Potential Redudency

tcfreer

tcfreer

tcfreer

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Ok I need the advise of the wise amongst you.

I have the potential for redudency, but also the need to roll into a new role.

The need for a new role is because at the start of this year I bought my 1st House, and I don't want to lose it

The redundency is the normal business reasons, losing money, tried everything, now its staff etc etc etc.

I'm fine with going, but I've never been in this postion - So How should I procced?

1 - I know I will need to set a date by which I need to ahve a job by

2 - I will not be being daft with the redudndency in any way.

3 - I'm already looking for a new role, so should I get a new role from the couple of Interviews I have lined up can I ask to start on leaving the current role?
 
Probably too late now to get insurance to cover it.

Let your mortgage provider know now what is going on, they may offer a month or two as grace while you get sorted.

Depends how long you have been there, if you qualify for redundancy pay and leave before hand they won't pay you for it.
 
Well I've been there over 10 years just so I do get redudndecy and while its not riches, its ok.

I've no intention of leaving before my term as I want to leave on good terms as I like the place, and under any other circumstance I don't want to leave.

So I need to notify the Mortgage comapny, that worries me as I've only been in the houe just under 11 months now :(

The ammount I'm calculated to recive would get me by for 10 months at my current level - or a year at a reduced level.

I do have a Interview already lined up next week for a new role I was looking at so its not the end of the world - but I do want to earn at least waht I am on now, in order to maintain both outgoings and future plans.

Am I being realistic looking at the following

1 - Deadline to have a new role by, End of Jan 2012

2 - Once in new role, clear as much debt as possiable while creating a what if fund as well.

3 - Reduce outgoings during time off, but maintain a 'working life' eg not lie in, start 'work' at my normal time etc.

I'm not going to say no to any job's that I can do in the meantime - contractor or perm irrespective of wage so I at least keep money coming in.

I am very tempted to give Full Time Streaming a go, see if I can make that into a actual Job - but thats a big maybe, as I would rather have a proper fixed full time job
 
if you are looking at a period of no work, I would want to have a cash reserve available, no good paying off a 10k CC bill only to be evicted from your house because you could not cover the mortgage ... or getting CCJ's and bailiff issues because you would not pay X bill
 
Be prepared to go into warehouses picking - they need staff at this time if year. It's not ideal but it's money to keep a roof over your head. Try to keep any redundancy money aside so it's there as worst case.

Keep looking for work in mean time? Try to cut down bills - sky/virgin, mobile phone etc (sky offer half price if you tell them you want to leave etc).
Be sensible - Xmas is cancelled until you get a job.
 
I wouldn't get into a panic just yet, I'm assuming that the company have only just started the consultancy process, that will take time. Then there is the standard notice period you have in your contract which they will have to honour, and then there is your redundancy pay-out. Even 10 weeks money at statutory is a couple of thousand tax free.

There is no need to notify your mortgage company as yet, I would only cross that bridge if I found myself approaching money trouble where I was worried about meeting the mortgage payments, they will usually give you a couple of months grace. Repossessing a home is a hassle for the bank as well as you, they will want to avoid it, especially on a new loan.

For now, tighten your belt, start putting away as much as you realistically can, plan for the worst, hope for the best. Reach out to some agencies, get on the books of a couple of decent recruiters, if you have friends that have changed jobs recently get recommendations from them over who to use, recruitment consultants are hit and miss, mostly miss, but the good ones can be worth their weight in gold.

As the above poster has said, it may be worth getting a 0% credit card while you're still employed so you can juggle balances around in the event of a true emergency, but make sure you resist any temptation to spend on this in the mean time.

Most of all, try not to stress out, its a bit of uncertainty but you have time, things are not all going to fall apart tomorrow, you're in a part of the country with an abundance of jobs, you will get by.

Edit: Also in regards to the new role, you may not want to jump ship too soon, if you leave before you've been told you're certain for redundancy you may miss out on your pay-out. Conversely you could apply for voluntary redundancy and get an enhanced pay-out, play it by ear.
 
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Thanks guys.

Rids in answer to a couple of your comments

Yes I have only been told today.

There is a date of the 17th of Dec mentioned but its not a 100% set yet.

In terms of the new roles / Interviews - I have made them aware of the development and that should I be successful I want to wait out the needed time for the payout.

I used to work in the Resource Team in the company so I've spoke to the recruitment guys I used to know fromk there.

I'm trying not to panic - I'm just thinking what I need to do and how to work forward.

I am giving my self a small window of time to get back into work and collect my thoughts etc

Its the 1st time I'm in this postion so a little nervous etc
 
Better to make them aware of it now even if it comes to nothing. We had a similar situation and they gave us a month off payments even if they weren't supposed to. It was something you could do if you had been overpaying your mortgage.

Which is what I would suggest you do. I wouldn't go mad paying off debt while in probation, you never know what may happen during that time. But I would consider over paying the mortgage as much as possible, it helps with situations like this, allows payment holidays and it also saves you a lot more down the line.

It's always good to evaluate your outgoings, so do it anyway.

Remember, any job is better than no job. I was made redundant last Nov, I walked straight into a photography job at the local garden centre running their snow globe on min wage. Big drop from £20k a year but much better than dole money.

Full time streaming, I personally wouldn't bother, it's over saturated and you'll struggle to get by. What I would be doing is taking what you already know, build relationships with colleagues that you would need and current customers to see if you can provide a similar service cheaper. Working from home is a lot cheaper than an office. I don't know what you did though so no idea if this would work.

Oh, and when you're working again, look at insurance to cover such things as sickness or redundancy. :)
 
I've just been through a redundancy process, in my situation I opted for the voluntary method as it had an attached incentive.

My advice, ask your HR team what your final payout would be. Look at that figure and decide if you can live off of it for the amount of time you believe you can seek employment to then cover your day to day bills.

Until your redundancy has been approved, I am not sure on whether seeking alternative employment is a good idea. It could potentially be seen as you wanting to leave the business early and penalise any payout. Again speak to your HR team there.
 
Cheers Neil - sorry to hear you've just been through this :(

I've already got a idea of the payout - and it it more then enough to cover what I need till then, I could take 5 months off without worry - But I don't want to do that at all - I want to be back in work asap

It's pretty much a given - HR and the comapny unions (who I'm no longer part of after they failed to stop a friend being sacked unfairly) have been in discussion sine the end of November.

Dates are being banded about of the middle of December for us leaving.

This isn't a V-Redudendcy, its pretty much a case that my role is being removed with no other option.
 
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