Redundancy on the cards - what would you do?

[Pabs]

Guys/Gals,

 

I need your help and suggestions.

Just recently I've been going through a rough time. Bullet points seem easier to explain the issue:

 

1. The missus hates her current job - and wants to change it. But she cannot change jobs yet because we are trying to get a Mortgage and move further north - closer to where I work.
   
2. The House sale fell through, meaning broken chain.
   
3. The House purchase fell through, and it was then sold to someone else (leaving me short of around £800)
   
4. Now can't sell the flat because market is flooded with similar ones, so we've dropped the price. Still no interest.
   
5. My current job has been changing recently because the company I work for was bought-out by a MUCH larger corporation. We are now mid-integration and the buyers are announcing some big lay-off's. A few months ago 3,500 went, and June/July will see another 4,000 go.
   

 

 

Now I work in IT - and obviously both companies have their own IT depts. My job since January has mainly involved integrating the two companies together, and basically moving stuff from within my/our control and over to the new owners. We are switching servers off left, right and center, and it would appear that my job is becoming less and less involved. In short, I personally don't know if I'll be here in a few months time or not. I love my job, but it's starting to look bleak. Being 25, and only within this company for a year, I'd get £0 payout and 2-3weeks notice.

 

 

Do I look for other jobs, and jump ship before anything happens? (Most IT jobs are further north closer to London, so chances are if I did then I'd need to move anyway)

Do I stay put and hope nothing happens?

What do I do about the Mortgage?

Do I hold off on the house move until things have settled?

 

I've had a few agencies phone me, with potential interviews, but they don't want to put me forward unless I'm certain that I'd be interested and want to move - they don't want me to waste their time or mine.

 

 

I don't know what to do I think some of you may have been in this situation before? How did you handle it?

 

Thanks peeps, sorry if its confusing - I just didn't know how else to say it all

[Faye]

If your company is laying people off left right and centre, get on the job market before all the other people from your company do - you owe them nothing and rarely do mergers work out well for staff.

 

Get your job sorted before you go for a mortgage - nothing worse than lumbering yourself with something you can't afford which may be in the wrong location for the right job.

[Pabs]

I had a feeling someone would say that.

 

Am I right in thinking you HAVE to prove your last 3 months income for a mortgage, and they don't like it if you're in your probation period at the start of a new job?

[Faye]

I was asked for mine on my application, in fact I took along more than that as I was so paranoid they'd say no.

[colsoop]

If your company is laying people off left right and centre, get on the job market before all the other people from your company do - you owe them nothing and rarely do mergers work out well for staff.

 

Get your job sorted before you go for a mortgage - nothing worse than lumbering yourself with something you can't afford which may be in the wrong location for the right job.

 

Sensible advice, if it was my boat i would be doing the above.

[Pabs]

Yeh - but what if you've already got the Mortgage offer in the bag - and it's valid for another 6 months...?

 

Are they likely to ask for new proof before we take the mortgage?

If I didn't disclose my change of job, and still took the mortgage, would I be breaking the law?

 

The new job would definately be on the same, if not more dosh. I don't earn peanuts, but with £400 ish going on commuting costs each month it leaves me with very little for bills etc.

[Pabs]

Sensible advice, if it was my boat i would be doing the above.

 

The company buying us out has around 60,000 employee's, so i suppose 4,000 isn't a huge amount. But the 4,000 + 3,500 a few months ago is a lot more of the workforce.

 

I just get the feeling that I'm the bottom of the food chain - and i think it's where they'll cut first.

 

But I love my job... I'd be gutted to give it up and then find out that I could have kept it and been happy

[DannyW]

I only took a couple of pay slips (i get payed weekly) and i told lots of porkies about how much i earned. Still got what i wanted though.

[ivan]

IT expenditure has always been seen as a necessary evil in the business world. OK, it's changing slowly, but don't expect any kindness from your new masters.

 

As said above, sort the job out before the mortgage, ie. Jump - Now!

 

That said, you're in a heck of a situation in wanting to move away from where you are now. Which comes first, the house or the job?

[Snooze]

If the company buying you out is a big, 60,000-employee company, wouldn't quite a nice redundancy package be on the cards, despite only being there one year? Big companies are often in a position to be more generous like this, aren't they?

Every time we've a round of redundancies at our place, most of the IT staff have been hoping they'd be the one's being shown the door and handed a big (tax-free!) cheque.....

[JohnA]

...Do I look for other jobs, and jump ship before anything happens?

YES

Stop wasting time on car forums and get on the phone to agents.

Send dozens of CVs to any hits you get from JobServe (or similar)

 

Do I stay put and hope nothing happens?

NO

You prepare for the worst while hoping for the best.

Without a 'plan B' you're potentially a dead duck

 

What do I do about the Mortgage?

Do I hold off on the house move until things have settled?

You don't have to say anything to anyone before you get any official notification.

Just remember that if you need to claim on unemployment insurance, they may not pay out if the claim is within a few months from the start of the policy (check the terms and conditions)

I've had a few agencies phone me, with potential interviews, but they don't want to put me forward unless I'm certain that I'd be interested and want to move - they don't want me to waste their time or mine.

Stop wasting your time here and go out there and GET JOB OFFERS!

Once you have them on your hands then you can decide what is best for you to do.

Do not tell anyone that you are interviewing for other jobs, it's none of their business. Just take days off and do what you have to do.

 

Be clear to agents and employers that you are keen to move. Do not hesitate, do not appear to be 'thinking about it'

 

MOVE

[AndyT]

^^^^ best advice here mate.

[Schtuv]

There's always redundancy insurance ...

 

... I've met people who have done quite well from that

(not me though, unfortunately )

[redtwinturbo]

YES

Stop wasting time on car forums and get on the phone to agents.

Send dozens of CVs to any hits you get from JobServe (or similar)

 

 

NO

You prepare for the worst while hoping for the best.

Without a 'plan B' you're potentially a dead duck

 

 

You don't have to say anything to anyone before you get any official notification.

Just remember that if you need to claim on unemployment insurance, they may not pay out if the claim is within a few months from the start of the policy (check the terms and conditions)

 

Stop wasting your time here and go out there and GET JOB OFFERS!

Once you have them on your hands then you can decide what is best for you to do.

Do not tell anyone that you are interviewing for other jobs, it's none of their business. Just take days off and do what you have to do.

 

Be clear to agents and employers that you are keen to move. Do not hesitate, do not appear to be 'thinking about it'

 

MOVE

 

Excellent sound advice. Cover all the eventualities. Good luck mate.

[JohnA]

There's always redundancy insurance ...

 

Mainly if you want to resign yourself out of the jobmarket for good...

 

To claim on that you need to be on jobseeker's allowance (or whatever they call it now) don't you?

Don't you have to be signing on the jobclub for that?

Queueing behind losers and dodgy builders? What does that do for your self esteem? How do you explain this gap on your CV? Who is going to take you seriously if you haven't been able to find any IT job for months (or years?)

 

It's not free money, you know...

[MARTIN R]

I had a feeling someone would say that.

 

Am I right in thinking you HAVE to prove your last 3 months income for a mortgage, and they don't like it if you're in your probation period at the start of a new job?

 

We have recently moved to Scotland and I did transfer with my employer, Nationwide would still give me a mortgage if I was on a three month probation though. ( wanted a 5% deposit)

 

I would still go for what will make you and your wife happy, but do not burden yourself with moving and job stress all at once, otherwise it will just become a stressfull situation you will regret.

 

Best of luck and it will work out in the end:)

[JohnA]

Mortgages nowadays are like car insurance: different products at different prices to fit different needs. Get a decent Independent Financial Advisor to explain your options.

 

Gone are the days when mortgages were rationed by building societies, now people buy fake payslips or P60s and borrow 10 times their real salary (major contribution to the housing bubble)

[kslb]

There are also a few companies that don't require proof of income to raise a mortgage Northern Rock for example. Speak with a financial advisor and get looking for alternative employment drive your own future don't be a passenger!

 

Good luck.

[Pabs]

Thanks for all the advise guys/gals.

 

I suppose it's just hard potentially giving up a job that I LOVE, which may never actually being removed by the new owners. I just don't want to move to a job i potentially dislike... but I suppose i've been lucky in finding a job i love so much.

 

I suppose I better take up some of these agency offers then!

 

Definately no LEGAL payout for me - they don't HAVE to give me anything. I'm not insured against redundancy, so if it happens it happens.

 

I don't think I'll struggle to find work - I'm quite diverse and can put my hand to anything, even if just temporary.

[tbourner]

In the case of agencies not forwarding your info, just say you definitely want to move, don't worry about hurting anyone's feelings!!! If it comes to offer time and maybe things have calmed down at your place or whatever then just turn down the offer, the agency can go screw themselves this is your LIFE you're talking about!!!

[turbonut]

I can empathise with you there. My company have been taken over recently by a large one and although we have escaped the initial round of redundancies, It is becoming apparent that we would have to move offices in order to survive.

 

I can't afford to do that as milage would be ridiculous both timewise and in my pocket and I am not willing to give up the supra. Even with a company car i would still loose out - high tax and still have to put in fuel.

 

You have a much sought after skill and have to be hard hearted. Much as you enjoy your place of work, you can see it ending. Get something lined up now - no work = no income= no mortage!! work is a priority, I would get something close to where you want to be,EDIT: possibly rent out your current property and rent something closer to where you want to work/the missus job - wait until the job settles down then get back onto the housing ladder. You are young still and its not the end of the world that deals have fallen through at such an early stage of life (listen to granny! ) you will have other opportunities for houses and mortgages. Prices are stagnant if not falling in some areas right now, so it may pay you to wait anyway.

 

You are in a sticky position but I hope it works out, good luck with it all

[JohnA]

...but I suppose i've been lucky in finding a job i love so much.

there's more fish in the sea (as they say)

 

Smart people make sure that they are well placed so they have choices.

If you have two job offers for similar jobs closer to home and with more money you will be in a different frame of mind if they finally offer you to keep your current job but take a 20% pay cut.

Or whatever.

 

But if you have no alternatives ready lined up, you might have to beg for your existing job, and even if you keep it nothing will be the same anymore.

 

In the first scenario you make an informed choice from a point of strength.

In the second scenario you grab whatever bone they decide to throw your way.

 

...Prices are stagnant if not falling in some areas right now, so it may pay you to wait anyway....

 

^This too ^

[Pabs]

On the note of house prices falling, I tend to agree. However, the prices of FLATS in our area are dropping VERY quickly - no interest out there whatsoever. The longer we leave the moving, the more the flat we own will depreciate, and as houses are still quite sought after (especially in the areas we want to move to) the price gap between the two is increasing.

 

Anyway - i've made the first step - I've asked all agents in question to forward on my details, and if I get an interview or two then so-be-it - I'll attend and if I get offered the job THEN i will decide which is best, at that current time.

 

You are all quite right - by the time a job offer comes along things might have changed drastically. I doubt it, but it might.

 

Looks like i REALLY need to get on and do some Microsoft training QUICK... get some exams under my belt because it looks like although these exams mean nothing in the real world, companies are still looking for them.

 

You lot have managed to cheer me up a bit! Thanks