Settlement agreement

[Bollylops]

If you were offered one quite suddenly and took it, how did you adjust? Did you take time off? How much? How did you spend your time?

Hi, I started applying for jobs before the settlement was finalised and had secured a new role but then took three months off before starting to give myself time to recover.

Make sure you negotiate. They often go low but have a budget in mind.

For me it happened when on maternity leave, and I didn't go back. That was over 3 years ago. Now my child is starting preschool I hope to get back into it at some point!

I should have added that I was really worried about what I’d do with my time but I filled it doing work around the house, swimming, going for walks and doing lots to get myself ready for my new job including online seminars.

Wow that's quick-they only give a 10 day decision period. What did you say to the new employer in regards to having three months before starting the new job?

Including my own savings and JSA I can make it last 6 months.

My mental health is in a pretty bad place so I want to focus on the pillars of exercise, sleep, diet too.

Thanks @Kiwi231 , it's been a while since I was in this position so that's kind of what I was hoping/thinking it will look like.

I'm not sure if I want to stay in the same field. I have quite a lot of anxiety about money though - not burning through the settlement would be good.

Also need time to explore alternatives.

I settled at three months, should have asked for 6. In new role in 8 weeks.

Thanks. So stressful this week.

@Bollylops I knew around 2 months before the settlement was agreed that I would be leaving (my situation might be different to yours) and my solicitor instigated it so we didn’t really have a set time period to consider it. Negotiations went on for around a month.

Do you have a solicitor?

regarding the 3 months off, that was much needed (mental health at an all time low after what happened) but also strategic in explaining the gap to future employers. My previous employment contract had a 3 month notice period plus 3 months covenant whereby I couldn’t work for clients or competitors. All of that was scrapped with the agreement but when asked I stated the 3 months was due to the conditions of the covenant. No one really cared or raised an eyebrow.

To relieve anxiety about making the money last we cut back wherever we could and managed to live on a lot less than we used to. It meant that when I did start work again I still had a good chunk of the money left over.

Please say you've got a solicitor? Don't agree to anything until you have one. In many cases it will be part of the settlement that the employer will pay for a solicitor for you (within reason).

Mine was a very good pay out (i had been there 2 decades) so i decided right from the start that first I'd do a one month training course to set me up with a Plan B if i couldn't find another job, then i decided to take 4 months off to do nothing, i was offered a job after 4 months anyway so it all worked out for me.

each situation is different though (and this was a few years ago so not sure what the job market is like now)

Yes I have a solicitor. They have been really helpful today. I definitely need time off. I saw a job that closes today but I just don't think I have the energy to apply right now.