Education Policy will leave me penniless

Ragnar Lothbrok

I find it strange that so many people on here seem to think it's easy to have savings.

I'm a single parent with a reasonable wage. But mortgage repayments, utility bills, car, food etc, etc, make it impossible to save. I've never missed a mortgage repayment, or any other payment on bills. I have a small Credit Union account with small loan (also, never skipped a payment). People are dreaming if they think I can save the equivalent of 12 weeks wages!

If anything crops up, I go to the Credit Union - one of the beauties of setting up a direct debit for CU repayments is that they are always willing to accommodate my loan requests!

Also, in relation to the OP, I'm delighted that the company were so reasonable in the end

TheDoc

Ragnar Lothbrok wrote: »

I find it strange that so many people on here seem to think it's easy to have savings.

I'm a single parent with a reasonable wage. But mortgage repayments, utility bills, car, food etc, etc, make it impossible to save. I've never missed a mortgage repayment, or any other payment on bills. I have a small Credit Union account with small loan (also, never skipped a payment). People are dreaming if they think I can save the equivalent of 12 weeks wages!

If anything crops up, I go to the Credit Union - one of the beauties of setting up a direct debit for CU repayments is that they are always willing to accommodate my loan requests!

Also, in relation to the OP, I'm delighted that the company were so reasonable in the end

In all fairness I know what people are talking about, I just sometimes roll my eyes at how Mrs.Bumble posts what is typically good advice, but constructs it in a way to make out people are dopes for not doing X advice.

The rainy day fund isn't a new phenomena, of course not. One of the first bits of advice my Da gave me when I started working, tuck a bit away for an emergency.

Point being the reality for most people now, especially my age, is there just isnt the scope to have savings anymore, or scope to tuck away bits month to month.

So while the OP hasn't gone into detail on their situation, I can hazard a guess where they are at.

I've never earned as big a salary as I am now, but I've never been worse off.

Mrs OBumble

Ragnar Lothbrok wrote: »

I find it strange that so many people on here seem to think it's easy to have savings.

I'm a single parent with a reasonable wage. But mortgage repayments, utility bills, car, food etc, etc, make it impossible to save. I've never missed a mortgage repayment, or any other payment on bills. I have a small Credit Union account with small loan (also, never skipped a payment). People are dreaming if they think I can save the equivalent of 12 weeks wages!

If anything crops up, I go to the Credit Union ...

No one said it's easy.

But saving is the responsible thing to do, and it is possible if you set your mind to it.

I have no idea how the credit union would react if you showed up looking to borrow more than you have in shares - and said that you're sick and so cannot work at the moment and have no idea how you're going to pay them back. Fair play to you if your reputation with them is such that they'd lend to you anyway. But I'm sure you can see why I'm sceptical.

Overseas, I used a rule-of-thumb of having six weeks living money. Not six weeks of income - but enough to live on for six weeks. But this is Ireland. Anyone who's ever applied for welfare here knows that it's very slow to get approved, and can easily take 2-3 months. So 12 weeks seems far safer.

I'm assuming that people who react to adult financial management statements with comments like "epic lolz" are kids who can run home to mammy and daddy if things to wrong. Again - grand if you can do this, but most can't.

daheff

livedadream wrote: »

http://bit.ly/2buhvmE

bit strange to address a post that has already been addressed, for no other reason than getting your post count up as well though right?

nothing to do with my post count. Maybe read my post and you will see that I made other comments than just refering to yours.

Mrs OBumble wrote: »

No one said it's easy.

But saving is the responsible thing to do, and it is possible if you set your mind to it.

Absolutely. It might not be easy to save your 12 weeks /reasonable amount. All well and good saying you can go to the credit union...but what if they deem you a repayment risk and refuse?

Saving an emergency fund doesnt have to be done overnight...hell it can take you years to get to a reasonable level. It might be that you can only save a couple of euro a week/month. Over time this adds up.

But its the right thing to do for you & your family. You will have less stress worrying about money if you know you have a rainyday fund to help when you need it most, rather than hoping on a dig out from the CU or a bank.

meeeeh

I completely agree having savings is a good idea. Telling people that they should have savings when they are worried about being penniless for a month, is a bit redundant. It certainly doesn't solve the problem.

Anyway OP I am glad your past employer is accommodating.

ted1

Op , check with revenue to see if your course is recognised so that it'll allow you to claim back 20%.

Avatar MIA

ted1 wrote: »

Op , check with revenue to see if your course is recognised so that it'll allow you to claim back 20%.

Only if he paid more than €3k in the year.

ted1

Avatar MIA wrote: »

Only if he paid more than €3k in the year.

That's for full time courses. It's 1.5K for part time.

It's like There's a reward for paying all fees upfront or delaying the first year and paying 2 years together

TheDoc

Mrs OBumble wrote: »

No one said it's easy.

But saving is the responsible thing to do, and it is possible if you set your mind to it.

I have no idea how the credit union would react if you showed up looking to borrow more than you have in shares - and said that you're sick and so cannot work at the moment and have no idea how you're going to pay them back. Fair play to you if your reputation with them is such that they'd lend to you anyway. But I'm sure you can see why I'm sceptical.

Overseas, I used a rule-of-thumb of having six weeks living money. Not six weeks of income - but enough to live on for six weeks. But this is Ireland. Anyone who's ever applied for welfare here knows that it's very slow to get approved, and can easily take 2-3 months. So 12 weeks seems far safer.

I'm assuming that people who react to adult financial management statements with comments like "epic lolz" are kids who can run home to mammy and daddy if things to wrong. Again - grand if you can do this, but most can't.

Again just that total disregard to differing situations.

The issue isn't with your advice, it's that for many people it's a total detachment from the reality.

I'm not going to entertain your little dig there, because again your just show a complete disregard and detachment from scenarios and realities that are not similar to your own.

livedadream

TheDoc wrote: »

Again just that total disregard to differing situations.

The issue isn't with your advice, it's that for many people it's a total detachment from the reality.

I'm not going to entertain your little dig there, whilst it's the exact opposite of my situation, don't feel the need or desire to get involved with what is typically a horrendously condescending tone and generalisation you make of posters.

+1

if it helps i find the ignore button super helpful for buzzy bees in these type situations, the ones you can squash with a rolled up newspaper anyway.

Graham

FitzyLee wrote: »

Hi All,

I am happily resigning from my current position in a large organization to take on a new role.

I owe €1700 in education fees for a Diploma I completed last year.

The company provided funding in full for 4 years and in line with the policy I have to remain in the company for as long as funding was provided. As I'm not, I understand that the funding will have to be repaid.

Have you spoken to your new employer about this? It's not unheard of for a new employer to 'pick up the tab' for outstanding education/training fees such as yours.

davo10

Graham wrote: »

Have you spoken to your new employer about this? It's not unheard of for a new employer to 'pick up the tab' for outstanding education/training fees such as yours.

Hardly shows loyalty and gratitude considering the op is walking out the door, would a new employer appreciate being asked to foot the bill and is there a risk that the new employer would be reluctant to provide for a similar opportunity to further the op's education in the future. Best to keep schtum.

Avatar MIA

davo10 wrote: »

Best to keep schtum.

The OP has given their reason for seeking to move. The reason was acceptable.

It has been known for companies to pay for a new hire's contracted fees, but it would have to have been early on in the process and the qualification would have to be relevant.

Graham

davo10 wrote: »

Hardly shows loyalty and gratitude considering the op is walking out the door, would a new employer appreciate being asked to foot the bill and is there a risk that the new employer would be reluctant to provide for a similar opportunity to further the op's education in the future. Best to keep schtum.

I've never come across a company that has had an issue with it. Maybe it's something that's only common in particular industries or for particular skill-sets.

Avatar MIA wrote: »

it would have to have been early on in the process and the qualification would have to be relevant.

Agreed, it's usually something negotiated quite early on.

Musketeer4

Could you sign up to the standing order or whatever and then when you've left just cancel the SO or close the account and let them go fúck for themselves?

Avatar MIA

Musketeer4 wrote: »

Could you sign up to the standing order or whatever and then when you've left just cancel the SO or close the account and let them go fúck for themselves?

Effectively recommending the OP be a thief.

Mrs OBumble

Musketeer4 wrote: »

Could you sign up to the standing order or whatever and then when you've left just cancel the SO or close the account and let them go fúck for themselves?

Of course they could. And of course that's why the old company wouldn't, by default, want to go down that route. So it's a really clever idea to be promoting it! Not.

lawred2

FitzyLee wrote: »

Hi All,

I am happily resigning from my current position in a large organization to take on a new role.

I owe €1700 in education fees for a Diploma I completed last year.

The company provided funding in full for 4 years and in line with the policy I have to remain in the company for as long as funding was provided. As I'm not, I understand that the funding will have to be repaid.

My problem is that the employer wants to take the full amount from my last paycheck. This, along with a VHI subsidy which has to be deducted will leave me with nothing. Actually less than nothing - a negative balance.

The policy states as follows:

"If a course of study is not successfully completed, they must reimburse the Company for any outlays. Any outstanding monies owed will be deducted from salary if they leave the employment of the Company."

I have offered to repay the amount in installments however the above has just been quoted back to me. Can a company do this? I have a very young child and like everyone I have bills to pay. I am willing to sign whatever mandates are necessary for the money to be deducted from my account over time but can they get away with leaving a person practically destitute? Anyone else experience anything similar?

Thanks all

4 years to remain after completing the course? 12 months was in a previous contract of mine.

Think 4 is a bit much.

But unfortunately you signed the contract. And you must have known what the score was when you started the course.

So moral arguments hold no sway I'm afraid.

lawred2

FitzyLee wrote: »

Thanks for all the comments.

I've just heard back from HR and they have agreed to let me make repayments over 12 months.

What an absolute relief.

I realize entirely that they didn't have to do this and it's outside of the terms of the policy I signed up to. I am appreciative of their flexibility.

Must now remember to take a "good hard look" at my own financial management and save up 3 months salary in order to become a responsible adult.

"Yes, children, it's beans again tonight...."

very good of them...

Musketeer4

Are there any failings on their part that you could bring allegations against them for if they don't write it off?

Avatar MIA

Musketeer4 wrote: »

Are there any failings on their part...

Overly trusting? :pac:

Musketeer4

I'm just thinking if there were any issues in the old workplace that OP could notify to NERA it might encourage them to write off the fees to save a can being opened on them.

livedadream

Musketeer4 wrote: »

I'm just thinking if there were any issues in the old workplace that OP could notify to NERA it might encourage them to write off the fees to save a can being opened on them.

what you are suggesting is called blackmail, and like stealing it is both illegal and immoral.

why ruin a perfectly good working relationship by trying to find something wrong?

he made a mutually beneficial agreement with his company. they have agreed to let him pay it back in instalments. why go looking for trouble, ireland is a small place when it comes to industry, people talk, it doesnt show anyone in a good light if he was to try to find something wrong and then use it to effectively blackmail and breach a contract he signed with his current company.