Redundancy Vs Debt overpayments

kaz0705

Just a bit of advice needed.

Just when I thought everything was going well!

I have been making lots of overpayments and hoped to be debt free by my 30th (next May)....

However, I work for a charity and it looks like cuts will need to be made. My colleague has just lost hers and I was advised that it was between me and her.

If we don't hit our budget in April, more cuts will be made and its likely that i'll be included in those.

So.... what would you do? Revert to making min + gesture repayments and put cash aside in case I need it for bills if I don't find another job straight away?

Or continue with the overpayments until I know for definite, whereby I will have reduced the minimum payments further.

Atmosphere here's rubbish- we're a very close team so feel awful for my friend. The threat hanging over me just adds to it!

All opinions appreciated!

Kaz

CH27

kaz0705 wrote: »

Just a bit of advice needed.

Just when I thought everything was going well!

I have been making lots of overpayments and hoped to be debt free by my 30th (next May)....

However, I work for a charity and it looks like cuts will need to be made. My colleague has just lost hers and I was advised that it was between me and her.

If we don't hit our budget in April, more cuts will be made and its likely that i'll be included in those.

So.... what would you do? Revert to making min + gesture repayments and put cash aside in case I need it for bills if I don't find another job straight away?

Or continue with the overpayments until I know for definite, whereby I will have reduced the minimum payments further.

Atmosphere here's rubbish- we're a very close team so feel awful for my friend. The threat hanging over me just adds to it!

All opinions appreciated!

Kaz

What an unpleasant situation for you in be in.

Will you get a redundancy payment & do you know how much it will be?

Do you have some rainy day money already set aside?

kaz0705

I've got a small amount set aside- about £300 which, initially, was supposed to be the start of savings for my best friend's wedding (carribbean). She's reconsidering this anyway now and, obviously, it would be off the cards if I didn't have a job!

It's two year for me in May so don't think I'm entitled to anything until then and even then I think its something like £400 per year. Which is better than nothing! But suspect cuts would be made before May....

It's all horrible!

NO-BRAIN

Hi,

I defo know what you're going through. I am trying to clear my debts and have been especially concentrating on my car and credit card making extra payments etc then last month I received a redundancy consultation letter so I was in the exact predicament.

I decided to maximise to full velocity payments on my debts as my credit record has almost recovered after years of strife and if I lose my job and can't keep up repayments I don't want to wreck my record again and start debt all over again. So I'm hoping the more I pay off of the debts, by the time I am made redundant (if it happens) and I work my notice then I'll have less debt to worry about. Then I can begin to worry about how I'm going to live etc whilst i look for a new job.

Good luck and I hope this has helped.