Loan to pay company back

ben_m_g

This whole situation leaves me very uneasy, I will try to keep it short.

Basically (as you may have seen in my previous posts in other boards) OH and I have been thinking about a second child for a number of years, last year I negotiated a relocation package so we can move to a bigger property.

Everything was great, no EA fees, no stamp duty, everything was set. We fell pregnant and are expecting in November.

Since we found out, my work has changed dramatically, I'm working longer and longer hours, the stress levels have shot up and a new director is making life worse for everybody. I'm expecting a round of layoffs this / next year.

Thankfully, I haven't signed anything nor taken any payment for relocation, but we still need to move. Now is even more important as we have to apply for schools this year.

With everything organised through work, we don't have the money to move without signing up. My worry is how to pay the company back if I leave.

A loan seems to be the only way.

Would a bank lend me the money for this?
Is there a particular loan I should be looking into?

Ebe_Scrooge

If the company were to make you redundant then you wouldn't have to repay anything. But why are you worrying about repaying the company ? If you're planning on leaving voluntarily in the near future, then using the company to fund the move, knowing that you'll have to repay them, is madness. If you can afford a loan to repay the company then you can afford to fund the move yourself. I don't see why you would involve the company at all if you're planning on leaving soon.

ben_m_g

Ebe_Scrooge wrote: »

If the company were to make you redundant then you wouldn't have to repay anything. But why are you worrying about repaying the company (a) ? If you're planning on leaving voluntarily in the near future, then using the company to fund the move, knowing that you'll have to repay them, is madness. (b) If you can afford a loan to repay the company then you can afford to fund the move yourself. (c) I don't see why you would involve the company at all if you're planning on leaving soon.

(a) Two reasons why I concerned.
1. I am still within my first two years, it is only a couple more months but it is a possibility.
2. The company likes to pay off employees to leave before redundancy, this would be a fair amount but not enough to pay off the relocation. I could of course refuse to take the payout, but the company is ruthless refusing to take the pay out has meant that people are moved, jobs changed, shifts changed, anything they can do within law to make things difficult. (*edit. the next company will not cover costs as I would be looking to work closer to home and it would not be applicable as I would not be moving far enough).

(b) it is an act of desperation, we need to move (we have been mislead by our current builder) we don't have the funds to pay moving costs (as we though everything was in the bag and agreed) this would be effectively an interest free loan. Yes we could have saved up 8k just in case, but no-one saw this coming, we have been using funds to pay for baby items furniture etc.

(c) (as far as I know) you cannot get a loan to cover moving costs. Paying off a small sum a month, is a world apart from raising £8,000 this year. As per my original post, if at all possible moving this year would be ideal with schools and the support from family.