Protective notice means that your job MAY be terminated after a certain date. Depending on who your employer is... it could be a way of getting attention. My husband was on protective notice in 2003 with a regional airport - it was the airports way of getting certain people to take notice of the financial trouble that they were almost in. Airport is still going strong 5 years later - and everyone that was there at the time is still there.
Means that if you apply for a mortgage or a loan, there is absolutly no chance of getting it too! Delayed our mortgage by almost 12 months, as lender wasn't happy that hubby was in a secure job.