To go or not voluntarily redundancy

bimbam_2

Been offered voluntary. The pay out would clear my sizeable credit card debt.
Not having to make these monthly payments mean we could manage on my partners income until I find another job.

My Credit score is 99 but I can't transfer the cards to interest free ones as I have 7 and a high level of debt on them.

My choice is battle on paying hundreds of pounds high interest cards every month with very little debt reduction or go and start again with clear credit . This tempting but would I be nuts to leave a £30 K job to do it?

Debt_Free_Chick

What are your prospects for finding another job? Have you had a look to see "what's out there"?

dottylotty

Sounds good in theory but I would def recommend looking around in your area for another job first especially the way things are at the moment.

My husband took vol. red. 2yrs ago and has luckily worked out best for us; we could clear off debts and he landed another job at the same time! But he looked around first before making this decision and was quietly confident that he would be offered something.

Then again if you dont take voluntary just now whats the chances you'll be paid off anyway?

reheat

Really is a how-long-is-a-piece-of-string question I'm afraid.

If you can get a new job before having to take on more debt than you cleared, then you may well look back on it as good move. But if you jump out of one frying pan into another, could be very different.

I took voluntary and assumed I'd have another job within 2 months ... still looking over 6 months later. But I've been able to get contract work in the meantime to tide us over. I am very much in favour of the notion that no risk equals no life. But the way things are currently going the risks are increasing rapidly beyond the pale. Unemployment is going into meltdown, and if jobs are hard to find now ... it's going to get a whole lot worse.

So I think at this point in time I would be very very careful if I were you ... jobs are going to be as rare as rocking horse poo soon, and you might end up piling more onto your credit card than you ever cleared off of it.