My Redundancy Diary

Andyboy

I am being made redundant on 28 April 2011 (actually finish on 8 April due to leave etc) and would like to share my thoughts and experiences. Before I start I would just like to say that this affects everyone completely differently and we all have different life/relationship and financial positions. Even so, there are bound to be shared thoughts and experiences with all of us.

I have worked for the same company for 23 years (since I was 20 years old) and am fortunate to be getting a decent payment. My first dilemma is whether to work or not in the next year as I will be paying 40% tax even if I just get a part time job on min wage. Second is what work would I like to do. Having just received a distinction on NEBOSH General Certificate (Health & Safety for anyone out of this field) I should be looking at using my skills in this area.

I don't want to ramble on too much in my first post (I will add to this diary regularly) and invite anyone interested to join in and share their experiences and comments. I do believe that being positive may not pay the bills and stop any worries but it will help you cope with what is extremely unsettling.

SJ1

I decided to take the same positive attitude and got a job two months later when it happened to me (2 years ago now). I got a very nice year's salary as a pay off and with the £30,000 tax free we very happily decided to improve our little house which worked out brilliantly.

It is the best thing that could have happened to me, I was with my firm for almost 10 years. So pleased I accepted it and I feel happier than I was in my old job, I was just too scared to move back then and the events made me.

Good luck.

SJ

getmore4less

40% tax thats a big payout, over £72k.

You could just pension any money you earn and pay no tax.

What about some volunteer work trying to utilise your skill set.
http://www.do-it.org.uk/

Do more holidays plenty of lastminute bargains out there.

Doing all the jobs around the house that need doing is a good idea so you are all set for a return to work.

Andyboy

SJ1 wrote: »

I decided to take the same positive attitude ..Good luck.

SJ

Thanks for positive comments. The idea of my diary is to bring this sort of message to others who might read it.

getmore4less - I wish I could just pension the money but with my wife not working we need to minimise our outgoings (mortgage etc) first. Thanks for the tip and info on volunteering though.

I will be shortly contacting Working Links and Jobseeker plus to see what other training might be available and will post back any comments. i am also looking at paying off the remainder of the mortgage and wanted to know if anyone has thoughts on keeping it open with a small amount on it for future loans (probably need this to go on another forum)

getmore4less

I was thinking more for any paid work into the pension rather than the payout, you have enough with that to minimise expences and live on

Try asking at the job center for a list of places that support unemployed people.

I was told by one of our local support groups that they(JC+) have a list but don't give it out you have to ask.

http://www.careersspringboard.info/

If not local there are still some usefull links and tips, maybe there is an equivilent group local to you.


On the mortgage front, it depends on the rate.
I kept mine because it was 1.45% and I can get more in savings.

A bit late unless your current lender will let you have one but an offset is a good comprimise, reduce debt without losing access to the money.

EmsLdn

Hello all
I've been offered voluntary redundancy and I've taken it. Like the OP, my last official date is the end of April but last physical date is 8 April - with TOIL it'll be just over 1 yrs salary.
I have made a small calendar for my desk at work and I am peeling off the days one by one.
I cannot express how happy this change is making me. I should probably qualify that by saying I'm not normally drawn to change and have in the past stuck with things out of habit and laziness but this is such a huge change and it's scary but I've completely embraced it!

My redundancy is acting as a catalyst for a lot of other things.
1) I'm downsizing and moving into a friend's spare room. This will save me huge amounts immediately. All inclusive rent and yes, there will be a legal document to ensure we're both protected.
2) I am going to pay off my debts & lock up my credit card. Being 100% debt free will be so very amazing.
3) I am going to begin a part time degree in September. I've always allowed my education or lack of to stand in the way of my career progression.
4) I am going to be volunteering for selfish (more experience in different areas, boost my CV) and altruistic reasons.
5) I'm going on a proper holiday to see parts of the world I had previously only dreamt of.

This is the first time I've ever had a life plan and it feels strangely calming.
This time in two weeks will be the eve of my last day and I CANNOT WAIT!! :T:j:beer::D:cool:

Andyboy

EmsLdn wrote: »

Hello all
I've been offered voluntary redundancy and I've taken it. Like the OP, my last official date is the end of April but last physical date is 8 April - with TOIL it'll be just over 1 yrs salary.
...
This time in two weeks will be the eve of my last day and I CANNOT WAIT!! :T:j:beer::D:cool:

I am loving your positiveness. I hope this rubs off on all who read this. Good luck. :T

I won't be able to be quite so adventerous as I have a 4 year old and a wife but it is inspiring to hear how losing a job can lift somebody from the duldrums.

I have started to look more closely at finances and our plan, whether i get another job soon or not, is for my wife to aim to start work in Septemebr so that we can all spend some time together as a family.

I have my P50 ready to go to claim back tax that I am entitled to as a non-worker and have used turn2us (Thanks to MSE site and people) to see if there is anything else we are entitled to.

That said I won't be sitting around, some people like me just love to work and do things. I officially started working when I was 13 (Part time) but was working with family prior to that and have never been out of work. Hence I may do some voluntary work. I am also the neighbourhood watch co-ordinator for my area and could expand this role. I have also been the Harassment Advisor for my company for the last 8 Years and would like to look at using some of these skills more.

As ever your thoughts and ideas are welcomed.

ohreally

Andyboy wrote: »

Having just received a distinction on NEBOSH General Certificate (Health & Safety for anyone out of this field) I should be looking at using my skills in this area

Well done. Having taken your first step, perhaps you could consider upping the ante and taking on the diploma, especially while the learning is still fresh.

Perhaps offer yourself on a voluntary basis to charities or small businesses who may not have a competent person.

Andyboy

ohreally wrote: »

Well done. Having taken your first step, perhaps you could consider upping the ante and taking on the diploma, especially while the learning is still fresh.

Perhaps offer yourself on a voluntary basis to charities or small businesses who may not have a competent person.

I need to look into the diploma more as I think it is quite a lot of money and expect that continued working development would be required. As you say though I could volunteer for small businesses etc and use this as working development.

Has anyone been down this route or similar? (I expect I will have to post this on health & safety website/forum but if you don't ask...)

Andyboy

Talking with the family yesterday I was asked if I would be signing on. I said probably not as may not be actively seeking employment. I was told I should do as this would enable my NI contributions to be topped up.

• have you been in this position?
• Anyone have any thoughts on this?
• do I still have to sign on fortnightly to get it even if not claiming any payment?

getmore4less

With 23 yeaes NI you need another 7 for the state pension

At 43 this is probably not that hard to make up

Not tried(I am taking time out) but I think you still need to show you are actively looking to get the NI credit.