Redundancy and loans.

N0str0m0

I was made redundant about a month ago and today is my last day at work. I'm still looking for a new job but I want to be sure I can survive if I don't get one anytime soon. My main concern is that I have a loan payment of just over £150 per month to pay for which I don't have any payment protection insurance.

I worked out that my Jobseeker's Allowance will cover my utilities bills and my loan but after paying all that I'd only be left with £10 a month for food, so what do I do about the loan as obviously I cannot survive otherwise. Thanks!

~Beanie~

You need to speak to the Lender ASAP and see what help they can offer you.

leespot

Did you not receive a redundancy payment?

di3004

N0str0m0 wrote: »

I was made redundant about a month ago and today is my last day at work. I'm still looking for a new job but I want to be sure I can survive if I don't get one anytime soon. My main concern is that I have a loan payment of just over £150 per month to pay for which I don't have any payment protection insurance.

I worked out that my Jobseeker's Allowance will cover my utilities bills and my loan but after paying all that I'd only be left with £10 a month for food, so what do I do about the loan as obviously I cannot survive otherwise. Thanks!

Hi there
So sorry to hear of your redundancy, I know how you feel here other than where hubby worked the place closed down without any warning, where 400 were dismissed, they are still waiting for compo now, this was just a few days before last Christmas.

I hope you get your redundancy payment soon as this may be a good help to paying towards your loan, other than that, contact the loan lender for as soon as possible, explain your situation here, where you may also be entitled to a free repayment holiday, check out your policy to see if you have this or ask them, or ask them if they can sort out short term lower repayments for now.

Of course its a bad time due to the recession where customers are expected to be treated more fairly here.

Good luck, any problems then you can of course always contact your local CAB. (Citizens advice).;)

(who is the lender, if you don't mind me asking)? cheers
Di

Rich_Richmond

Sorry to hear about your job. But if you have been made redundant then you would be getting the redundancy payment soon. The most important thing to do is to negotiate with your Credit Card Issuer as soon as possible. Tell him about your situation and try to convince them to reduce your payments for a few months say 3-6 months by about $50 per month, and meanwhile you do an aggressive search for your job. Some lenders may not agree for a free repayment holiday, but can surely be convince if you continue to make some payments per month.

All the Best