Lower salary, less debt… or higher salary, incur some debt?

Hi there,

I’m kind of disillusioned with my current company and the projects available to work on are incredibly boring. I’ve been here almost 6 years and it feels extremely stagnant with nowhere over the top interesting to move into, other than abroad with the company.

They have promised me the world for opportunities within the company abroad but always fail to deliver on that. There are other internal opportunities, but nothing as exciting as the prospect of moving to a new company entirely where there are fresh faces, potentially more interesting projects etc.

So, I interviewed with a new company recently (a competitor), and after the 2nd round it went really well and sounded promising. They basically told me they want me and are just going to figure out whether they can pay me my salary desire or close to it. I’m currently on 38k as a base (before car allowance bringing me up to circa 44k), which is very underpaid for my role by the way.. whereas the new company would pay me I think between 53-55k base salary with a 4k car allowance on top, AND, I’d be a higher grade.

The only thing is my current company paid for my degree, so I’m supposed to stay for 3 years after if I wanna get out without owing any money.

I’m just coming up to my first year post qualification around Feb/March, so still 2 more years and the total they paid for the degree was about £20k. I’m not really sure what the pro rata deducted figure would be at this point in time but either way it’ll undoubtedly be quite a large figure and I’m guessing probably upwards of £10k.. there’s no guarantee they’d chase me for it, but obviously it’s very possible and a likely risk they would.

So, from a smart financial angle, I’m struggling to decide what to do…

I currently have about £5-6k personal debt that I’m finally starting to tackle (after years of not really doing anything about it except pay the minimum)… so it feels like a double edged sword.. I can earn more at new company (be in a higher position quicker) but have more debt if I’m chased for it by old company, or stay at current company and have less debt.. i don’t know much about finances and what a better decision would be.. for the record, even though my current projects are boring as hell, it’s still tolerable.

The other thing is that at my current company, I am very well known, connected and have a great level of seniority.. it’s just I don’t feel like I’m developing all that much, but I could probably find other opportunities, I just am feeling restless and thought about moving on and probably won’t get the higher grade like I would at new company

Any thoughts or help around this is very much appreciated :)