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will they take my home?
hi, i have 3 credit cards a personal loan and a overdraft. total 24000.
i have had notice that i am to lose my job and no way can i afford to pay this debt. i will get a redundency package but need to use this to re train. i also have a mortgaged house with little equity. what will happen if i dont pay this debt? thanks, skint2009
i have had notice that i am to lose my job and no way can i afford to pay this debt. i will get a redundency package but need to use this to re train. i also have a mortgaged house with little equity. what will happen if i dont pay this debt? thanks, skint2009
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Comments
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As it stands nothing in terms of your house and of course your mortgage is your priority debt. I suggest you take your query over to the DFW forum.
You need to contact your creditors to arrange something.0 -
As chambta says, you just need to be honest with your creditors and offer token payments until you can get another job.
I think you might struggle to justify why you shouldn't use your redundancy money to pay off debt rather than retrain though.
You may want to open a new bank account somewhere and put your redundancy money into their to avoid your own bank taking it off you to repay your overdraft.
Good luck
R.Smile
, it makes people wonder what you have been up to.0
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