Confused any advice....

teddybearzero

I have large amount of debt around £17k. I was due to be made redundant at the end of the month. I say was, cause I’ve now been offered another position within the company, that pays around 2k a year more.

I have a choice of taking the redundancy and hope I find a job within the next month and use the extra cash to clear and ease some of my monthly repayments. Or stay and struggle on.

Confused and lost with what to do...

Silverbird

If it were me, I would stay.

You have a guaranteed job.

Finding a new job isn't always easy and it could be months before you get another (my husband was out of employment for 6 months and the whole time he was applying for jobs and attending interviews. This was devastating to our emotional and financial wellbeing and ate into and used up all of the savings I'd started as a teenager).

Plus, an extra £2K a year is nothing to scoff at!

Added to that, you know the people you work with and have a relationship with them. You'd have to start that up all over again if you moved and you can't guarantee what those people will be like and what your work will be like.

Just a few thoughts - just make sure you have a good think about it and weigh up the pros and cons.

tyllwyd

If you spend all your redundancy pay on debt repayments, what will you live on if you don't get a job within the month? I don't suppose you'd be entitled to state benefits for a while - you might end up running up the debts all over again but without a job.

If you are struggling, the best thing is to do your soa (statement of affairs = budget) and if the figures don't add up, talk to one of the debt advice charities.

stapeley

If its unsecured debt then you can always do a DMP if you get into difficulties. I would take threat of redundancy as a wake up call and put your priorities in order. It is going to be a difficult XMAS for many but you can have a good xmas without spending loads of money . Now is not the time to add to your debts , sit down and work out a budget.

mummum2

Agree with all of the above posters! Stay where you are, in this environment you might not be able to get a job quickly and also the 2k rise should cushion some of the financial worries. Good luck with whatever you decide.