i might be unemployed soon

worriedaboutlife

hi
this is my first post after searching for help with my worrys

basically im a self employed bricklayer working for the major builders and have done for over 20 years, ive never claimed benifits or been out of work for more than a week or two
but now they are shutting up shop and there is no work about, i think ive got work till christmas but after that i dont know and cant see me finding any

so im worried about how i will manage pay my mortgage pay my huge credit card bills(due to the huge drop in pay) etc
ive done some searches but dont realy understand all the terminoligy
is it right that i can claim beniffits and they will pay my mortgage interest payments after 39 weeks, if i dont pay my mortgage for 39 weeks surley the mortgage company will reposes?
i live on my own so have no help finacially and just worried that i will end up in debt up to my ears

any advise appreciated

mummytofour

Your right about the 39 weeks its changing form April tho but Im not sure if it will be for new claims or everybody, I hope its for everybody.

I would suggest a call to the CCCS with regards to the unsecured debts as there are ways of reducing your payments but will effect your credit rating buit needs must.

All I can suggest is to save save save and sell sell sell to try and tied you over.

worriedaboutlife

thanks
i have been paying off what i can with every spare penny to tr to reduce my debt, i thought about saving but with my credit cards the interest keeps adding up so i thought paying off would be a better bet

how do people manage to keep there houses after 39 weeks?

what is the cccs?

SuziQ

Whether you manage to keep your houes or not depends entirely on your lender and what negotiations you can make. Could you go onto interest only for a while,which would make it more affordable. We have been in and out of arrears over the last 18 months,abbey came close to taking us to court last december (3 days before Christmas) and we managed to pay some of it and they relented as long as cleared by end January. We are now in arrears again and I am very concerned-they have just given us 7 days to clear the arrears or fast track to court-but we have had over a year so they have been quite good really. I have been on IS since April and no way will abbey hang off until Feb when I become eligible for help. Even then,you only get 80% of your share of the interest (ie if in joint names then each half of the mortgage is dealt with sperately,as in my case-I am on IS as my marriage broke up, he is not earning but not claiming either. I would therefore only get 80% of my half-so for a £678 mortgage the help I would get is only around £200!)

I am trying to show you that the help you get is minimal and usually too late.

You are being very sensible and looking into things before you even have a problem-good for you. You are therefore in a brilliant position to talk to your lender about your concerns-part of the reason abbey have been patient with us has been the constant dialogue. They can tell you of any options-interest only as I have already said,payment holidays,extending the period of the loan to cut down the payments. Speak to them,speak to CAB if you do lose your job.
CCCS is the debtline charity who can give excellent debt advice-FOR FREE. The people that advertise on tv charge silly amounts of money and should be avoided at all costs-cccs can often negotiate with your debtors and negotiate reduced interest/payments. They would much rather recieve something than nothing from you!

McKneff

Also

look for employed work or register with some agencies.

worriedaboutlife

thanks for the advise, i am currently planning to get myself as prepared as possible and hoping that some work turns up in time

[Deleted User]

worriedaboutlife wrote: »

thanks
i have been paying off what i can with every spare penny to tr to reduce my debt, i thought about saving but with my credit cards the interest keeps adding up so i thought paying off would be a better bet

how do people manage to keep there houses after 39 weeks?

what is the cccs?

the first priority if you loose your job and have problems with your mortgage MUST be to contact your lender,they maybe able to offer a number of alternatives to help e.g. interest only payments for a period,or they maybe able to extend the length of your mortgage thereby reducing the payments,some may even offer a payment "holiday" although thats less likely in the present circumstances

SuziQ

Just to update on my position which may also give the op some comfort. We have had further dialogue with abbey this week as my ex was able to pay £1,000 off his arears (joint mortgage) He had a very extensive dialogue with the manager who said that in the current climate they are very very keen to avoid reposession and to do whatever they can to help homeowners stay in their homes. Abbey are currently bending over backwards with us-which surprises me as we have more equity than the actual mortgage. They have also agreed not to add on any extra fees which would push the debt higher. I feel tremendously lucky with the way we have been handled-I am forever complaining abiut the queues at our local abbey but when it comes to our mortgage they have been very supportive.(can breathe again for a while!)