Redundancy and babies

the1andonlyned

Hi Everyone

So firstly i found out 2 week ago some wonderful news, im going to be a dad and the baby is due on the 18th of May. On Tuesday this week i had some bad news, im being made redundent Jan 28th, this wouldnt be so bad accept my wife work for the same company and she is also facing redundancy. Im worried about her losing her maternity benifit and us losing our house due to no income. Redundancy payment will equal around £7000 if we stay till the end but that wont see us through to May beside the maternity. I do have PPI insurance but how do i go around informing my bank that i may have difficultly paying loans back etc
Im also worried my wife wont be able to get a job due to the pregnancy. Any advice or guidence would help please.

Ned

SarEl

Well congratulations on being a impending new father. The best advice right now would be concentrate on getting yourself a new job, even if that means that you leave before you are redundant and don't actually get the redundancy payment. Being in work is always the best position to get another job from. And you need to try to secure at least one of your incomes, and whilst it shouldn't be the case, we both know that it will be easier for you to get a new job than for a pregnant woman. I would personally not start telling financial institutions that you are going to be made redundant yet - the experts on the debt free baords will undoubtedly know more than me, but I would guess they will start getting jittery and may be demanding repayment. So I would focus on doing everything that you can to secure the income for the future, and worry about the rest later on, if that doesn't pay off.