What happens if I resign????

morbius

Hi,

I need some advice. I have been in the same job for 13 years and have been struggling for the last 3 or 4 years. I am now in a situation whereby I can barely stand coming in everyday, the office politics and ineptitude of some of the people around me have become too much to bear. I have tried looking for another job but have had no success as of yet (I work in IT management and there are few opportunities in Norfolk where I live).

I do not think I can cope much longer....I have a mortgage of about £720 a month but I also have a single loan which cost's around £650 a month (about 32 months to run on it).

I am sure that I could find a job that would cover the mortgage and other expenses but I would not be able to afford to pay the loan (unless I get a job at around my current salary of £40,000 which is proving impossible around here). My partner can only contribute a small amount each month.

I want to resign but am worried about my loan payment, would I be eligible to negotiate a reduced payment or longer terms if I have resigned with no new job to go too?

Any advice would be greatly appreciated....apologies for the long post.

:sad:

Butlers1982

You should ring the loan company and ask them if you can go on a reduced payment scheme.

You need to be aware that if you resign from a job, you will not be entitled to any benefits as you left a job on your own accord.

Conor_3

Well any payment protection isn't going to pay out on it if you give up your job and I can't see the loan company being too sympathetic about a situation you created yourself.

One important point to remember is that it always seems to be easier to get a job if you're currently in one rather than applying as an unemployed person.

With a mortgage of £720 a month, I guess your house is worth a bit - well compared to mine . What about relocating to where your skills are required a bit more? You could relocate to the Leeds area and buy a cheaper house which would reduce the mortgage and possibly leave you enough from the sale of yours to pay off the loan? Leeds is an area with a lot of finance companies in, ripe for your type of job, but without the house price premium of London.

calamity

Try to negotiate with the loan company before you make a decision on resigning and remember you will not get any benefits if you resign.
Are you entitled to sick pay--could you get a line from the doc for a couple of weeks for stress to give you some space to think through what you need to do?

Dithering_Dad

I've been in this position before, hence why I am now a contractor - no office politics and inept management now usually works in my favour.

However bad your working life now seems to be is nothing like as bad as it will be if you leave a well paying job and either start doing a lower paid and usually less challenging job or even worse, having no job at all and starting to default on your mortgage/loans.

If I were you, I would keep my head down and not get involved in the politics and keep looking for another job. Perhaps if you're having trouble landing an alternate position then you need to look at getting some additional skills? You could even try getting your current employer to pay for some training.

morbius

Lot's of good advice there, thanks.

My house isn't worth a lot unfortunately (around £120,000). I only bought it 2 and a half years ago, needed a 100% mortgage as well. Funny Leeds should get mentioned as I spent 3 years in that area and loved it.

I guess I just need to keep my head down as suggested, I think the attitude of recruitment agencies doesn't help. I have spoked to loads of them (and they have rang me several times) they have put me forward for several positions but I have never had one come back to me yet, even though I've expressly asked for feedback whether my application is successful or not!

My company is a privately owned venture that has an absolute mistrust of Training so there's no joy to be had there.

I know this just sounds like a whinge, which is not my intention..just weighing up my options.

Thanks,

Storm

If you've been in the same job for 13 years then a lot of places you apply to are going to wonder why you're looking at moving now. Have a look at your CV & see if it's showing development over the time you've been with the organisation - ideally you want to show at least a couple of times where you've been given more responsibility, but that the last couple of years have been static, and therefore you're ready for the next step & a new challenge.

You mention training isn't offered at your current place, but are there any courses you could take yourself in the evenings or studying online? Even if it's not something directly related to your job, many employers like this as it shows a willingness to keep learning.

There's a national organisation called next step www.nextstep.org.uk which has local branches - they can offer free careers & learning advice, plus can signpost to any organisations in the area that offer help with CVs, applications etc

As for the loan - you might be able to extend the term of it, although this will mean paying more back eventually. If you wanted to pop up a SoA we'll take a look at where you could cut back, as then you'll be able to work out what the minimum salary you could break even on would be.

morbius

Thanks for the reply Storm.

I have quite a good C.V that has been looked at by a few agencies and tweaked here and there...it seems to show the type of progression you mention.

I am also half way through an OU BA(Hons) in History, but 3 more years (at least) for that one.

I will be sure to check out the website you mentioned. Thanks.

I have to admit the idea of branching out into consultancy does have a certain attraction. I have no idea where I would start with that though (and my current employment contract expressly forbids working either for yourself or for anyone else in any capacity and I certainly couldn't afford to have no income coming in)

jo1972

Hi Morbius,

I can completely sympathise with you, I'm in a similar position - been in my job here for 9 years now and desperately want to leave. There are a few things going on here that I'm fed up with but the main reason is I want to stay at home and look after my kids, the work politics are just affirming my reasons so to speak! I'm looking into different things at the moment to earn money which will not unfortunately equal the wage I'm on now but hopefully cover my outgoings. Belts will have to be pulled in very tight as well if I'm going to make it work.

Don't give up your job on a whim, as Conor says, it's easier to find a job while you're in one, otherwise they will question why you are unemployed. Keep scouring the local papers, do searches on internet recruitment sites. Plus I find cold calling companies and asking for the recruitment person and asking direct sometimes works, or spend a day writing letters enclosing your CV. Agencies are completely useless so don't just go to them, put in your own legwork and you will get results.

Good luck

rayday2

morbius wrote: »

Lot's of good advice there, thanks.

My house isn't worth a lot unfortunately (around £120,000). I only bought it 2 and a half years ago, needed a 100% mortgage as well. Funny Leeds should get mentioned as I spent 3 years in that area and loved it.

I guess I just need to keep my head down as suggested, I think the attitude of recruitment agencies doesn't help. I have spoked to loads of them (and they have rang me several times) they have put me forward for several positions but I have never had one come back to me yet, even though I've expressly asked for feedback whether my application is successful or not!

My company is a privately owned venture that has an absolute mistrust of Training so there's no joy to be had there.

I know this just sounds like a whinge, which is not my intention..just weighing up my options.

Thanks,

My husband put his CV on line and had agencies ringing him about how wonderful he would be for this and that job, they would contact us etc etc they never ever got back, never let you know if even an application was successful. Some of the sites he used would email asking him to leave feedback and he always complained at the lack of contact.

I would go the good old fashioned job seeking route apply yourself, if you are considering moving area sign up to the local papers they have job sites on line and you could get some joy there.

Dithering_Dad

Don't get me started on employment agencies - I have to use them to get my contracts and they're worse than estate agents for crap service. If you get an interview or job offer they're all over you to accept it - even if it's completely inapropriate for your skill set or career aspirations and if you don't get an interview or offer, they don't want to know you.

Your current employer can't stop you from working for yourself or anyone else. You work for them, you're not their slave. If you have a lot of contact with one of their clients then usually you cannot work for them but this is usually only enforcible for 6 to 12 months after leaving your company. Even then I seriously doubt they would pursue you through the courts unless you took away a significant amount of business from them to make it worth their while.

Working for a consultancy would be ideal for you as long as you don't mind being away from home during the week. You would probably get a higher salary, all your expenses are covered and you don't have to relocate. The good consultancies also have decent sized trainign budgets to help you keep your skills up to date.