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DH being made redundant in 30 days...what measures should we be putting in place, gutted!

(13 Posts)
mummatotwo Wed 13-Feb-13 11:43:19

Can not believe that this has happened came out of no where.

My heads in turmoil at the moment all I can think about is money, how are we going to live, how are we going to pay the mortgage (it's in my name) I only work 20 hours a week and earn less than £11k a year.

We dont have any debts or loans but are he is £2k overdrwn at the bank plus my DH used to pay all the bills and mortgage and I would buy food, petrol etc..

Now with no money coming in from him I just cant see how we are goign to do it.

I would appreciate any advice on what we should be doing now to put this in place - I feel so sick

belleat40 Wed 13-Feb-13 11:53:59

First breathe. You're going to be okay.
Is he getting a pay off? How long will that last? What are your options for cutting down? Can you pay the interest on the mortgage or take a mortgage holiday for a bit? What else can you cut down? Sell a car?
What are DH's temping options like? Can you increase your hours?
Lots of questions, think them through, you have 30 days. You can sort this out.

mummatotwo Wed 13-Feb-13 13:16:05

Thanks for replying Bella

Im assuming he will get something, not sure what though

Not sure what we can cut back from we dont have any real luxuries!

We could cut down on virgin box but not sure if we are tied in to this for another year or would they take our situation into consideration maybe???

We need 2 cars but can cut down on petrol ....

Not sure what else we dont go out, dont smoke, or drink really, havent got holidays booked

I can work abit more but not much

somebloke123 Wed 13-Feb-13 13:37:22

How many years has he worked for the organisation? From that it should be possible to work out what the statutary redundancy payoff. I have a chart somewhere I could probably fish out.

mummatotwo Wed 13-Feb-13 13:40:22

he's done about 8 years so only 8 weeks wages as its 1 week for each year

CarlingBlackMabel Wed 13-Feb-13 13:42:38

Remember that Redundancy Pay is not taxed. (I think).

There's a benefit calculator somewhere - see what you may be entitled to.

somebloke123 Wed 13-Feb-13 13:44:35

Just found the chart. I should have asked how old he is because that also affects the payoff?

mummatotwo Wed 13-Feb-13 13:47:52

Ive just done the benefits cal on the gov site and looking as if we could just about manage but doesnt include mortgage and flipping heck forgot about my credit card which is maxed!

Oh god what a great start to the 2013

Im sure Im just going through the motions and others are worse off than us - just need to keep positive

mummatotwo Wed 13-Feb-13 13:49:42

just had a look and he will get 1½ weeks pay per year.

somebloke123 Wed 13-Feb-13 13:52:57

Just one thing - I don't know if it applies in your case. The weekly pay which can be used for the payoff calculation is capped at £430 per week. So if he earns that or more the payoff would be 8 x 1.5 x £430 = £5160 tax free.

mummatotwo Wed 13-Feb-13 14:04:24

What amount of redundancy pay off would be taken into account if we claimed benefits?

somebloke123 Wed 13-Feb-13 14:10:58

I'm getting to the limits of my knowledge here I'm afraid but as far as I know nothing would be taken off, and its all unconditional and tax free.

This document from the TUC seems quite informative and may help:

mummatotwo Thu 14-Feb-13 11:08:15

thank Somebloke...

he is really positive and the redundancy should tied us over as he may get a little more than the average as its a company policy thing

First time ever this has happened

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