Anyone lost their job because of the credit crunch?

[Winkle]

Blimey - if you don't mind me asking - what are the two jobs?

Sorry, I did not make myself clear enough. In My main job, I earn 50% less than I did last year. In my second job, I am able to work for myself and fit this in and around the hours that I currently work.

 

[Einstein]

Waste of time then

I assume that is tongue in cheek.

I'm someone who works in an profession whereby 95% of people have degrees. I look back now and without a doubt wish I'd have done things differently. If my company was to go t*ts up, then the first 5% without would be the first ones through the door.

No issues have effected my company yet though, thanks to Europe being mainly out of the credit crunch. Until the early warnings started over the last couple of weeks so it's a case of just waiting and seeing now.

With a degree as wide-ranging as Shrimper2thecore's, there is a whole range of opportunities, which are in front of him. Don't believe what you read in The Sun about the credit crunch. Most of that is just media propaganda. Yes, it's a serious issue which is effecting thousands, or even millions of people, but it's not the first time which we've suffered such actions. The banks made huge cut-offs in the early 90s when technology effectively made humans redundant. I wasn't about in the 70s, but everything I read and hear, most concur that things are nowhere near as bad yet.

I think unlike the 70s, the booming economy in many of the middle and far eastern countries are keeping the developing countries heads above the water.

I was speaking to someone the other day who was moaning about the credit crunch. They moaned that the knock-on effect has caused a lower salary increases, higher mortgage payments, high petrol costs.... and then later in conversation they dropped in that they had just been out on a shopping trip and bought one item that was well over a grand. Someone who is certainly not what I would describe as wealthy, and if there was such a crisis then luxuries such as these would be complete no no.

It could get much tougher though as very few turn to a lot of people having to ride out the storm.

 

[duncan bulgaria]

Not so much affected yet , work in the Futures markets and although things are getting a little tough , there is still so much money about with some of the big hedge funds and also banks are still playing as they will always have to hedge.

Can imagine the bonuses are gonna get a tad smaller for all these dudes at Goldmans etc who pull in 1m plus but tough sh!t for them eh !!

 

[Winkle]

They moaned that the knock-on effect has caused a lower salary increases, higher mortgage payments, high petrol costs.... and then later in conversation they dropped in that they had just been out on a shopping trip and bought one item that was well over a grand. Someone who is certainly not what I would describe as wealthy, and if there was such a crisis then luxuries such as these would be complete no no.

It could get much tougher though as very few turn to a lot of people having to ride out the storm.

My Wife has a friend who is married, 3 kids all the normal stuff. However, I now her husband quite well and for a fact is income was around the £35k a year which was above the norm. He set up his own business some 18 months which as just gone to the wall , leaving him with horredous debts, but luckily as just gone back to his old firm on a salary of...25k a year.
His wife however does not believe that there income as changed and is spending copious amounts of money on her, hair, nails,clothes still trying to give everyone the impression that they are sound financially, She drives a merc which is about to be reposessd along with there house which is no longer mortageable due to there being no equity left in it, and she as been on to the phone to my wife in tears that the baliffs are coming round because its the rotten banks fault thet they would not let them remortage it anymore.
Now I am not void of empathy for many people but she is one of them. For the last six or seven years she as had the flash car the lovely holidays always living beyond there means to my wifes amazement, when it was all on credit. Now it is time to pay it all back and theres nothing left, its somebody elses fault. It always catches up with you in my oppinion but she is an ostrich who buries her head in the sand. To my disbelief she as asked me to go round there and quote her on some refurbishments she wants doing and when I talked to my wife about this she said that it would all be curtesy of a virgin credit card and if I did not do it somebody else would!
*Shakes head in bewilderment*

 

[OldBlueLady]

My Wife has a friend who is married, 3 kids all the normal stuff. However, I now her husband quite well and for a fact is income was around the £35k a year which was above the norm. He set up his own business some 18 months which as just gone to the wall , leaving him with horredous debts, but luckily as just gone back to his old firm on a salary of...25k a year.
His wife however does not believe that there income as changed and is spending copious amounts of money on her, hair, nails,clothes still trying to give everyone the impression that they are sound financially, She drives a merc which is about to be reposessd along with there house which is no longer mortageable due to there being no equity left in it, and she as been on to the phone to my wife in tears that the baliffs are coming round because its the rotten banks fault thet they would not let them remortage it anymore.
Now I am not void of empathy for many people but she is one of them. For the last six or seven years she as had the flash car the lovely holidays always living beyond there means to my wifes amazement, when it was all on credit. Now it is time to pay it all back and theres nothing left, its somebody elses fault. It always catches up with you in my oppinion but she is an ostrich who buries her head in the sand. To my disbelief she as asked me to go round there and quote her on some refurbishments she wants doing and when I talked to my wife about this she said that it would all be curtesy of a virgin credit card and if I did not do it somebody else would!
*Shakes head in bewilderment*

I'd keep well out! People have lived on the never-never for too long and have become accustomed to things which always used to be luxuries, being part of their everyday lives. She needs a reality check, and if her husband can't make her see reason then she's going to end up in an awful lot of trouble.

 

[leeblue]

I am a nurse so have been very lucky that the whole credit crunch/forthcoming recession has not affected my employment, it seems that everyone in southend still has medical problems

 

[Usual_Suspect]

I am a nurse so have been very lucky that the whole credit crunch/forthcoming recession has not affected my employment, it seems that everyone in southend still has medical problems

There will always be crabs in Southend.

 

[Hotman]

I assume that is tongue in cheek.

I'm someone who works in an profession whereby 95% of people have degrees. I look back now and without a doubt wish I'd have done things differently. If my company was to go t*ts up, then the first 5% without would be the first ones through the door.

to be honest, i also work in an industry that 95% of people have a degree and the ***** earn lss than they should, work harder, and feel the world owes them a job. Universities can't teach common sense - again in my profession it's those who dont have heads up their own arses who do well.

So respectfully, I disagree!

 

[Einstein]

to be honest, i also work in an industry that 95% of people have a degree and the ***** earn lss than they should, work harder, and feel the world owes them a job. Universities can't teach common sense - again in my profession it's those who dont have heads up their own arses who do well.

So respectfully, I disagree!

I don't necessarily agree with my own view. Obviously. Otherwise I'd be calling myself sh*t ! Totally agree with you on the common sense front as it's often what I refer to.

I didn't refer to ability to do a job though. If you are working for a multi-national company then there's a clear strategy when it comes to cutting the workforce. Length of service, qualifications. And sadly ability often plays very little part in it. When a company is close to or goes into liquidation, then most of it is down to luck. Many times it's not even the employers who are choosing who to make redundant, it's either consultants or insolvency firms.

 

[Hotman]

I don't necessarily agree with my own view. Obviously. Otherwise I'd be calling myself sh*t ! Totally agree with you on the common sense front as it's often what I refer to.

I didn't refer to ability to do a job though. If you are working for a multi-national company then there's a clear strategy when it comes to cutting the workforce. Length of service, qualifications. And sadly ability often plays very little part in it. When a company is close to or goes into liquidation, then most of it is down to luck. Many times it's not even the employers who are choosing who to make redundant, it's either consultants or insolvency firms.

...and thankfully you have flipped it into something I completely agree with. Hence why I couldn't work with any company large enough to have an "application form" :)

 

[DTS]

I was made redundant in June. Having worked for my self as Independent Mortgage Broker in the City I was always aware that it was a high risk.

Dont really blame anyone as made super money when the market was booming so expected to get my fingers burnt when there was a down turned. Saved a lot of the bonus's I earned so had cash to fall back on.

Couldnt have come at a worse time with both a baby on the way and a wedding to pay for but I am fairly lucky as I have landed a role with a retail bank and didnt actually have a day out of work. Compare this with all my old work mates and those I worked with before at LTSB HQ in Moorgate and where NOT ONE of them has got a permanent job I feel fairly lucky.

Bored senseless by what I currently do and working with a load of people that couldnt survive in "non big company world". Boss is a tool who seems amazed that I dont need to be managed to work hard. However being paid to take more exams, some of which I passed last week, work 5 mins walk from home rather than an hour+ away in the city and home by 5.10pm so cant groan.

See it as a means to an end and as soon as the market picks up I will do my own thing again and work for myself. On the plus side Mrs DtS and I are looking for a house in the new year and prices are falling which is super news for us. Only downside is our flats which we rent out are going down too which means we cant raise the same amount of deposit out the flats which we could have six months ago.

My advice for those out of work is dont get down. One phone call and it can go from total despair to total joy as I found out.

 

[Perth Bambi]

I am a nurse so have been very lucky that the whole credit crunch/forthcoming recession has not affected my employment, it seems that everyone in southend still has medical problems

Isn't that a girls job ;)