Voluntary redundancy to clear debts?

thecassman86

I think redundancy pay is tax-free and NI-free up to a value of £30,000 so i think OP shouldn't be affected by either? Good point though.

As your creditor is your parents it's important that they're happy with your decision; it's their debt that is being paid off after all (and potentially them that'll be paying for you if your job hunt goes beyond June)... But i think it's a good opportunity and will be a great move for you.

Good luck.

closed

it's a great opportunity to become unemployed or possibly start on the bottom rung again.

thecassman86

closed wrote: »

it's a great opportunity to become unemployed or possibly start on the bottom rung again.

Clearly there's a risk there, but i think your post is closer to pessimistic than realistic...

He lives at home with no bills other than debt repayments, he'll have 12 weeks after submitting for redundancy before he'll be unemployed - that's a decent amount of time, he'll be almost debt free too... And, the travelling to work isn't ideal nor is the fact that he has a currently unused degree that could mean he earns more elsewhere.

OP, i personally disagree with closed's comments, but they're right to raise them as they're perfectly valid points ... You have to be 100% sure whichever way you choose and you also need your parents on side - that's vital in this.

closed

No-one else apart from dad is raising them, the lure of a wad of cash isn't all upside.

There are a lot of people who have been out of a job for more than 12 months, degree or no degree, and it's much easier to lose someone who hasn't worked in a company for 2 years. Boredom may increase the temptation to gamble

is the degree skill in demand.

thecassman86

closed wrote: »

No-one else apart from dad is raising them, the lure of a wad of cash isn't all upside.

There are a lot of people who have been out of a job for more than 12 months, degree or no degree, and it's much easier to lose someone who hasn't worked in a company for 2 years. Boredom may increase the temptation to gamble

is the degree skill in demand.

My first paragraph in this thread suggested not to go towards redundancy so i don't believe it's just you and his Dad raising the risks at all. If i was in that position, i'd take it. But that doesn't mean it's best for everyone. Nobody is blinkered here, nobody is ignoring the risks.

And i know from personal experience that having a degree doesn't make you more employable. I am also aware that plenty of people are out of work long-term. It's a risk, no doubt... But i think as they're living at home it's at least a stable situation for them. Provided parents support the decision.

Muhren

If I'm honest I am not entirely sure that I want to continue in the line of work that I am in even with the foundation degree as I didn't particularly excel in the subjuct whilst studying.

That being said I have some training coming up in a couple of weeks and depending how that goes it may give me more of a reason to stay. I feel a little bit in limbo about it but I have a few weeks to think about it so hopefully I can weigh up the positives and negatives of each option and make the right decision in the end.

thecassman86

Muhren wrote: »

If I'm honest I am not entirely sure that I want to continue in the line of work that I am in even with the foundation degree as I didn't particularly excel in the subjuct whilst studying.

That being said I have some training coming up in a couple of weeks and depending how that goes it may give me more of a reason to stay. I feel a little bit in limbo about it but I have a few weeks to think about it so hopefully I can weigh up the positives and negatives of each option and make the right decision in the end.

I think that's very sensible .

I think you're in a position where there are positives (and negatives) for each option. But yes, you need to be 100% behind the final decision you make so it's important that you establish the pros and cons of each.