There's a very good package on offer from work at the moment.
I've been there nearly 20 years and have always considered this as an option in the future - but now it's here and I only have 6 weeks to decide to apply or not!
It would pay off about 70% of my debt (mortgage, car loan) and leave me with a monthly repayment of about £330 vs current of £720. Also the term left on the remaining loan would reduce from 14 years to 5 years. (mortgage reducing from £80K to 25K)
I have a spare bedroom so could take a lodger (that was the plan for this year anyway until Covid interfered...) and the income from that would pay all the running costs on the house (electricity, broadband, house maintenance)
The other bedroom is set up as an office, but I could convert it back if I really needed to - could actually get by with 2 lodgers without working but it would be tight. That would be the rock bottom back up plan.
All I would have to earn would be my day to day costs - food, social life, clothing, hols, and the £330 loan repayment.
So even with a salary drop of 50% I could still live the same lifestyle - I could change career to something less well paid, or go to 3 days per week.
If I got a similar salary I would overpay the rest of the mortgage and clear it asap.
Having spent 20 years commuting 3 hours per day (and realising that although I can do my current role from home, I have to force myself to put the hours in every day) this is looking very tempting. I've just turned 50 and I like working/being busy/having a structure - but am looking forward to a change.
However with the looming recession, am I mad???
I put the figs in stg for handiness, but I'm actually in the EU.
Current role - about £45K. Very flexible - we are full time wfh till Jan at least, and before Covid the company was introducing a flexible working policy. Good, challenging work, some people management, some technical expertise - a nice mix. Not a vocation though. Some fabulous people in the company - but not seeing anyone in person till at least next year.
I live about 30 miles from a large city, to which I commuted all my working life. I also live walking distance from a small town - county seat - so there may be opportunities on my doorstep.
DD is grown up and moved out, so no dependents (bar a cat)
Very nice partner of 3 years, we don't live together but are both in it for the long haul - he has grown up children also.
Pros
Debt significantly reduced and potentially completely mortgage free in another 4-5 years
More spare time
I work in a big industry and have several relevant qualifications so could get similar work in the industry if necessary
My company is not a great payor - but has a great rep for training and people. However I've done about 5 industry qualifications that the co paid for - wouldn't do any more. Anyone I know who has left in the last 3-4 years moved for a significant salary increase.
Possible career change (I have a couple of ideas) - would be self employed, could work anywhere
Possible part time working
Would fit in with plans for future with partner
Cons
Not guaranteed a job on same salary (but wouldn't need the same level to survive)
Recession on the way
Length of service - I might be institutionalised!
I went for a new position internally about 3 years ago, but decided it was not a good fit and pulled out. Was hugely relieved when I made that decision (and subsequent events proved I had made the right choice for me)
But I have the opposite feeling about this potential change - gut feeling is now or never and I'm excited about it!
(even if I apply I might not get offered the package but people in similar positions in their careers have been offered packages in the last few years so I think I've a good chance)
Congratulations if you got through that wall of text....what do people think?
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Voluntary parting package
13 replies
bigdecisionaboutwork · 06/08/2020 16:36
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