Been made redundant, no jobs out there

dublin80

ive just been told today that my position in my company is going to be redundant in 4 weeks time, i was given the notice in writing today, i will be getting statutory redundancy which probably wont be much. im devastated at the news, especially one week before xmas.
i know there is millions of people out there worse off than me. this just came as a big shock to me today , ive enough debts as it is without this worry...

i have two young children and just got our first mortgage earlier this year. Ive been the main bread winner in the house, as i earn the higher wage...my husband is on a low salary. we dont have mortgage protection. how the hell am i going to cope, can people in a similiar situation offer me advice?

i will start looking for a new job in the new year, but there really is nothing out there, ive been browsing the job sites. i know there will have to be alot of cut backs at home, thats do-able , its just the whole scarey part of 'what if i dont get a job, house gets repossesed etc:(

Before I offer advice, can I ask if your font grows larger or is it my eyes playing tricks?

Don't lose hope, OP, there are always jobs out there and you may find something in the New Year. Have you enough money to get yourself through the coming month or so?

dublin80

hahaha sorry about that, i just noticed that myself after i saved the thread. ive edited it now, so your eyes should be back to normal:rolleyes:

i do have some money to tie me over but that wont last long. im just so worried about having a big mortgage, 2 kids to feed and dress and my few debts i have. the worrying part is not getting a job and if i sign onto the dole will i get less money because im married. i hear of people losing their houses every day during this awful recession, and its very scarey

again, i know there is people worse off than me. Ive been in terrible form since i got told, and just feel so pissed off and afraid for the future

Fittle

Firstly, I wouldn't be overly concerned about having no mortgage protection. Myself, and alot of people I know cancelled that in the past year - I was out of work for a short period, and it was useless to me - there is alot of red-tape to actually getting them to pay your mortage (there are alot of hidden 'rules' that ensure you aren't eligible for example)...anyway, that's my experience of mortgage protection, so i wouldn't dwell on that.

Secondly, don't lose hope. Seriously. Look on this as an opportunity to bring your life down a different path - I can't imagine your shock etc, but when that subsides, try to stay positive. My advice would be to pay your mortgage with the redundancy package. Or have you ever had a notion of setting up your own business, and could look on this as an opportunity to do just that? A friend of mine was in your situation this time last year, and is now running a very successful coffee-shop (having come from a banking background) and she swears she is happier than she's ever been.

There are jobs out there Op - there really are - my job are currently recruiting for a role (though we are at interview stage, so wouldn't be of any help to you, sorry).

Keep the faith OP, try to enjoy your christmas with your two kids and stay positive.

Fittle

Hi sf,

In my case, I was out of work for 11 weeks but had to be in receipt of jsb for 12weeks before the mortgage protection kicked in.(they wouldn't take the supplementary welfare payment into account - it had to be jsb for a full 12wks, it was in the small print...that I didn't read!) So I never got a cent and got into 3mths arrears. Thankfully, the BS have been very helpful and gave me interest only for a while, so all is well now. Sorry, just explaining how it worked for me.

The_Morrigan

OP in relation to your mortgage - contact your bank now and arrange to meet the local bank manager/loan officer to tell them what has happened, they are open to negotiation with regards reduced repayments, repayment breaks etc to let you try figure out what to do next - contrary to what most of the media blaze across the front pages, they are not all monsters and they are very aware of the financial hardship people are in these days, they would much rather work with you than have to wade in when it all gets a bit too much for everyone involved.
Things only get worse if you go into arrears, so try take preventative steps to try ease the burden now.

I know you're in shock with the redundancy, but do try seek out constructive options with your bank that may help you find that light at the end of the tunnel.


Good Luck with it.

tenchi-fan

Your redundancy will tide you over for quite a while. Just try to manage on your husband's wage. Keep things sensible over xmas and don't buy expensive gifts , people will understand. A lot of people who are laid off initially try to keep up their old lifestyle without realising how wasteful it is. If you're still shopping in Superquinn you will save a fortune with Aldi.

go to MABs to get help with budgeting.