My Redundancy Diary

Andyboy

Sorry to hear about your current position jonjamie1970.

The first thing that strikes me is yo being offered the same job back? I think if this is the case there are some legal issues that need to be looked at.

Time to look at the most pressing issues in your finances first and ensure you have somewhere to live (as you know). The car would be the first luxury i would sort. If you need a car look at the second hand market as there are many bargains to be had.

Good luck and keep in touch. i am sure some of the other followers will be here soon to offer advice and assistance.

getmore4less

jonjamie1970 wrote: »

Well , after being gainfully employed for many years without a break, Monday I was given notice of redundancy.

I have been at my firm for four years and I had a feeling that the last year wasn't going too well for me.

During this time I also live away from my daughters who are 12 and 10 and see them only every second weekend so going home has always been on my radar.

My salary was £44k plus a £5k car allowance and BUPA, Phone bla bla bla.

My last offcial day is Friday 30th March when I will receive my final pay cheque and also the sum of £17k which I have to say is very generous really.

I was also offered my same position back but on half the salary which I declined. :mad:

So, I have set the ball rolling, had a few agency conversations and today I go on gardening leave.

I am now single and rent a one bedroom flat where the lease expires in April, which I could let go and move in with my parents.
I pay child maintenance at £400 a month and my only other commitments are the car which is nasty at £415 a month with another £17k outstanding.

Another £6k in credit cards and Overdraft.

I dont really know which way to turn now and look forward to some advice.

Get ready to sign on for JSA.

Garden leave, spend at least 8hrs 5 days a week job hunting/preparation

Cut costs, cash is king but investigate the benifits situation, you may be better off temporaraly reducing debt with an OD then the redundancy just brings you back in credit but with a lower saving ballance.

Review the maintanence it might have to stop.

look at other benifits over JSA


Seriously consider giving up the flat or going periodic, you need to have the option to work anywhere so reduced comitments to the current area will help a lot.

If parents have the space then that looks like a good option to cut costs.


You will have to do something about the car, don't get hung up on "I will lose money" that was lost the day you bought it.

jonjamie1970

Thanks for the advice so far. My career path in account management has done this to me twice now so i am considering retraining while I have little outgoings and working for myself, not sure which sector however.

However this hasnt stopped me applying for job and I have applied for 32 so far using the specialist FMCG site assosciated with my job, i'm the wrong side of 40 though.

Ive had a few calls already from an employer looking for somebody but wanted me to be in the area of the job so to speak rather than travel.

I have investigated JSA for the first time ever in my life and I find If I keep the flat going then I am entitled to around £800 a month which will just cover the flat and the council tax and leave me with £100 a month to live on.

Ive been crunching the numbers too and worked out that if by late April for example nothing has happened then I could send the car back on the halfs and thirds rule if I give them around £5k as well and walk away, no car but no debt.

I could also clear the nasty £6k worth of debt, one of which is a horrible 34.9% APR credit card, which I might even clear anyway.

So, to retraining, maybe one of the trades where I could work my own hours, I'm never going to earn as much as I did but thats not important anymore.

My other idea involves having to lease or rent a small shop where I could sell and repair second hand bikes. However the thought of commitment to rent etc is slightly worrying.

getmore4less

Ive had a few calls already from an employer looking for somebody but wanted me to be in the area of the job so to speak rather than travel.

So thats not a problem you are in a position to move, ok it may take a month or two, but you can make that choice once you get an offer in the meantime why not go for it.


Do you know your company policy on leaving early if you get a job?

You may want to look up counternotice in case you get a job that needs a start sooner than the end of March


I would recheck the benifits if you get paid off you have savings and you need to check if you can pay down debt.

Tackle the CC it is a high rate.

jonjamie1970

I have done the JSA application and and obviously been totally honest, including my redundancy payment but anticipating Im going to need to clear down the debt really. But I cant say the money wont be there as it will be.

The job off territory is fine although he didn't offer me an interview yet or such like. However, the area I want to move back to where my flat is, is where my daughters live and I need to be nearer to them, setting up three counties away I may have well just accepted the lower paid version of my job offered where I am now.

I can take a job anytime no notice required, the ideal scenario would be to start somewhere at the end of March and use the redundacy to clear debts and so start a debt free existance.

Just had another call half way through this post, potential interest from multinational company, home based role on more money and in my field of expertise, will wait and see.

beansy

Haven't been on the site for a long time but just wanted to share some encouraging news.

My OH was given the chance to take VER last year but he is too young to get his company pension and although he would love to retire early, without some form of income it was out of the question. So a lot of his colleagues finished last summer and their work was shared around those remaining which was more stressful. However, they have since redistributed the workload between them and it is more evenly balanced and seems to be going ok. But the best news is that due to the financial crisis his employer asked if anyone wanted to consider reducing their hours. So, yes he applied and was successful in dropping 1 day pw from 1 April on a 1 yr trial basis. Obvioulsy he realised this could make his job more stressful again but part of his proposal for managing the work was to transfer some of his admin work to the support staff, who are already filtering some of the call since the reorganisation.

So thanks to this post and some of the ideas and suggestions that are bantered around, it gave him the confidence to give it a go especially as he can revert back to his f/t hours if he needs to (for financial or workload reasons).

Best wishes to everyone going through challenging times, keep posting and sharing your news or problems as you kinow there is a community of people on here that have either got the tee short or are going through similar issues as you.

THANK YOU TO EVERYONE THAT HAS CONTRIBUTED.

Kit1

Hi

I have only just found this thread and have read just a few pages so far.

I found out in Sep that there were going to redundancies by Aug and they were looking for people to give us some hours to reduce the no of redundances which I did. We then all had to go through informal interviews to prove that we had the qualifications/ training we said we had on our matrix and should find out on Monday who will be going. Today I went into work to find out that the 45hours that were left after everyone who was willing to give up hours had done so had now gone upto 105 hours and anther 80 to go in the next year.

I have never been in this position before and would like to know if I will be entitled to any benefits as I am married and once I lose my salary we will perhaps be able to reclaim our lost working tax credit as my oh doesn't earn that much.

Many thanks.

daisyf_2

Just a quick update - redundancy in July and haven't looked back - my part time freelance work could really become full time and more!!! I've had to turn down two jobs tonight - I am not complaining as I keep taking the work but it looks like perhaps I do choose the right path to go freelance with. I also have my part time chief executive job with a charity so happy days.

Although I have learnt one thing - I probably was a little bit too cheap for my day rate and now have the confidence to say my price without feeling guilty!!!

I know I keep saying this but all the best people are made redundant - and it is for the best as better things are around the corner.... Plan plan and plan and never be negative xxx

falko89

daisyf wrote: »

Just a quick update - redundancy in July and haven't looked back - my part time freelance work could really become full time and more!!! I've had to turn down two jobs tonight - I am not complaining as I keep taking the work but it looks like perhaps I do choose the right path to go freelance with. I also have my part time chief executive job with a charity so happy days.

Although I have learnt one thing - I probably was a little bit too cheap for my day rate and now have the confidence to say my price without feeling guilty!!!

I know I keep saying this but all the best people are made redundant - and it is for the best as better things are around the corner.... Plan plan and plan and never be negative xxx

Thanks for this, really inspiring post:T

daisyf_2

Pleasure - there is certainly a good life after redundancy just glow with confidence and positivity xxxxx with a sprinkling of research and planning xxx