Shall i take the money?

dubburke

Ok i am taking the money, and have a job to walk into, not as much as the one i have (approx £400 a month short) what shall i do with £30k, as i am paying off the car/credit cards with the rest?

Garnet_Gem

I'm sure you'll be able to claim JSA contribution based for 6 months - £61.20 Hopefully you'll have another job by the end of that time. Good luck.

Garnet_Gem

£61.20 per week.

mclaren_2

you want benifits when you will have £47,000?!

First of all, if you have more than £6,000 you will get reduced benifits.... if you have capotal (house etc...) that also counts

Hapless_2

Look into paying your mortgage (or at least a chunk) and other debts off, especially if you have another job to go to. Always check on early repayment penalties. Otherwise pay off credit cards and leave the rest in the bank to cover mortgage payments. Either that or open a seperate account just to put the remaining money in and for mortgage payments to come out of. That wat the money is spoken for and you are not having to deal with early repayment penalties.

dubburke

mclaren wrote: »

you want benifits when you will have £47,000?!

First of all, if you have more than £6,000 you will get reduced benifits.... if you have capotal (house etc...) that also counts

If you read my post then you would see that i am walking straight in to another job:rotfl: It is just less money than i am getting at the moment.
I cannot touch my mortgage as i am tied in for another 2 years, and it will be approx £2500 to get out:rolleyes:

eric_bloodaxe_2

what shall i do with £30k

Invest it!

Since you are taking the new job and you are locked into your mortgage for the next two years you should look into investing some or all of the remaining £30k.

I inherited some money a few years ago. I used some of it to buy myself a house and I have invested most of the rest. I spoke to a financial advisor with the Halifax and he guided me through the whole process, explaining what products are available and what risks are associated with them.

I ended up investing in low-to-medium risk funds, with the bulk being invested in low-risk funds. I also invested in a Tax-free ISA. Since investing, the value of my portfolio has risen by about 12% per year with all profits being reinvested (so that rate at which my money grows is exponential - I earn profits on my profits...).

Of course I am well aware that the value of my portfolio may go down as well as up, but that was why I went for low/medium risk. If investing is a route you want to go down (and I thouroughly recommend it) you should talk to an advisor about what is available. Or, just to throw another option onto the mix, you could buy £30k of Premium bonds. With a 24,000 to 1 chance of winning you are guaranteed to win at least one prize each month! The best part is that unlike the lottery you can always take your money out whether you win or not.

Louise1521

I applied for voluntary redundancy from the Civil Service, must admit I was quite scared at times. Left on the 30th March, and haven't missed it for one second. Best of luck whatever you decide to do.

dubburke

Louise1521 wrote: »

I applied for voluntary redundancy from the Civil Service, must admit I was quite scared at times. Left on the 30th March, and haven't missed it for one second. Best of luck whatever you decide to do.

I can't wait:beer:

Louise1521

Sorry, should have read the whole thread before posting. Congrats on getting a job offer straight away. I know you won't need it, but if you didn't have another job to go to straight away, like others have said you would have been entitled to job seekers allowance (contribution based).