Act Now...as redundancy looms

So. I have a thread on this group.
Situations changing though....
Currently I am working in a supermarket, as does my OH. She is potentially being made redundant in 14 weeks time - they are informing her in January!
We have a 1yr old and 3yr old.
Wife earns almost twice as much as me.
We have an £80k mortgage, and signed up to a fixed deal in Feb 2017.
Any ideas on what we should do.
I am trying to be as thorough as I can, prior to (maybe) receiving the bad news.
Lottery?
FLC
Mortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 50
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Replies

  • bexster1975bexster1975 Forumite
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    Hey FLC!

    Long time no " see"!

    Sorry to hear of potential bad news. Do you have a current SOA we could start with? Will childcare be cheaper if she loses her job in the short term? I would not worry about the fix mortgage in the short term.

    Post some more details.

    Bexster :)
  • FunLovinCriminalFunLovinCriminal Forumite
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    Cheers Bexster - how are you doing?

    SOA
    OH Income £1800
    My income £900

    MORTGAGE £722
    COUNCIL TAX £200
    GAS/ELECTRICITY £122
    FOOD £300
    DIESEL £200
    SKY £80
    MOBILES £40
    HOME INSURANCE £20

    Thats it.

    On my salary it would leave us a mere £784 short every month.

    Currently doing survey etc (swagbucks) to earn approx £150-200 but thats mainly in Amazon vouchers - as its most cost effective per withdrawal.
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
  • McKneffMcKneff Forumite
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    What makes you think she 'may' be made redundant.

    You need to do a proper SOA.
    Presumably you get child benefit
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • VDOT47VDOT47 Forumite
    277 Posts
    Hi,


    Don't know the size/age of your house but your utility costs look very high (we pay 'only' £80 pcm for a 3 bed semi) and also the Sky bill obviously stands out as something that could at least be trimmed down, even if not disposed of altogether?


    As said above, with 2 that young you must also get child benefit? Will your OH be able to claim JSA?


    If needed, you may be able to ask your mortgage company for a payment holiday due to circumstances?


    Good luck, and hopefully the redundancy will not materialise.
    Original Mortgage (Feb '17) £269,995
    Current Mortgage (End 11/19) £226,790
    End Date November 2039 Original End Date February 2042
  • bexster1975bexster1975 Forumite
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    FLC. PM me if you want to.

    Bexster :)
  • bexster1975bexster1975 Forumite
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    OK

    Will diesel come down when she isn't working?

    When are sky and mobiles due for renewal? Can you negotiate a deal?

    Is council tax over 10 or 12 months? If 10, can you arrange it over 12 ( at this point though, you should have two months "Free" coming up in Feb and March.

    bexster :)
  • FunLovinCriminalFunLovinCriminal Forumite
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    OH was told she goes into 12 week consultation in January.
    Applying for a dual site position. This means 27 folk applying for 12 jobs.
    Or redundancy.
    Happy 2018 everyone!!
    Lol
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
  • ScrimpsScrimps Forumite
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    Hope things work out ok for you.
    You could do with a lot more detail on the sofa if you want more ideas. Do you have TV licence, landline, childcare, car costs other than diesel etc?
    This doesn't appear to be a full list of outgoings.
    Are you able to cut back per the suggestions already made?
    Once a full SOA is up you will be able to see the actual you need currently and the minimum you could get by on, then you can plan and implement.
  • ScrimpsScrimps Forumite
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    sofa= SOA

    Sorry, phone typo and it won't let me edit my post
  • edited 25 November 2017 at 8:09AM
    Busy_Mee1Busy_Mee1 Forumite
    1K Posts
    edited 25 November 2017 at 8:09AM
    Hi FLC, I know this is easy to say but try not to panic.

    The first thing you need to establish is exactly what would happen if your OH is made redundant ( and she may not be ). Normally what happens is a period of consultation and then those people who are going to be made redundant have to be given notice of redundancy. So following the period of consultation which you say ends in January, there will be a period of notice ( this can be up to 3 months). You need to understand how long the notice period will be. It could be that she would be employed up to April.

    The second thing you need to understand is what redundancy package she would be entitled to, this will act as a financial cushion while she finds another job. The employment market is quite buoyant at the moment, so depending where you live and what type of work she is looking for she could potentially find a job quite quickly.

    Although redundancy is scary, because of the loss of security, it can turn out to be a positive thing. This is because it acts as a catalyst for change and people often go on to find better jobs.

    In the meantime, do exactly what you are doing, batten down the hatches, reduce your outgoings as much as possible and look for ways to gain extra income. You could also both start looking at jobs to see what the jobs market is like where you live and your OH should start updating her CV.

    Hopefully she won't actually be made redundant, but if the worse happens, at least you will be ready for it.

    Best of luck !
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