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Laid Off

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Valued Contributor

Re: Laid Off


@XtraCredit wrote:

Or, I can continue to be paid bi-weekly for the next year BUT, if I move out of the area (I have plans to), or they find a comparable position and I decline it, then my severance ends immediately.
I haven't decided what to do. 🤔

Are your plans solid for moving?

"My Take Home Pay Don't Take Me Home"
Personal Credit: Start date Oct 2018 SavorWEMC/Quicksilver-AU/Disco It-AU/Disco Chrome(on chopping block)/SpectrumVS/BrightVS/GoodSamsVS/Care Credit/Lowe's-AU/Home Depot-AU/Synovus LOC- 2012 (Total CL= 186k)
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Message 11 of 18
Established Contributor

Re: Laid Off

No. Don't have anything solid yet.
I have been homesick and have been looking towards moving. I had thought that it would be another year. This nmjust speeds things up a bit.
Starting Score: EX 641 TU 631 EQ 669
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Message 12 of 18
Established Contributor

Re: Laid Off

Ok. At this point, I have decided to take the lump sum. I can stash the majority of it in one of my high yield savings accounts, so that it's earning interest but available for monthly withdrawals.
I can set it up for twice a month transfers like a regular paychwckwhile it's earning interest.
The giant withholding just means the possibility that I also get a refund next year for tax season.

Once I find another job, I can either turn the transfers off altogether or simply decrease them.

Thoughts? Anything else I should consider?
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
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Message 13 of 18
Community Leader
Super Contributor

Re: Laid Off

I would agree with those that said to take the lump sum pay out. Id take it, and then Id also start looking for a new job immediately, so you have a double dip in a way..

Also, companies are known for offering "comparable" jobs, which they know folks will take out of desperation, or won't, so they don't have to pay it. Id take the lump sum, and be gone, and find another position with a different company soon afterwards. Best of luck.

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 14 of 18
Super Contributor

Re: Laid Off


@XtraCredit wrote:
Ok. At this point, I have decided to take the lump sum. I can stash the majority of it in one of my high yield savings accounts, so that it's earning interest but available for monthly withdrawals.
I can set it up for twice a month transfers like a regular paychwckwhile it's earning interest.
The giant withholding just means the possibility that I also get a refund next year for tax season.

Once I find another job, I can either turn the transfers off altogether or simply decrease them.

Thoughts? Anything else I should consider?

Sounds like a plan Smiley Happy


Total revolving limits 730000 (603500 reporting) FICO 8 scores: EQ 722 TU 764 EX 734
Message 15 of 18
Senior Contributor

Re: Laid Off

I would take the lup sum.  Some of the suitable replacement jobs are terrible and pay way below the current. They just offer them to you to get you to refuse.  If you have a good skill set in high demand you may find a job quickly. Where I live every one is offering hiring bonus and 90 day bonus for almost anything including fast food, grocery and hiring paying skilled jobs.  You could do something like that while looking for a suitable long term job. 

Message 16 of 18
Moderator

Re: Laid Off

Another thing to consider OP, in addition to the valuable feedback given and depending on whether you are planning to stay, consider your UE benefits as well provided that any compensation from that and its duration do not place your total 2019 income into a different tax bracket.

Also, take a mini break if you can just to let things settle while you regroup. Everyone's different to their approach when a situation like this one occurs, but I wouldn't jump into the workforce just yet unless you absolutely have to.

Wish you the best on your future endeavors and let us know how things are going if you'd like.
Message 17 of 18
Established Contributor

Re: Laid Off

To answer some comments:
*I don't intend to take UE.

*By Union contract, they can't offer me a position for less than I currently make.

I'm pretty happy just leaving and taking the lump sum.
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
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Message 18 of 18
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