Should I take voluntary redundancy or stop?

50Twuncle

Mr_Benji wrote: »

Ok pension is frozen at current climate.
I cannot not see redundancy being offered again as this new depot is a multi million pound state of the art depot.

My redundancy is £14800 non taxable, £4900 pilon which is taxable. Plus £700 in outstanding holiday pay which again is taxable

Right - can you really afford to accept what is basically 9 months lump sum pay to potentially give up your income totally ?

I think that you are being swayed by the thought of getting your hands on an "unheard of" lump sum of money to pay off all your debts to start again ?
Well - let me tell you - the financial problems in the country are not going to improve dramatically fast in the short term - so if you jack in your job and can't find another - what are you going to live on ?
You have already accepted that you will not be entitled to any benefits - so how long will (the remains of) your lump sum last you ?
3 months perhaps ?
Come on - see sense - you have a secure job - with potentially promotion in the long term - with less travelling than you currently have..
Why give that all up for paying off your debts - which in the real world are not that huge - if you plan to pay off the mortgage in 3 years - think of the extra disposable income that you will have in 3 years time - your lifestyle will improve, more ability to save more money
STAY IN WORK - YOU WOULD BE STUPID TO JACK IT IN..

Mr_Benji

21Twinkle wrote: »

Right - can you really afford to accept what is basically 9 months lump sum pay to potentially give up your income totally ?

I think that you are being swayed by the thought of getting your hands on an "unheard of" lump sum of money to pay off all your debts to start again ?
Well - let me tell you - the financial problems in the country are not going to improve dramatically fast in the short term - so if you jack in your job and can't find another - what are you going to live on ?
You have already accepted that you will not be entitled to any benefits - so how long will (the remains of) your lump sum last you ?
3 months perhaps ?
Come on - see sense - you have a secure job - with potentially promotion in the long term - with less travelling than you currently have..
Why give that all up for paying off your debts - which in the real world are not that huge - if you plan to pay off the mortgage in 3 years - think of the extra disposable income that you will have in 3 years time - your lifestyle will improve, more ability to save more money
STAY IN WORK - YOU WOULD BE STUPID TO JACK IT IN..

That's good advice and probably something I needed to hear. £19k in a lump sum is a stupid amount of money but like you say how long would it really last? Left with about £5k after paying off my depts which would only last about 4 months which isn't long if you don't have a job.

Thanks again

50Twuncle

Please see PM