cheers!

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Ok I know that many other people may be in even worse positions but ...

My company is currently working with a bigger American rival for an acquisition of us into them - this process will reportedly take another 6-8 weeks (they are apparently quite a way down the road on the process). It is unclear what they will do once the deal is "closed" i.e. if jobs will go. Also, whatever happens I guess that full integration (in whatever form it takes) would take quite a few months to put into practice so I'd expect there would be a handover period so the day of reckoning may be a few months down the road, if I were put out of a job.

If I was made redundant I believe I would not qualify for any benefits due to my savings (they are over the £16,000 level which I believe is the line in the sand beyond which you cannot claim JSA). I also live with my parents whilst trying to save as much as I can whilst still living my life to a degree.

Question is, should I:

Firstly, hide some of my savings with siblings in accounts in their names to get below the limits?

And Secondly, should I get out and rent while I can, knowing that housing benefit will be covered if I am made compulsarily redundant?

Has anyone on here been through this?

What would be peoples thoughts be?

Also, if this has already been discussed then please could someone "point the way".

Thank you in advance for any advice - I know it is free and not legally binding!!

Take copies of all emails and other communications related to redundancy matters, from the initial consultation. If there isn't an initial consultation then so much the better. Companies often get it wrong, especially when things are being run by Americans who think US laws apply over here.

Also take information on any dodgy activities in the company you might be aware of, especially if you've previously raised concerns. If they do let you go there might be something you can negotiate a better deal for yourself with. "Without prejudice" conversations can be quite profitable. Budget for two or three hours of legal advice.

:ph34r:

As somebody else said, you'll get JSA for at least a few months.

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If you have been paying your NIC for a couple of years then you would be entitled to up to 6 months 'contributions based' JSA regardless of your savings level. After that if you are still unemployed, you move onto 'income based' jsa which is means tested - and you won't get with > £16k in savings.

Yes, been gamefully employed for just short of 20 years so hopefully all NIC'ed up ... I was under the impression that > 16k savings you got nothing? Perhaps I should do some further reading and get some advice from those what know?!

Good advice, thanks.

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Hi VoR

Yes, the CV is being updated this weekend (this was only announced earlier this week) ... I also have a good record with agencies, have on-line presence with all the main recruitment websites and a couple of good friends who work as recruitment advisers (but not in my field unfortunately) who are happy to advise on the CV. I also have holiday I have accrued so that if the worst comes to the worst I can use that to attend meetings/interviews if necessary (to my current employers credit I think they'd be understanding and would allow some flexible working).

Thanks for the ideas.

Cheers!

Excellent. With that in mind and with 6 months worth of contribution based JSA coming to you I think drastic ideas like hiding money with siblings or renting a place just to get the government to pay for it are unnecessary. Don't think negatively, think positively. Best of luck finding work and as has been said you may look back and think redundancy was a blessing in disguise.

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Sorry to hear that. Keep your head up. Be honest. Tidy up your CV. You'll get sorted. And hey at least you got somewhere to live at present.

Cheers! Good advice!

Hopefully it won't come to it but it's always best to be prepared!!

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I would be wary of handing cash to siblings - of course, you might find out a lot more about them when you ask for it back. Be careful.

Just my twopence worth. I would not try to cheat the system. For one thing, you will probably get caught, and a criminal record won't look too good on the cv.

I also agree with The Masked Tulip. I was in a similar situation as you once. Someone suggested hiding my wodge of about £20k in an Eire account and claiming full benefits. I decided not to, and I'm glad glad glad that I made that decision.

Also, I got sacked from a job once and I was terribly cut up about it. Now I'm glad also because that company was a shit company, it really was, and now I have a job in a really nice company where the management go out of their way to support me when I need it.

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No wife, no kids, and money in the bank.

Why don't you go and see something of the world for a while? Perhaps somewhere in South America - British English speakers are very much in demand for teaching. Get a job, cover a proportion of your costs, have a lot of fun and come back with Spanish as a second language and something interesting to talk about at your next job interview when you get home.

Sure, why not? If there's a real danger that you'll have to live off savings until they are depleted, you might as well have fun doing it ! (or play your cards right with the right job and make a profit)

Don't limit yourself to South America - there's a whole world waiting. Don't go for the obvious ones. Ivory Coast is probably suffering a lack of Brits right now, and as far as I know are not anti-British. Once the regimes in Egypt, Libya & Bahrain settle down, they'll probably become Brit-safe again but have a shortage of immigrants.

There's always the VSO, which will cover your costs and take you to the most exotic places to do the most fulfilling things... http://www.vso.org.uk/ Would look great on your CV, too.

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Just out of interest what is your personal opinion of benefit fraudsters and the workshy who make up fake illnesses to get invalidity benefits?

I dont blame those who do this, I blame the system that makes it possible. The people doing these sorts of things are making a decision to do the best they can. Some take the risk of fraud, others do not. The outcome of that decision is how we perceive risk.

A properly introduced citizens income removes all ability to game the system.

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  • 311 Brexit, House prices and Summer 2020

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