Opportunity of Voluntary Redundancy

Judo_Col

Acc72 wrote: »

As most replies have concentrated on your outgoings, for me the key driver is your income - how likely are you to find another job paying your current salary ?

If you are able to replace your current job quite quickly then you are quids in, everything else being equal (I am assuming that you can manage your outgoings ok on your current salary).

If you take the redundancy, reduce your borrowings and are still unemployed in 12 months then you will have a problem.

I'm quite confident I can get something similar, if not equal, in all honesty I could take a big drop providing I got something in the interim as a stop gap measure.

getmore4less

Cash is king till income comes on stream, look at the rates of debt and any redemption charges.

Some loans it is cheaper to overpay and not redeam in full.

Judo_Col

getmore4less wrote: »

Cash is king till income comes on stream, look at the rates of debt and any redemption charges.

Some loans it is cheaper to overpay and not redeam in full.

Thank you for that, already checked that out, I would not have any penalties to pay for my car loan, my visa is at 0% anyway.

quidsIn_3

Just my 2ps worth but I would take the money and run - I had a similar dilemma last year and opted for voluntary severance - I got a job soon after and was able to set myself straight with a few treats along the way.
These things happen for a reason - I am so glad i didnt stay - I have been better off all round since I took the money and ran!
Best wishes:j

Progress

Take the money, however do not do anything different financially (apart from reduce your outgoings by having cheaper things) until you've found a new job. You might need the money to keep you afloat.

Your worst case scenario is this..

On your current income and outgoings, you'd need to be out of work for 14.3 months 'before' your redundancy money runs out. If you don't feel you can get another job in over a year, then stay. If you do, then go.

Judo_Col

Find this in the info of Expression of Wish

[FONT=&quot]If your application is confirmed your contract of employment will be terminated by reason of redundancy. You will receive a letter stating this which you can forward to your insurance company. Whilst ***** will ensure that all the necessary forms are completed for your claim we cannot guarantee that your insurance company will approve your claim.[/FONT]

I wonder if I would be able to use this for activating insurance on my credit card and mortgage protection?

getmore4less

If they cover redundancy then they should as legaly the contract was terminated by reason of redundancy

but any hint you may have been complicit in the redundancy and the insurers will try to get out of paying.

If the company will keep quiet and it is not public that they have been giving VR then you might get away with it.

Check the insurance cover for VR clauses and if rental income and lodger income makes any difference.

tuftyclub

Test contracting must be an option, always seem to be plenty of roles about. That's what I'd do anyway

Judo_Col

getmore4less wrote: »

If they cover redundancy then they should as legaly the contract was terminated by reason of redundancy

but any hint you may have been complicit in the redundancy and the insurers will try to get out of paying.

If the company will keep quiet and it is not public that they have been giving VR then you might get away with it.

Check the insurance cover for VR clauses and if rental income and lodger income makes any difference.

My cover will not pay for voluntarily redundancy, so long as I stick to the letter from the employer is it worth trying?

Judo_Col

Well work have called me in saying that were not happy with my performance. I told them at the meeting that I am applying for V/R and they have offered me a Compromise Agreement in the terms that of the V/R.