Should we act now or later?

Jannie40

Hi Guys,

My OH has just been made redundant and having done the budget we realise there isn't enough to pay everything from just my wage. Should we contact the Mortgage Lender/Loan Company just now (we don't have payment protection) to ask for reduced payments, or should we just take a payment break for a month in the hope something comes along? I really don't want to affect our credit rating.

I'm afraid I'm new to all this, apologies if you've heard this question before.

Jannie

black-saturn

Have you got enough to tide you over for a while so you can carry on with the payments like normal? If you have I would do that and then if nothing comes along in say 2 months I would contact them and see what they can do to help. If not I would contact them anyway as you dont want to get behind with payments and them end up on your back.

You could also post a list of your incomings and outgoings so we can advise you as to where you could be cutting back to help towards the payments.

Jen_Jen_5

if you are paying any non secured debt, ie credit cards, loans then stop paying them now and save the money you would pay to them to make your mortgage payments for longer.

also have you checked out all your benefits entitlments now that circumstances have changed?

Jannie40

Thanks for the advice, I'll post out ingoings/outgoings tomorrow as any advice will be so welcome. We do have enough money to scrape through to the end of January, so perhaps I'm just being over cautious. OH went to DSS today to find out info and they said since he had been paid til mid-Dec then not to go back til then. He has worked for this Company for less than a year and they have gone into administration so no pay out there. We do have an option for a 'payment holiday' with our mortgage so may well take advantage of that in January, might eek us out a bit longer.

Bestthingsinlifearefree

Hi jannie40,

You are right to jump on this straight away and take action BEFORE your financial situation deteriorates. You sound very switched on.

What does your OH do. Is he job hunting ?

Could he do some temporary work e.g at christmas many companies take on extra workers post office / shops etc etc.

Jannie40

OH is a HR Manager, he went for an interview yesterday and the guy interviewing him said he found it very strange interviewing someone older than him, he's 41!! He may well find some work in the lead up to Christmas just to keep our head above water for a while longer.

Bestthingsinlifearefree

Hi Jannie,

He need to get the trade magazine for his industry I think it is called Personnel weekly or something that shoould have jobs / agencies in his field in it.

He could have a look at these job sites.(if he is not already doing so)

https://www.jobsite.co.uk

https://www.planetrecruit.co.uk

https://www.reed.co.uk

and seach on HR / personel jobs etc.


Do everything you can to maximise your income and reduce your out goings.

Good Luck. I wish you well.

jen_jen_2

you said OH gets paid until mid dec but the company in administration, is he getting paid? if not go back to DWP and possibly to CAB, i am sure he can make a claim before the pay runs out as it will take weeks to pay it and he is looking for work now so may be entitled. best bet is CAB or post on the Benefits board.

and yes post incomings and outgoings so we can have a look and see some savings. sorry about the situation for you, always seems worse at christmas.