Redundancy

[Rayleigh Weir]

Best of luck with it - I have to agree that being 'at risk' is the worst. I start my 'gardening leave' today, then back in at the end of June to find out if I'm for the chop...

 

[DTS]

At a time when the economy is basically ****ed is hard to be too positive but I'm trying i'm certainly not going to wallow in self-pity if it does happen, you have to deal with it! Gonna start looking around just in case, not alot else I can do.

Dont believe the press speculation mate. They love to tell you the market is ****ed.

FTSE starting to show signs of recovery, Housing market the same, Dont be suprised to see the BOE rate increase soon either. I think you will be suprised.

Good luck either way.

 

[osymandus]

Dont believe the press speculation mate. They love to tell you the market is ****ed.

FTSE starting to show signs of recovery, Housing market the same, Dont be suprised to see the BOE rate increase soon either. I think you will be suprised.

Good luck either way.

Yes but this makes labour look good for doing the right thing financially ;)

Also teh economy grew in April and May so recission is faulternig a little.

 

[SUFC_Al]

yeah I am, well as smashed as I can get with a tenner!

sorry to hear about this bruv, will keep my fingers crossed for ya.

Glad you're coming down later though man!

 

[colonelnutter]

There are strict procedures your firm has to follow. Make sure they do them properly. If there are three of you in the frame, unless im very much mistaken, and you are all doing the same job, the one who is the newest will have to go first, regardless of ability to do the job.

The "last in first out" thing has in fact been challenged legally and is very dodgy indeed - deemed not to be good practice. Firms have to make staff aware of the selection process and criteria. But my advice is to focus on what deal is being offered as when it comes down to it, if they want to get rid they will. Foot faulting them on procedure is only any good as a bargaining tool and ultimately goign to a tribunal - wish is nasty and expensive and you are not likely to win unless you have a union backing you.

(I am an HR person).

Good luck.

 

[OldBlueLady]

Best of luck Rich - fingers crossed for you.

 

[BrettieAngell]

Sorry Dave, but as far as redundancies go, that means f*** all. The numbers have already been decided and the big institutions will get rid of workers, regardless of anything..

Great news for any of those smug c***s that have a safe job, but utter *hite for anyone else.

The base rate being at rock bottom is brilliant for those on a mortgage, but is **** for those with savings.

For anyone facing redundancy, you have my upmost sympathy, solely because you have a long haul to get yourself back in work.

Kind Regards

Thats pretty much it mate, its taken about 6 months for the downturn to really hit my sector (aerospace manufacturing) so in theory it will take 6 months longer to feel effects of the upturn (whenever that will be) I really dont think this is the last of the redundancies at my place. Could be worse one aerospace firm has gone into receivership so we might be able to get some of their business!

 

[Jonny_Stokes]

Best of luck with it Rich.

Glad you're going into the process with a clear and sensible head on - if the worst happens at least you're already being proactive about it. I've been unemployed for three months now post-redundancy and can honestly say there's both good and bad points about it (having a good old life re-evaluation and enjoying the cricket!). Hope it doesn't come to that for you, though.

JS x

 

[PrawNZ]

my company has chopped about a quarter of our office and now pay cuts are coming in (to mediate more redunancies). This is happening a lot in Engineering companies now, there was an informative but depressing programme on itv recently which you can see at http://www.itv.com/news/tonight/episodes/paydropbritain/default.html because if you do keep your job pay cuts might be next! Gives some good basic legal advice too

 

[Cricko]

Dont believe the press speculation mate. They love to tell you the market is ****ed.

FTSE starting to show signs of recovery, Housing market the same, Dont be suprised to see the BOE rate increase soon either. I think you will be suprised.

Good luck either way.

Today ...5000 job cuts.....Do you read the Sun for your Info Dave.....There is NO recovery happening in the basic market....I would not believe all you hear, it's no worse than propaganda but is bollix...You have not seen the worst yet.

 

[Cricko]

Well thats a relief.

http://www.telegraph.co.uk/finance/...s/3542572/Financial-crisis-UK-job-losses.html

 

[DTS]

Today ...5000 job cuts.....Do you read the Sun for your Info Dave.....There is NO recovery happening in the basic market....I would not believe all you hear, it's no worse than propaganda but is bollix...You have not seen the worst yet.

Err no...I read the FT and spend my entire day talking about the markets and investments.

The FTSE reached it lowest point so far in this current recession in March. Since then there has been some consistant growth and many experts think the market will contiue to grow. There are four stages of the economic cycle. We have come out of recession and moved into the recovery stage now. The irony of recession is by the time most people realise we are in recesson we are already coming out of it.

I went to a recent fund managers talk and they all are now investing money into the market in attacking stocks not defensive stocks. Most recent housing reports say market no longer slowing up and one recent report said hosuing stock going up £141 a day which is largest rise in years. Bonds/GILTS are offering low returns so equties become more attractive and as market gets more confidence companys expand and hence jobs come back.

On a local level sure jobs are still going I am sure but the bigger picture is getting better and I reckon the BOE will start to come back sooner that you think as will the econonmy. Not too the same levels as before for a while but we will get there.

 

[Cricko]

The BOE and the government have been throwing money into the economy at an alarming rate to try to withstand us being a bankrupt country ( we probably are on paper anyway)....Talk is cheap..for sure there will be some ups but unfortunately not as many as downs....You have to point the finger at capitalism shooting themselves in the foot.....On a bigger picture we started this rot as the so called money capital of the world ..GB as the chancellor led us and the world into an ever spiralling money grabing society.

What you sow you reap. Recovery is a long way a way and we will ( luckily ) never see such stupid times again.

 

[DTS]

Well thats a relief.

http://www.telegraph.co.uk/finance/...s/3542572/Financial-crisis-UK-job-losses.html

Bad news sells papers Cricko - Nothing new there.

 

[Hotman]

The BOE and the government have been throwing money into the economy at an alarming rate to try to withstand us being a bankrupt country ( we probably are on paper anyway)....Talk is cheap..for sure there will be some ups but unfortunately not as many as downs....You have to point the finger at capitalism shooting themselves in the foot.....On a bigger picture we started this rot as the so called money capital of the world ..GB as the chancellor led us and the world into an ever spiralling money grabing society.

What you sow you reap. Recovery is a long way a way and we will ( luckily ) never see such stupid times again.

What DtS has said is spot on, FTSE is rallying and has been for some time, sterling seems to be on an upward trend in the Forex markets. The major shakes in the economy have already taken place, the commercial bank managers that I know seem to feel optimistic now and lending has certainly eased up, libor is now in check with rates and the margin is lower than it has been some time. All of the reasons for the recession appear to be mended, and I can't see any further reasons that would cause further problems (although it is always the black swan that causes the problem...)

What you are seeing Cricko is the knock on effects of the recession, the consumers will suffer due to lagging factors for a little while, I am not an economics expert but I imagine inflation will be one of them, certainly when interest rates rise the headline ratios will be sky-rocketing. No bad thing for those with debt as it erodes the value of that debt - I believe now we are past the risk of deflation (thankfully).

Also I wouldn't blame Gordon Brown for the "capitalist world" - I know it is fashionable to knock him, and he is a sweaty ****, but frankly I feel he has done far more to limit free enterprise than Tony Blair ever did (lets be honest, the 50% tax rate was purely to appease the soap dodgers).

 

[DTS]

What DtS has said is spot on, FTSE is rallying and has been for some time, sterling seems to be on an upward trend in the Forex markets. The major shakes in the economy have already taken place, the commercial bank managers that I know seem to feel optimistic now and lending has certainly eased up, libor is now in check with rates and the margin is lower than it has been some time. All of the reasons for the recession appear to be mended, and I can't see any further reasons that would cause further problems (although it is always the black swan that causes the problem...)

What you are seeing Cricko is the knock on effects of the recession, the consumers will suffer due to lagging factors for a little while, I am not an economics expert but I imagine inflation will be one of them, certainly when interest rates rise the headline ratios will be sky-rocketing. No bad thing for those with debt as it erodes the value of that debt - I believe now we are past the risk of deflation (thankfully).

Also I wouldn't blame Gordon Brown for the "capitalist world" - I know it is fashionable to knock him, and he is a sweaty ****, but frankly I feel he has done far more to limit free enterprise than Tony Blair ever did (lets be honest, the 50% tax rate was purely to appease the soap dodgers).

Took the words right out of my mouth. Nice to see someone that dosent just read the papers and spout the same bollocks.

A few months ago the only money I was seeing was in structured (Eg No Risk) investments but at the moment people with savy are getting into the market in a big way.My biggest seller at the moment are global funds which have a decent proportion invested in emerging markets - now that is confidence for you.

Again by the time the press report this the boat will well and truely have sailed , Mr average will get into the market at its upper peak and will the proceed to blame everyone else that he hasnt made much profit.

 

[Hotman]

Took the words right out of my mouth. Nice to see someone that dosent just read the papers and spout the same bollocks.

A few months ago the only money I was seeing was in structured (Eg No Risk) investments but at the moment people with savy are getting into the market in a big way.My biggest seller at the moment are global funds which have a decent proportion invested in emerging markets - now that is confidence for you.

Again by the time the press report this the boat will well and truely have sailed , Mr average will get into the market at its upper peak and will the proceed to blame everyone else that he hasnt made much profit.

PS DtS what's your opinion on BTL at the moment? A couple of months ago I was tempted to dip my toes in, I'm now negotiating on a city centre quarter acre of land, and a couple of town centre 2 up 2 down "slums" with 7% yield! Prices are ridiculously cheap for any kind of asset at the moment, this quantitative easing etc in both UK and US is bound to flood the market soon and we'll be paying £200 for a pint in time...

 

[DTS]

PS DtS what's your opinion on BTL at the moment? A couple of months ago I was tempted to dip my toes in, I'm now negotiating on a city centre quarter acre of land, and a couple of town centre 2 up 2 down "slums" with 7% yield! Prices are ridiculously cheap for any kind of asset at the moment, this quantitative easing etc in both UK and US is bound to flood the market soon and we'll be paying £200 for a pint in time...

I personally see property as just like any other asset class. The key is to buy when the market is low. And from what your saying and my own experience the market is really low at the moment so why not.

As you know (As I know you have some BTL's already) property must ALWAYS been seen as a long term investment. If you want to hop in and hop then its not for you but someone like yourself who is experienced and with that sort of yield why not. Also you can always look to remortgage them once the market picks up and use the extra equity for another investment. Even sitting on them and doing nothing when the market increases will give you a decent yield. If your really struggling can always council let them but need to check in the local area as where I live (Mid Sussex DC) the local council dont need any more rental stock as all the wanabee landlords have panicked.

The quantative easing I think you will find is about £120m at the moment as that filters thourgh the system it will hopefully pick up and already "(slightly) resurgent market.

The people that lose on BTL's are the tools that read the papers thinks its a get rich quick scheme and dont really underatand what they are buying.

One of my mates sister in laws did it. Met her on a night out and got talking. Now Mrs DtS and I have four between us which we let. Never really any issues as LTV and locations are good. I was teeling her it works for us but we both work in finance and I despite being thick as they come am blooyd good with money.

So this girl decided to take a 95% BTL (Dodgey broker I must add and not me) with the other 5% coming as a lovely gift from the builder.

Anyway here were are a year on, 50k down on purchase price the place cant be let as there as so many others flats in the same block due to her and every other wanabee landlord buying where the builders offered a landlords incentive, cant sell as suprise suprise the builder over valued it to give her the 5% free. She cant afford it and has told the lender to reposses it. Que 7 years black market and debt chasing. Oh and she was run up £7k on credit cards to pay the mortgage What a tit.


But for someone with experience the time is never better in my book. Had it not been for Mrs DtS on maternity leave we would have gone gung ho for a big old family home.

Good luck mate

 

[Hotman]

I despair about anyone who bought into the Inside Track mentality of buying new builds off plan, buying into future price rises via a gifted deposit, I know some people who earn less than you need to qualify for a standard BTL mortgage (25k i think) with 6 of these new build "apartments" - how the hell can they service them?

The belief that you can continually remortgage is / will make people unstuck.

Like you I prefer a sturdy LTV to ride out problems like the last two years - also I feel you make the money when you buy, a repo that needs a lick of paint is far better value than a flat with shiny appliances.

My local council has also pulled their guaranteed rental scheme, shame as it was a 3 year fully maintained lease at over market rate.

 

[DTS]

I despair about anyone who bought into the Inside Track mentality of buying new builds off plan, buying into future price rises via a gifted deposit, I know some people who earn less than you need to qualify for a standard BTL mortgage (25k i think) with 6 of these new build "apartments" - how the hell can they service them?

The belief that you can continually remortgage is / will make people unstuck.

Like you I prefer a sturdy LTV to ride out problems like the last two years - also I feel you make the money when you buy, a repo that needs a lick of paint is far better value than a flat with shiny appliances.

My local council has also pulled their guaranteed rental scheme, shame as it was a 3 year fully maintained lease at over market rate.

The council scheme I think was ideal for someone like yourself if you are buying somewhere that shall I say needs a little love. I never did it myself as lucky enough havent needed too but as you say thirteen paydays not twelve, guaranteed for 3 years and all damages covered. What more can you ask for. I think once the market picks up the landlords that have crapped themselves will get out the market leaving it for people that know what they are doing.