Redundancy & 50k Loan

cajef

Candyapple wrote: »

Lol epic windup thread OP, thanks made my Friday that little bit better:rotfl:

Especially as in fact the OP was not made redundant at all they were dismissed without notice yet claim to have a £50,000 payment.

http://forums.moneysavingexpert.com/showpost.php?p=68861477&postcount=4

AJ1982

Sorry to burst the bubble, but only the first 30k of the 50k is tax free.

lee111s

Trolololol

humphrd

And that's only if its classed as redundancy or loss of office. Maybe a settlement agreement has been signed. All a little strange but I wish I had a string of understanding relatives or banks to bail me out !

[Deleted User]

d3liberate wrote: »

Cheers for the advice all. I've weighed up my options and am considering taking out two £25,000 personal loans from my banks over 5 years. Thats £50k, at 5.3% interest average so repayments of around £1000 a month.

That gives me up to 12 months before my savings run dry to find a steady stream of income to live on and pay off these loans! If it all goes wrong, i'll sell the property and move out of London.

why not just buy a cheaper property?....simples

d3liberate

not so simples. this property belongs to a family member who is willing to sell it to me below market rate for 250k, so its quite a bargain. I don't even really like the place but it will do until i get myself back on my feet. saves throwing away £10k in rent and I can sell the place in 6-12 months for over 300k and walk away with a tidy sum of money.

DCFC79

woodbine wrote: »

why not just buy a cheaper property?....simples

Not so simples, its a too easy suggestion woodbine.

jonesMUFCforever

This just has to be a wind up post.

d3liberate

I can assure you the post is not a wind up. Perhaps a couple of my comments were tongue in cheek in response to how I am going to get a loan but having been in full time employment since I graduated from university and never having financial issues, this is all new territory to me and I was perhaps a little naive in how difficult it was to get a loan without the security of a job.

So I appreciate all the comments and advice on this thread, and I will assess the situation fully and see where it takes me.

Thrugelmir

d3liberate wrote: »

I obviously cannot get a mortgage now without a job, so need to get £50,000 loan

A mortgage is a secured loan. So there's no difference.