Notice of Potential Redundancy - implications?

sghughes42

Last week I was called in to a meeting with the company solicitor and given a 'notice of potential redundancy'.

Now, in some ways this was a bit pointless. The issue is that we have decided we can no longer afford to develop the product I'm working on but there has been lots of interest in it and there is a very good chance we could sell it on to someone else and my job would go with it. However, they didn't even bother to explore this avenue before slapping this notice on me and it is now looking like we can sell it fairly easily. However, I digress...

What I was wondering is who do I have to declare this notice to and for how long?

I am planning for a wedding at some point in the near future where my girlfriend will be applying for a fiance visa to join me from Taiwan. Part of this visa application is that I have to declare I earn above a certain amount. Do I have to tell them there is a risk of me being made redundant? If I do I'd guess they will refuse the visa so there is no point applying for it in the first place as it costs over £800.

I was also considering either a short term loan or remortgage to cover the costs of the wedding - normally we'd do things over a longer period but the visa rules are that we only have 6 months to get married to I need a chunk of money quickly.

Do I have to declare this notice to any lenders and if so, how long for? If it is rescinded (which I suspect it will be based on the interest in buying the business) do I still have to declare it?

Of course we have put all plans on hold until the situation is resolved but it is the longer term implications I'm worried about.

getmore4less

I think you would be mad to go with the plan that may involve you

having no job
extending borrowing without the potential finances to pay it back

Thats a quick way to no house

sghughes42

Quite, which is why, if you'd read my message properly, you'd have seen that I said the plans are on hold until the situation is resolved - i.e. either my current job is secure or I have a new job.

What I need to know is whether I have to declare I have been given this notice and if so for how long, whether only while it is in effect or even once it has gone away.