redundancy

jeff23

Morning all,

Had some bad news at work and looks like the company might fold before xmas, Merry Christmas and all that.


The problem I am going to have is finding a job that pays the same as i get now, I am a secured loan underwriter and had a couple of years experience, to find a job in the industry is going to be impossible so I am going to be back at the start, doing something for less pay. I also work part time in a shop to top my income up, this has worked as the hours fit in alright, if i take another job I might not be able to carry this on. I’m not bitter about it and taking it all in my stride.


Going to work hard at finding something as fast as possible, my insurance for my unsecured debt minus my credit cards might help out but as I will be back working just getting a lot less i won’t be able to afford the payments and I don’t think insurance will cover this? Any suggestions?

Timmne

Good luck - don't normally post in DFW but I really feel for you and others in this situation; just shows how volatile the economy is at the minute.

:beer:

jeff23

Thank you Timmne, im sure things will work out but just very unsure where this leaves me.

whatatwit

Hi Jeff, if you want to post an SOA, basically showing all of your income and outgoings, including debts, minimum payments & APRs then I'm sure there will be some advice forthcoming.

Sorry about the job news though

jeff23

My SOA, i was in the process of sorting things out before this, to reduce payments and get things sorted out

Monthly Income Details
Monthly income after tax................ 1150
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 300
Total monthly income.................... 1450

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 250
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 45
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 40
Clothing................................ 50
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 12
Presents (birthday, christmas etc)...... 20
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 50
Emergency fund.......................... 0
Total monthly expenses.................. 717

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
Unsecured Loan.................8000......289.......12.5
Unsecured Loan.................11000.....324.......7.24
Credit card....................2300......62.5......18.5
Credit card....................3200......105.......19.7
Total unsecured debts..........24500.....780.5.....-

Monthly Budget Summary
Total monthly income.................... 1,450
Expenses (including secured debts)....... 717
Available for debt repayments........... 733
Monthly UNsecured debt repayments....... 780.5
Surplus(deficit if negative)............ -47.5

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total Secured debt...................... -0
Total Unsecured debt.................... -24,500
Net Assets.............................. -24,500

jeff23

The reason my phone bill is a little higher then normal is my girlfriends gone traveling, the insurance is for my phone and AA cover, im having use of my sisters car thats why there is petrol costs.

kind of feel this is the last blow, i was expecting to have things sorted this next month so things would be getting paid off.

whatatwit

I think you are going to need to cut down on the mobile, maybe ring them and see if you can reduce your plan.
The holiday fund will have to go on hold for a while.
The clothing budget, can you manage with what you already have?

And I'm sorry to say that the entertainment budget will need to be chopped

It does look like your budget is already a hopeful one, as the surplus it leaves doesn't cover minimum payments.

Any chance you could get a 0% or at least a lower % card and move some of your card debts?

jeff23

The problem seems to be they wont give me any more credit cards as my limits are through the roof, it seems like a good idea but im just unable to get that sorted, i have had a chat with one credit card company that im with and there happy to take on the full amount with the extra £3200 at 6.9% over full term. but the rest would have 2 stay at full% Even chopping off the Entertainment budget-phone-clothes-holiday im still going to be left very short without a job.

jeff23

If im still working in my part time job how will the insurance see that? obv its not going to cover payments.

Jesthar

Hi Jeff,

whatatwit is spot on on this one - the clothing, holiday and entertainment budgets are your first targets, followed by the mobile.

Do you still live at home, perchance? Only you don't seem to have anything for utilities (unless these are included in the rent)? If so, is goceries your own food for cooking, contribution to the monthly food shop, or just extra stuff you buy? If the latter, that is another area you can save money.

All in all, whilst you have a deficit at the moment, your outgoings are much less than your current income, and you still have areas where you can hopefully make large savings, so things may not be as bad as they first appear.

I also concur about seeing of you can get a 0% credit card, or at least a lower rate, to transfer your existing card(s) to if you can, it would give you some breathing room and let you pay things off quicker. Don't just look at your current companies, have a look around to see what else is available - but remember not to just apply for a lot of things, as that WILL drop your credit rating for a while.

Oh, and have you ever had charges applied to your credit cards or bank account? If so, get started on claiming them back! Also get started on working out what benefits you would be entitled to so these are ready to go if the worst happens.

Hope things go OK for you.

~Jes

jeff23

Thank you for you advise, wasn't really what i was looking for.

I understand that my spending has to be reduced and credit cards taken care of, what i really need to know is where will my crediters stand if im made redundant, and what should i be looking at doing if i dont find a job strait away, i havn't ever missed a payment and i dont want that to start now, playing catch-up is a silly game and much more trouble then its worth.

Again i want to thank you guys for your advise, and i hope you dont think im just ignoring them as im not.