Worried to the hilt, again. I've been with the same company for over 20 years in a managerial position. I have between 20-25k of debt, which is affordable with my income. I've just had a call from my boss yesterday saying my job is more than likely going to be made redundant. I've just had my first consultation over the phone and it is not looking good. To make matters worse, I am currently shielding due to health issues and I am not in a position to look for further employment. Any ideas where to go from here? I was in an iva several years ago. My redundancy money should cover the majority of my debt, but would leave me nothing to live on. So down at the moment, have been isolated for 11 weeks so far and frustrated about seeking employment.
How many creditors do you have ? If only a few you could try contacting them directly with your own full and final offers, after explaining the impending redundancy. You can base the offers on an amount allowing you a bit to live on until benefits are sorted. You will have to take advice regarding benefits as even paying off debts is considered, by some government departments, as an attempt to reduce assets in order to increase benefits !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I'm a muppet. Worrying about nothing. With my redundancy, i can live for 10 months or even 12 months and just pay my bills as usual. Although it'll be difficult to get a job whilst shielding, i'm positive i'll get a job within 10 months. Just need to know how to handle HMRC.
Being made redundant in these difficult times whilst in shielding category is an awful amount of added stress that you or anyone else does not need.
What help do you need with HMRC ?
When you are at the stage of needing to claim benefit the DWP online applications will guide you through the process and it is not as scary as you think.
You maybe surprised at how many jobs will be available- keep an open mind and look wider than what has been your normal type of work, even if only for a short time.
Shielding restrictions have already been relaxed a little, and I am sure by the end of the month, will be reviewed again, as the government know the impact shielding has on the health and wellbeing of this group (I am in that group as well).
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thanks luluj. When the redundancy goes through and i am officially unemployed, i won't be earning, therefore, i won't be paying PAYE. Do i have to notify HMRC or will this be sorted by my employer? I'm guessing i won't be able to claim any benefits initially due to my redundancy money whick will be a fair amount.
Your employer will sort out the tax position with HMRC and you will get a form (P45) telling you how much you have earned to the end date and what tax, etc. you have paid. I would suggest a wander around the various relevant sections of GOV.UK to get up to speed on the various benefits and redundancy aspects.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
