oh dear

offy

hi guys, i am looking for some quick help here, and hope there is somebody out there that can help us.

It currently looks as if i wont be piad for this month on the 28th as usual, this will mean all the mortgage, credit cards and loans and debts i have to pay either by DD or deposit, not getting paid, or rejected etc

what can i do, before i start incurring charges? none of the accounts are currently in default, although i have been late in payinig some of the cards, i have always paid, usually more than the minimum.

It is likely that if i dont get paid this month, that other months will follow and our income will be so low (assuming i cant find anywork) that we are in a position we cannot get ourselves out of?

i really need some help on some options before this gets totally out of control!!

we do have equity in our house currently, and are working to get it into a saleable position, so we can clear our debts with that equity but this will take time to achive, and the current problem is now very accute.

:question:

binty

omg offy, sorry to hear that, how come you won't be getting your wages on time?

Surely your employer should take some responsibility for any charges you incur?

beverleyhills

Are you saying that your job is in jeopardy?

Try this link to work out your financial affairs.

http://www.makesenseofcards.com/soacalc.html

If you feel able to post it on here, there are people who will give you some very helpful advice.

sarahs999

Is your salary just going to be a few days late, or not coming at all?

looktothefuture

Do you know when your employer will be paying you your salary for the month? If so, call up your creditors and defer your DD's for the day after you are supposed to be paid - you need to give the bank/creditors 48 hours + for them to enable this action. Explain your reasons behind why you need this to be done. Most companies are very accomodating in this situation.

I agree with binty about your employer being responsible for any charges you incur!

offy

thanks for the comments guys,
in terms of salary, the business is currently i think insolvent, as it cant meet its liabilities.

I think the likely outcome is liquidation, there is as i understand it a current deficit in available cash of about £17000 to pay any salaries (its not just me), due on the 28th, if salries were by some miracle able to be paid, that would not help with the insolvent position and would likely make it worse, so my problem it seems is going to be longer term than just a few days.

i will do that calculator now and post back results.

ta

sarahs999

Sorry to hear all this. I'm facing redundancy so I know how sick it all makes you feel - you sound very calm about it though. Hope someone else can suggest something useful when you post your results back.

Dex

Hi Offy,

I have no advice, I just wanted wanted to offer some support, what an awful position to find yourself in.

Thinking of you

Dex

PinkTwirl

Hi,

Sorry to hear of your position. I have just started a new job and realised I wouldn't be getting paid for the first 6 weeks. I panicked about paying my bills!

I've paid some bills using a credit card (defeats the purpose of being on here) but bails out in the short run?

:grouphug:

RAS

Hi

i think there is a basic state benefit for people whose companies go into liqudation, leaving them no salary.

Might be a good idea to ring one of the debt charites and see if they know http://www.moneysavingexpert.com/loans/debt-help-plan#help

piglet39

Sorry to hear about your bad news Offy. Just to add to what others have posted - The Insolvency Service handle payments to employees that have lost their jobs due to liquidation. This happened to my husband. But it did take about 3 or 4 weeks to come through. They paid what he was owed up to the date the company went bust.

There is a bit of paperwork to fill in but they are very helpful.

HTH and best wishes

Piglet