Redundancy Question.

[poopchute]

Errrr newbie *cough* here.

A question to you re redundancy, present debt and wtf can be done about it.

My works has this month seen a tumble in takings and if it continues which despite our best efforts I can see happening I suspect redundancies will be made.

Now, weighing up who is there, how long they've been there plus other aspects I've a feeling it could well be me who would be in the firing line mostly because my manager knows I'm planning on going to uni in a year or two.

Anyways after reading the redundancy guidelines I doubt my 5 years of service would net me much in the wya of money plus my company was taken over in jan so does this count as a new contract etc? I didn't sign or recieve one. Your thoughts on this?

Also, I have a loan. I consolidated some debts and took the shortest repayment term I could as I need to be clear ready for uni however, and here's the dipst bit I didn't take out protection as it was a fair old chunk on top and I didn't forsee all this happening. Bad call on my part one which I do regret.

If the big R does happen it would be in the following month or two after christmas which would see me half paid off on the loan.

I somehow suspect I won't get a job quick enough and one that pays enough not to affect this so what could my options be should I come to this situation?

Bankruptcy? A last resort I know but one I need to investigate as it may become reality.

Also, your thoughts on that too?

I'm looking a potential pickly so I'm planning now on how to deal with it.

I'm considering looking for a job now but if I'm wrong about who would be going I could end up taking a pay cut and crippling myself for no reason. A gamble.

Help!

Edited by poopchute on Sunday 26th October 19:24

[Jasandjules]

I assume when you were taken over under something called TUPE, therefore your employment is continuous for the five years, BUT I think you know that you are only entitled to one weeks pay per year of service........

[poopchute]

Yes that does ring a bell as does the continuous employment thing however as you say, 5 weeks wages at a max of £310 per week is sod all.

[john_p]

Jasandjules said:

I assume when you were taken over under something called TUPE, therefore your employment is continuous for the five years, BUT I think you know that you are only entitled to one weeks pay per year of service........

At least you don't have to pay tax on it.

[okgo]

How big is half the loan?

[ALawson]

and the statutory pay is something like £312 a week.

Can you afford to take out cover against be able to pay back loans/mortage etc. I saw in the paper yesterday that its something like £4 per 100 to be insured.

[john_p]

How confident are you about getting another job? Don't be pessimistic, what can you do and have you looked at the market for that sort of job?

How much are your loan repayments? How is your living situation, will you be able to exist without a few months money?

Edited by john_p on Sunday 26th October 19:36

[Si 330]

If I thought you were going to leave I wouldn't make you redundant why payout when in the future you are going for free.

[odyssey2200]

There has to be a clearly documented selection process for redundancy.
The fact that your boss suspects that you might leave soon should not sufficient to select you alone.

The criteria has to be fair, relevent and the scoring fair.
You are entitled to see the scores of you and your colleagues.

All the best

[Jasandjules]

I don't think it's going to be easy, BUT it can't hurt to be searching for another job right now, if you are really lucky you can get a pay-off and start your new job the next Monday....

[poopchute]

okgo said:

How big is half the loan?

That'll be £5k by then.

Thanks for the advice chaps.

I'm at home at the moment so that I could clear debt and save for uni.

Re other hobs I've worked my up to where I am now without any real qualification plus the rest of the motor trade is looking pretty poo right now so another job there isn't likely especially in my area.

Edited by poopchute on Sunday 26th October 19:40

[Si 330]

odyssey2200 said:

There has to be a clearly documented selection process for redundancy.
The fact that your boss suspects that you might leave soon should not sufficient to select you alone.

The criteria has to be fair, relevent and the scoring fair.
You are entitled to see the scores of you and your colleagues.

All the best

no expert but doesn't the size of the company effect the process of redundancy.

[okgo]

poopchute said:

okgo said:

How big is half the loan?

That'll be £5k by then.

Thanks for the advice chaps.

I'm at home at the moment so that I could clear debt and save for uni.

Re other hobs I've worked my up to where I am now without any real qualification plus the rest of the motor trade is looking pretty poo right now so another job there isn't likely especially in my area.

Edited by poopchute on Sunday 26th October 19:40

Perhaps your parents could help you?

What job do you do?

[530dTPhil]

odyssey2200 said:

There has to be a clearly documented selection process for redundancy.
The fact that your boss suspects that you might leave soon should not sufficient to select you alone.

The criteria has to be fair, relevent and the scoring fair.
You are entitled to see the scores of you and your colleagues.

There is no entitlement to see the scoring of your colleagues.

The weekly compensation is capped at £330, paid without deductions. Notice pay, if paid in lieu, is still subject to the normal deductions.

[poopchute]

okgo said:

poopchute said:

okgo said:

How big is half the loan?

That'll be £5k by then.

Thanks for the advice chaps.

I'm at home at the moment so that I could clear debt and save for uni.

Re other hobs I've worked my up to where I am now without any real qualification plus the rest of the motor trade is looking pretty poo right now so another job there isn't likely especially in my area.

Edited by poopchute on Sunday 26th October 19:40

Perhaps your parents could help you?

What job do you do?

I think I'm too proud to ask. They've not long bought a new house (approx a year ago) so I think they're going to have their hands full moneywise anyways.

I'm a service advisor in a garage. Quite a well paid one and no where else pays anywhere near what I get.

[okgo]

Well how is it that another job wont pay your payments if your living at home then?

Surley the payments are so big that a manual labour job or something wont pay it?

I mean you dont have any other outgoings do you?

[poopchute]

No no other outgoings other a phone bill, rent to my parents and fueling/insuring my car (which is small)

The loan is (gulp) £953 month. Like I say, I wanted the debt gone asap hence the shortest possible (and almost crippling) repayments.

[Jasandjules]

poopchute said:

The loan is (gulp) £953 month.

OUCH.

Can you possibly now get a better rate on that loan? My word, you can get a 150k Mortgage for that sort of cash...

[odyssey2200]

Si 330 said:

odyssey2200 said:

There has to be a clearly documented selection process for redundancy.
The fact that your boss suspects that you might leave soon should not sufficient to select you alone.

The criteria has to be fair, relevent and the scoring fair.
You are entitled to see the scores of you and your colleagues.

All the best

no expert but doesn't the size of the company effect the process of redundancy.

It does but IIRC where 2 or more people are doing the same work there has to be a selection process.

[okgo]

Christ, wasn't expecting that, what is that?

10k over a year or something?