Made Redundant - Options

smcqis

How much do you owe on the mortgage, big monthly repayment and unfortunately caught badly with the interest rate. I really feel your pain there was threat of redunancy hanging over me, there still is, just hold out with beleive and if you want a job you will get one, keep the head up

motch

smcqis wrote: »

How much do you owe on the mortgage, big monthly repayment and unfortunately caught badly with the interest rate. I really feel your pain there was threat of redunancy hanging over me, there still is, just hold out with beleive and if you want a job you will get one, keep the head up

I make it just over £163k if interest each month is £830 and 6.1% interest.
It's a shame the mortgage wasn't on C&G's SVR rate 2.5%

[Deleted User]

opinions4u wrote: »

Ok, fingers crossed you can find a job and get through this. So get the CV up to date and start looking.

But manage your finances NOW as if you were out of work. Cut back on everything and build up some savings balances. This will mean you can buy a little more time after the job ends.

- cancel Christmas spending. Put the tree up, basic exchange of cheapo gifts and enjoy each other's company.
- turn the heating down and put a jumper on.
- make sure taps aren't dripping. Shower instead of bath.
- turn lights off and make sure the telly and other items aren't left on standby.
- start walking to work / car sharing / whatever can get travel costs down.
- make your own sandwiches instead of buying lunch at work.
- no coffee culture, cafe lunches or meals out.
- stop buying luxuries at the supermarket such as crisps, biscuits, "Finest" and look to build meals around rice and pasta etc (cheaper own brands).
- give up brand loyalties and get whichever brand is cheapest that week.
- consider shopping close to closing time for the late discount late on date offers. Can often do tea cheap the next day.
- change to cheaper sim only phone contracts (or no phone contracts at all).
- cancel the Sky and start watching the DVD collection!
- review energy contracts and consider switching. Same for buildings and contents insurances. Register with www.topcashback.co.uk and earn cashbacks if you do switch.
- stock up on stuff you would normally get that's on bogof etc (but don't buy stuff you won't use).
- cancel the newspapers.
- make sure you don't build up any new debts on cards etc.
- register with sites like www.valuedopinions.co.uk and do surveys. Boring as hell but it's £3 an hour that can earn a shopping voucher.

Start the austerity measures immediately. It will give you the best chance to stretch things out if needed. Be genuinely radical.

Oh, and check out benefits on Direct Gov. The tax credits system may not replace a decent wage, but it can help you keep your heads above water.

Take a look at the Debt-free Wannabe forum and the Old Fashioned Money Saving bit too. Some good ideas there on how to cut back.

I wish you all the best.

Great advice !! A friend of mine has just been made redundant - will pass it on ...

Andy_1234

motch wrote: »

I make it just over £163k if interest each month is £830 and 6.1% interest.
It's a shame the mortgage wasn't on C&G's SVR rate 2.5%

£152k still owing. We took it as a 5 year fix 2 years ago as we thought (wrongly) interest rates would go up significantly.

Andy_1234

On a more positive note, I have 2 interviews next week.

Yorkie1

Good luck next week.