Please help,fiancee been sacked

continualdiamond

In a major panic, fiancee has just rang me to tell me he's been sacked, dont know details yet, but my god where do we stand with our mortgage?

FTB completed Oct 2006. No mortgage protection, was looking into it.

What do i do???

My wage of £900 a mth wont cover everything.

black-saturn

You could put a SOA on here and then someone will be able to give you some pointers of where to cut down. An SOA is a list of incomings and outgoings for a month.

continualdiamond

Mortgage - £435
Home ins - £9.27
Council tax -£101
Water/gas/electricity - £90 (don't know this for sure as rental had no gas and no water meter)

Food shopping - £45 a week, includes pet food (4 cats/1 dog)
Car ins - £65.03
Petrol - £20 a week



Loan - £216.15
Credit cards - £170
OD interest - £30

NTL - £45 a mth, includes ph call and internet
Tv licence - £11


I only just posted this yesterday as we wanted to tackle our debts, we were going to sort out a budget and everything today. Have no idea what where going to do now....

Idiophreak

Don't panic until you know all the facts.

Your financee may well be able to find some alternative work if needed, even if it doesn't leave you very well off, it may keep the wolf from the door for a while.

I take it if you're a FTB you don't have much in the way of rainy day savings right now?

continualdiamond

Correct, no savings. 100% mortgage as well.

Only protection we have, if he is unemployed for sometime his his payment protection for his credit card. Loan though is in my name.

stacey21_2

Does payment protections work if the person was sacked? Might be worth checking out

black-saturn

This is the problem with large mortgages which depend on both incomes. When something happens they can't be paid.

The only thing I can point you towards is saving money on food. £45 a week for 2 people and pets is a lot. I spend £45 per month on 3 people and 1 dog. The other thing that shouts out is could you get rid of your car? Use a bike, walk or get a lift? That would give you another £145 a month.

Could your g/f find anything to sell on ebay to tide you over until she gets other employment?

continualdiamond

Oh great, will have to check it out then, thought that one was ok.

continualdiamond

Cant go without the car, i use that for my job. Fiancee was a van driver, company vehicle, so now hes unemployed he might need it for a new job and me get the bus.

pollyanna24

"This is the problem with large mortgages which depend on both incomes. When something happens they can't be paid"

Not most helpful. Me and bf also have a mortgage which depends on both our incomes. This is life these days if you want somewhere to live!

dunstonh

ASU/MPPI and PPI will not pay out if you have been dismissed from work. It would cover a redundancy but not sacking.