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So close and yet so far - potential redundancy

Well as I write this post I am pretty gutted.

It has been hinted at for a while at my work that there might be redundancies but now it is looking like its going to be inevitable. The worst thing is that no-one can give us a definate answer.

And I was due to be debt free (apart from Student Loan) at the end of the year.

I'm soooo close to my goal and I've also just booked and paid for a holiday to Egypt (not refundable) in the next few weeks.

I know a break will do me good and that it may be the last chance for a while but just can't stop thinking - what if? with my job.

I know that I am young and have skills and good prospects but as I live alone and have a mortgage, there's still that pressure.

Don't get me wrong, I owe you guys and Martin loads as this time last year before my LBM I would have been in serious doo doo.

I guess I just feel a bit scared, lost and frustrated.

Comments

  • You are where I was a couple of years ago (but I had more debt). My OH and I both got made redundant from the same place at the same time - we had also just booked a holiday. :rolleyes:

    We both had separate properties and so, 2 mortgages and the icing on the cake was that he had got his divorce through 1 week before we were told we were jobless :(

    We both work in IT and ended up out of work for a few months (me for 5 months and him for 7), none of our insurances paid out, the job centre people were beyond useless (they are so used to people signing on and not really wanting to work that they couldn't cope with 2 people desparate for jobs!) and we were on the verge of putting both properties on the market so that we could keep eating.

    I realise that the fact that we carried on with 2 mortgage makes it sound like we weren't doing too badly but it was a dark few months.

    It has turned around though - my sister paid for us to go on holiday (that is a very long term interest free loan being paid back into a savings account for her new little'un) and we came back and within a couple of months found temporary jobs to keep us going (try explaining to the daft mare in the job centre that a job paying 20p an hour isn't really an option because then mortgage protection definitely doesn't pay out!). 10 weeks later I got myself a permanent job, closer to home, greater security and more pay than the job that I had been made redundant from.

    My other half got a job where the team leader had just left the day before so he got promoted and a pay rise on his 1st day!

    It also helped with the full lightbulb moment - there had been a dim glow there before but now it was blazing brightly!

    Since then (3 years ago) we are back on our feet - just saved up for and had a holiday in Cuba, got engaged and are now planning on selling the 2 properties to buy one nicer one. My debt is reducing slowly but surely (I still want to enjoy a few things along the way!) I have got rid of my expensive credit cards, moved all the cc debt to one low rate LOB card and if I want something I have to make the money for it (Ebay, car boot, mystery shops etc).:T

    I guess the moral of the story is what everyone always tells you but you don't believe it - it will get better. Please don't hit me - people used to tell me it would all work out in the end but 2 weeks after you have lost your job you just want to kill people that say that!:mad: :mad:

    I don't know if this is any help to you at all but I am just trying to show that there is a way back from redundancy - your debts may not clear as soon as you hoped but you will get there.

    Beanie
    Debt free date - June 2008 :T :T :T
  • Thanks Beanie.

    You post helped to put things in perspective a bit more, things could be a whole lot worse for me.

    Its good to hear that you both came through it all and managed to get new jobs and start to pay off your debt.

    Thanks x
  • Chin up! :grouphug:
    Debt free date - June 2008 :T :T :T
  • Murtle
    Murtle Posts: 4,154 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I have been made redundant twice - on both occasions with mortgages, and one occasion a divorce as well!! I try not to do things by half....

    It's not the end of the world, and if you know they are coming tart up your cv now ready for it to face the world to get you a new job. Hopefully you'll have redundancy money which when you get a new job will help pay off your debts earlier? Failing that, use the time off wisely, think of things that you need to do and plan to do them.

    Good luck, and I'd second that there is light at the end of the tunnel.

    x x
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