26 yr old facing redundancy

rozjames1985

I have just received a letter from work saying I am being considered for redundancy.

I am 26, I have been at the company 7 years and have calculated I will received approximately £2000 in redundancy pay.

I currently rent with my bf and my half of all household bits comes to £567. I owe £7350 on a credit card, soon to finish its 0% period and I have a loan which I pay £344 for the next 4 years. I have £800 in ‘savings’.

My other out goings are phone, 6 months left on contract at £35 p/m. Cinema car £15 p/m. Pet insurance £7.50 p/m. Plus petrol.

I earn £26,250 and know am going to be very lucky if I can get a job that pays £20,000.

Does anyone have any ideas of how I can save money? Can I approach the bank/credit card about lowering repayments?

ermine

You probably want to go onto the DFW board and perhaps consider posting a SOA calc to get some ideas. There's not really enough to go on, though that mobile phone subs looks high to me. The general principle is to lock down all elective spending, that cinema card looks like a prime target for that I'm afraid.

There seems to be a school of thought that you need to have defaulted before creditors agree to a reduction in repayments, and all of this hits your credit score. This might be on interest. The CCCS sem to be the counselling service recommended on here for this sort of situation, it't probably worth working out what the risks and opportunities are with them

All the best for finding a new job/sucess in getting your payments down.