I can't be the only one, there's a chance dh will lose his job

[MagNacarta]

DH's company have lost a contract that was keeping them going. A lot of people were made redundant last week although not dh, who is fairly senior. They are focussing on getting new contracts, but in this market it's not going to be easy. We don't know what the time limit is, but inevitably if no new contracts are found then the company will have to close.

I only work part time and my salary wouldn't cover our outgoings, we have no savings and a mortgage etc. DH is stressed, I'm stressed and finding it very hard to be supportive without making it worse for him by telling him my fears. I just want to get it off my chest really.

The company my DH works for was in this situation this time last year, which made us think that perhaps it was time DH started to explore other options. It really hasn't been easy, and obviously this won't be an option for everyone, but DH has been running a business outside work for the past 12 months or so.

He had minimal start-up costs as he does it from home, and whilst it is the same sphere of work, he is most definitely not competing with his employers. He is using the same skills however. It isn't enough money for him to quit work at present, but it would definitely tide us over if the worst came to the worst.

Of course, he can't necessarily go out and look for new business because he is working for his employers during the day, but through word of mouth he has built up quite a handy customer base.

It has been hard work for us both, but it does give us piece of mind in lots of ways. I appreciate that this might not be the answer for you, but you never know. Good luck.

Very hard isn't it - you (rightly) don't want to burden your dh with your concerns but what are you going to do if you can't voice them? MN is here.

Could you extend your hours if you had to? What could dh do that would bring in some cash short-term? It's worth having a 'council of war' and deciding together what you will do.

We've been having the same concerns last October and took out Unemployment cover in November. It takes 6 months to kick in and there has always been that chance that DH would be madde redundant before then and we would lose out. Still have a few weeks to go and am praying that nothing happens before then but it's giving us peace of mind. I know 6 months seems a long time and might be futile but you never know.

It is a worry - I've changed my plans and gone full time 'just in case' - DH's company rather hand-to-mouth - but TBH my full time salary won't cover all our outgoings. Sympathies, and yes, unload on here.

Thank you all for your kind words. I'd love it if DH could run something alongside work and in the past he used to do the odd 'foreigner'. He's now too senior and therefore working very long hours, he hardly gets to see us - so no time to do anything other than sleep. I can't see this recent change meaning he'll work any less, probably more as so many staff have now gone.

I'd love to increase my hours, I work for myself and my business has also been hit in the last few months. I could go and get a job although it'd have to be fairly well paid to cover after school childcare for 3.

I did wonder about redundancy cover, and will look into it.

However, you are all correct it's the worry of it all combined with not adding any more pressure onto dh. I've been very grumpy with the dc's today and not very tolerant - I just hope it's a temporary blip (fingers crossed.

Nagnacarta - first of all my deepest sympathies. It is not nice to be facing this kind of thing at all.

I do know a few DHs who are facing this and it is very very hard for them and their families. The first thing I would say is that sharing your fears is better than bottling them up. Your DH will know you are worried so talking and sharing rather than holding it all in is better. You will not be adding to his burden. Get him to talk as well - you know what us blokes are like. All strong and resiliant on the outside but jelly in the middle.

Having a crisis plan if the worst comes to the worst is also a good thing for YOU to work on as your DH is so busy. It is positive - it gives you power over events rather than letting events drag you along.

Redundancy cover will probably not apply if DH gets made redundant straight away but stil worth exploring. Usually there is a time delay before it kicks in as others have said. However, maybe you are covered already on an existing house insurance policy or even a life insurance or health cover policy. Check all the policies you have very carefully.

Try and work out a crisis budget. What is the bare minimum your family could live on? How much extra work could you do if DH was a home. Could you take a second job. Is there something part time he could do - even low grade low pay stuff in a crisis? Try and get a short CV together for him so he can get going on looking for a job straight away if he does lose his current job.

I suggest you try to work out how much redundancy pay DH is likely to get. Go and talk to the DSS and JobCentre now to work out benefits, tax credits and so on that you may be entitled to. The social security system is very complex and you will need time to learn the ropes. Not sure what element of mortgage is paid and in what timescale. Best to know before it happens.

Do you have a right to delay payments on your mortgage for a while?. Ask the mortgage company what the are doing to assist people who are made redundant?

Could you sell your house or rent it out and move in with relatives? This is obviously a crisis measure but it is worth exploring before you really need to.

I hope very much it does not happen. Firms tend to try and keep core senior staff as long as possible so they can kick start the business again once things pick up.

Hope that my post gives you some thngs to think about. My best wishes and hope it all works out OK.

Nagnacarta - if he is pretty senior will he get a decent redundancy package? How long could that keep you going for?

DH's company are making 18-20% of the workforce redundant, and are also up for sale so we're pretty concerned. We have some savings and I could go back to work full rather than part time in July while he looked after DS if he did get binned and couldn't find anything else, but it's worrying.

He has started looking at what is around and has been approached for a couple of more senior roles with higher salary than he is on, so it could turn out to be a blessing in disguise. It is nevertheless a scary time, we know several people who are out of a job already.

It's the uncertainty that's so hard, isn't it? We are in not exactly a similar position, but DH is self-employed and in the past three months he has earned less than half of his normal income. Next month is looking a little better, but not much.
What we are finding hard is the living from month to month not knowing how bad it is going to get.
We have been right through our expenses and cut everything back to the bare minimum. I have a strict budget for food and we have renegotiated phone contracts, broadband etc to get the best deals we can find.
We also are lucky enough to have what we are calling 'the nuclear option' an endowment fund we can cash in if we have to - we don't want to because it has fallen in value so much in the past 18 months that it is painful to think of crystallising those losses, but it would give us a few months breathing space if the worst happened.
The best advice I can give you is to sit down with all your financial paperwork and a bottle of wine, go through it together and agree on a strategy for if the worst happens. It will take a weight off both your minds just to know you have a plan. He will be worrying too, and afraid to talk to you, but it helps.

Hi Magnacarta and everyone else. Just wanted to say I sympathise and we have been through a similar thing. My DH was made redundant last year before the economic crisis really took hold. He thought he would be able to take a few months off and then find a new job - he'd done it before easily enough. How wrong was that???? I ended up going back to work which made things harder for DH as I don't think he would have chosen to be a SAHD. My job has been under threat of redundancy since December and I think it's highly likely I'll be made redundant after Easter.

One thing i found was that talking on here really helped. If nothing else, you see how many others are in the same situation. I know that when I get on the train in a morning and look at all those commuters going to their (in my mind anyway) secure jobs I can start to get really depressed. It's easy think you're the only one that this is happening to when there's plenty in the same boat and some doing it a lot harder.

As others have said, try to put together a contingency plan. Sit down and work out your essential expenses. What is DH likely to get as a redundancy package? How long could you live on that if you had to? We did get to the stage of working out how much we could sell the house for and who we'd move in with. ABetaDad has given you a comprehensive list, I won't repeat it all here.

What are your DH's job prospects if the worst comes to the worst? Do you have a recruitment consultant or similar in your network that could look over your DH's CV and offer any advice?

By the way, I think our story is going to have a happy ending. My company is offering a good package which I think we can live off for a good 12 months. I have even managed to get an interview for another job without trying too hard. There are good stories out there. People are being made redundant but people are also finding jobs - it just takes a lot longer and the jobs aren't paying quite as much as they used to.

Sorry for the delay, have been in a pool of despair. We have rough contingency plans, but dh doesn't want to go into too much detail because he has to focus on trying to save the company. The last few days have been tough and I really appreciate all your words of wisdom. Nice to get a male pov too.

DH lost his job last August so we have been through very similar. I work part time and we just about managed on my salary ( lots of cost cutting). Could have gone on, but we weren't very happy with the change of roles and the lack of money. In the end he got a job, but in 4 hours away. It was his ideal job so we decided he should take it. We are now going to up sticks and move to the new location. Still ironing out details but getting used to the idea - I think it will all work out for the best in the end. Have found a fab place to live and great school.
Any way the most important thing is to keep talking to DH - don't bottle it all up. Make time to communicate. It is also surprising how much money you can save. I couldn't believe we could survive on my part time salary but we did, and I now wonder where all the money used to go. And chin up - lots of people say good comes out of redundancy. I hope it will for you too.

Sympathies, and agree that this is a good place to talk.

I have had a lot of support on here, and DH has finally got a new job (well, contract, but paid!) It has taken over 6 months, but shows you must not give up.

Good luck.