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Losing My Job
RichL74
Posts: 938 Forumite
Have been employed for 15 years at the same place, literally did not see this coming but I am losing my job at the end of August.
Recently turned my life around and got myself a credit card which I owe nothing on but unfortunately I took out a loan with nationwide for £5000 over 4 years 3 months ago.
So just when I thought I had made it and was more secure and my life was getting back on track, this turns up to bite me on the backside.
I literally don't know what to do, obviously phone nationwide but after finally sorting myself out, I am going to undo it all in less than a couple of months. There is no way in hell I will be able to keep up repayments.
Be careful what you wish for eh.
Recently turned my life around and got myself a credit card which I owe nothing on but unfortunately I took out a loan with nationwide for £5000 over 4 years 3 months ago.
So just when I thought I had made it and was more secure and my life was getting back on track, this turns up to bite me on the backside.
I literally don't know what to do, obviously phone nationwide but after finally sorting myself out, I am going to undo it all in less than a couple of months. There is no way in hell I will be able to keep up repayments.
Be careful what you wish for eh.
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Comments
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you need a balance transfer card at 0%, one that maybe let you transfer to your bank, or a 0% purchase card, you spend on this card (shoping fuel etc) the money that you would then use to pay for this shopping would be paid to get the loan down as much as possible (providing your allowed to pay loan off early)
do this properly and you should be able to get a at least a years worth of free credit, sorry to hear on your job loss.0 -
After 15 years are you entitled to a lump-sum redundancy payment that might help with repayments?loose does not rhyme with choose but lose does and is the word you meant to write.0
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Sorry to here about losing the job, after 15 years service I would expect any redundancy payment to be sufficient to clear the entire loan and have a fair chunk left over.0
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What did you spend the money on?0
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https://www.gov.uk/calculate-your-redundancy-paymarty2be2000 wrote: »Sorry to here about losing the job, after 15 years service I would expect any redundancy payment to be sufficient to clear the entire loan and have a fair chunk left over.
I make it c£6,750 tax free in addition to any taxable payments in lieu of notice.
While I'd be maintaining the payments on the loan I certainly wouldn't be clearing it in full until my future income looks a little more secure - and that includes getting through any probationary period in the next job.0 -
Speak to Nationwide, explain to them you have been made redundant. I did this when I had a First Direct Loan and got made redundant. They were very understanding. They may change it into a credit agreement. If you keep up the payments on this, it won't have a negative effect on your credit report. (It didn't for me any how). You can then agree a lower payment with them. By any chance did you take insurance on the loan? I'm guessing probably not with the PPI scandal.Paid off the last of my unsecured debts in 2016. Then saved up and bought a property. Current aim is to pay off my mortgage as early as possible. Currently over paying every month. Mortgage due to be paid off in 2036 hoping to get it paid off much earlier. Set up my own bespoke spreadsheet to manage my money.0
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midnight_express wrote: »What did you spend the money on?
AS midnight express says ... why did you take out the loan ? As it is only a short while ago is there any money still around and/or is there any chance you could undo that spend to get at least some of the money back (e.g. depending on what you borrowed it for - could you cancel the holiday, sell the car etc... )0 -
midnight_express wrote: »What did you spend the money on?
Home renovations mainly.
And yeah, of course the redundancy will help, its something like one week for every year I think, sorry all just a mess at the minute.0 -
PS thanks everyone for their kind words and help.0
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Remember, you can start preserving cash immediately. Cut back on everything until you are earning from a new employer.PS thanks everyone for their kind words and help.
This means you have a little longer to find the right job (before you get to the point where you have to accept any job) and also gives you longer before the redundancy money runs out.
Your employer may well have a service that provides support with CVs, interview technique etc. Take advantage of it. It's amazing how good you can look on a CV!
Fingers crossed this is the start of something better.0
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