If the worst happens

cazspatch

Hi just looking for some advice if the worst happens this week

My OH could be made redundant in the next few weeks. He was in August 07 but got his job back but they are making redundacies again. If he does we are basically f**ked. Mortgage is £1000 per month (interest only) - problems when Northern Rock collapesed left us only just being able to remorgage.
Due to NR collapse a unsecured £30k loan at £300 month. I only earn £1000 and OH would not get a job earning any thing near what he does now (Is a Printer been there since leaving school).
We are only just covering the bills at the moment.

What do we do if this happens?? The house would get repossed unless we can sell before however we would probably/very likely have minus equity.
Would be get housed by council if we sell the house or would we only get help if repossed? What happens with the unsecured loan???

Too top it off we are just about to start the next part of the adoption process (we have waited for over a year to start). I am sure this would mean we would not be able to adopted for many years?

We have only been married 4 yrs and we have had 1 problem after another and im not sure what i will do if he does get made redundant??

I have IBS aswell and my OH has no handle on how to deal with finances (i deal with this) and im worried more stress will make me ill again???

I no i cant panic just yet but i would like to know my first steps to take if this does happen

Thanks

OliveOyl_2

I'll give you a bump back to first page.
I'm at work so cannot wrtie a lengthy post, but didn't want to read and run.

I think we can be more help if you post up an SOA if you look at the sticky at the top of page one it will show you a template. This will list your income & outgoings and debts. Then the good people on here will be able to suggest what can be trimmed, whether you might qualify for financial help if the worst happens and offer you some encouragement.

Good luck, I hope you won't *need* this preparation and you OH keeps his job. But it is as well to be prepared, and most of the advice here is useful, with or without debt to deal with.

milliemonster

Hiya hun

first things first, post up an SOA so we can see if there is anyway we can help you juggle things better.

Regarding your OH's redundancy, try not to panic before you know for sure but in the meantime maybe he should start looking for another job just in case, fair enough it may not be something that pays as much but as long as he is in work it's a start, would he get any redundancy pay?

If the worst does happen, then you should be able to get some top up benefits?

Try not to think about becoming repossessed, you are a long way off that just yet

RAS

Hiya

Keep these contact details to hand; they may not be able to help you immediately but if he is made redundant then you have them ready. http://www.moneysavingexpert.com/loans/debt-help-plan#help You could try the CCCS on-line remedy anyway.

In the mean-time post up the SOA as suggested. What do you ave that you no longer use and can sell, to pay off something towards the most expensive debts or as a buffer on the mortgage?

Do you have PPI on any of your loans or martgage?

skintandscared_2

Hope the worst doesn't happen, but do you have any idea what the redundancy package would be if it does? Has your OH looked at the job market for his trade (or something similar he could do) at the moment?