Made Redundant

ILoveChristmas

Evening Everyone - I have a query I hope someone can help with though it may be the wrong place to post this.....?

I've just been made redundant and I've been on a DMP with CCCS for around 8 months. My redundancy money is being paid into a bank which has no connection with any of my creditors (I've checked!). Although I'm gutted to have been made redundant, there's a side to me that thinks maybe it's a blessing as the redundancy money can be used to help pay off my debts. However, until I actually get another job, I don't want to spend any of the money on debts (or anything else come to that!) as I'm afraid of being left in the lurch and not able to pay my mortgage or DMP.

My question is this: as the money will be in a bank unconnected to any of my creditors, is there any way my creditors could become aware of it? I'm frightened the money will disappear before a) I have a regular income again and b) to just one creditor who finds out about it, meaning it couldn't be spread across all creditors evenly when the time comes to divvy it out.

If anyone can help with this, I'd be really really grateful as it's causing me a lot of worry.

Thanks

ILC x

Deep_In_Debt

Hi. I might be in a similar situation soon so will be interested to see what others advise. I might be being made redundant after nearly 15 years with the same company but my redudancy won't cover all of my debts - probably about 80% so I'm hoping to go down the route of full and final settlements if it happens.

Good luck.

ILoveChristmas

Hi DeepInDebt - I've been with my company for 12 years so it's been quite a blow, but I'm trying to look at the positives, like the fact that I can reduce my debts a bit as a result.

Good Luck to you too

ILC x

Deep_In_Debt

Yep, that's the way I'm looking at it at the moment. If it takes me a while to get another job hopefully I won't have to worry about my debts at the same time, so as long as I can get a job that pays the bills and keeps the roof over my head then I'll be ok. Will miss my job and my friends if it does happen though, but that's life I guess. Brought home to me that no job is secure any more. It's been on the cards for a while, only just hit home last month. One door closes, another door opens - there's a big wide world out there and I quite fancy a change of career so maybe this is what I need.

Keep posting, will be interested to know how you get on.

x

ILoveChristmas

Afternoon - just bumping this up in case someone can help with my query?
Thanks!

ILC x

barshamhillbilly

Just an idea - but could you make advance payments on your mortgage.
That would have the effect of making the money disappear.
Also if you have a certain amount of money in the bank - it may effect any benefits that you could be eligible for.
Just an idea - but someone more in the know will hopefully be along shortly!
Good luck with the new stage of your life. Any try not to worry.
BHB

Gemmzie

OP, how much are your debts overall, how long does your DMP have to go and how much is your redundancy looking to be. Also, how long realistically do you think it'll take to find another job with a similar wage (if you're in a specialised field it might take longer for example)