Retracting voluntary redundancy application

SwiftRider50

Two weeks ago I put in my application for enhanced redundancy or voluntary redundancy in reality. I am entitled to £21,500. However, I have since been reconsidering my decision. The job market at the moment is pretty abysmal. I am 51 and although I have many years experience in customer service, my company has not provided me a great deal of training so there are no clever letters to add to my CV. So I am a 51 yr old graduate who has worked in the same place for 21 years.....not an inspiring start to searching for new work.
For hideous financial reasons (we bought our first house the month or so before the 1988 property crash and sold it at a £25k loss some years later), we still have 10 years left on our mortgage plus paying a loan to my parents who bailed us out of the first house. My monthly outgoings are approx £1600....and that's just the mortgage, bills etc etc.
I now feel that I was wrong to apply for redundancy and would be better off remaining in paid work...even with the pay cut the company is enforcing across the remaining workforce....whilst looking for another job.
I feel completely washed out with all the angsting about this. My peers at work think I am completely insane not to go for the package....but none of them have years left to pay on mortgages or they have partners who are earning the higher salary (mine isn't).

Any thoughts on this? And, I am assuming that as I have not signed anything nor been given a formal leaving date, that I can retract my application legally?

Googlewhacker

I take it the 21k doesn't pay the mortgage off and what does your OH do?

newmumincov

Remember that the lump sum is tax free - it'll get you more than 13 months of the mortgage and bills, which is a year to find another well paid job.

In the meantime you can take something less well paid to overpay on the mortgage or top up your spending money, or you have a year to get extra (re)training or qualifications.

I'm in the opposite boat as I did a lot of short term contract work when I left uni and filled the gaps with voluntary work. It makes my CV look like a mess. Having the one job since uni makes you look loyal and reliable to be honest.

An 51 isn't that old for job hunting or retraining. I've known of people in the 40s retraining to be doctors, and the oldest person on my Masters was 57. Plus you have the advantage of having already had experience in a particular field - it seems to be entry level positions that are most thin on the ground as far as I can see.

Anyway, whatever you decide, good luck!

p00hsticks

SwiftRider50 wrote: »

And, I am assuming that as I have not signed anything nor been given a formal leaving date, that I can retract my application legally?

Did you not sign your original application ? I think it will depend on the way your particular employer does things, but as you appear to have already been told the details of the package you will get before you applied, I suspect that they will consider that by submitting an application you are stating that you definitely wish to be made redundant, and if they choose to accept that application then they will simply expect you to leave after your standard notice period. Certainly that's how my employer does it.

If you're seriously wishing to backtrack now, then personally I'd be getting in touch with them straight away to withdraw your application, rather than waiting to see if they accept it and just give you your notice.