Looming Redundancy

yodacsmith

Hi Everyone.
I'm new here, although I've been using this site for ages and have been reading your posts and I think I am a lot luckier than most, my problems are fairly minimal.

When my marriage broke up 5 years ago I ended up in debt, but I slowly ploughing through it. (I had to totally start from scratch and buy everything, Car, furniture and so on). I rent my property, I have £2000 on a mint card a loan of £9000 which covered all the expenses of starting up again, divorce etc and a small car loan of £2000. i was happy enough with this and planned to have cleared all this up in about 3 years.

However, as you can see from the title of the thread, my situation may be changing. They are making 42 redunancies after being taken over by an asset stripping compnay, but they haven't said who yet - pretty sure I will be amongst them though. We won't know for sure until middle of Sept.

An annoying thing is that there is the possibility that I could buy a succesful small business quite cheaply and was considering getting a loan to do this - It is still under negotiation but redundancy may make this not so easy. I would not get anywhere near enough from a redundancy pay out. Also Iam approaching 50 and it is going to be a difficult thing to get a new job, of course.

Should I contact the loan/card co's now before I know for sure? Will it affect my credit rating? Or should I wait, knowing that it is about 90% certain that I will go anyway?

Any body any ideas?

Thanks and good luck to you all.
Yoda

jonesMUFCforever

If you have loan protection policies say nothing until the decision has been made.
If it was me I would opt to stay put rather than start a new business but to each his own.