???What to do have'nt a clue???

dannychampoftworld

Hi everyone hope someone can help posted a few weeks ago but will bring you up to speed going to lose my job of six years in approx 8 weeks have a mortgaged property in negative equaty, owe £95,000 and just been valued in the sorry time at £70,000:( i've only been paying the intrest on that for the last 18 months as that was all i could afford. also have debt running along side of the mortgage to the tune of £27,000 had cccs ran a budget plan with me and my partner had £9 left to live on a month so had a meeting with the citizens advice had a good meeting with them and what we got from the chat was in no certain terms the way to go was to go bankrupt from my plite would this be the right decision? what is the next step for me wait to see what happens with the job? stop paying the mortgage to get some cash together for the bankruptcy? im probably getting some redundancy cash will they take that off me to pay creditors what will happen with that? what will i be intitled to benefit wise after im made redundant? i know its a lot to ask but theres bound to be someone out there who has had or been through what we are and beat it thanks dan.

StillStanding

Hi,
The only thing I can say is that you should be able to get Contribution based Job Seekers Allowance for 6 months after your job has ended, depending on your National Insurance Contributions. You can get it for a maximum of 6 months. Put in a claim the day after your job has ended. Here's a good link for more info.
http://www.adviceguide.org.uk/index/your_money/benefits_index_page_ew/benefits_for_people_looking_for_work.htm

Can't give advice on bankruptcy as I haven't gone through it yet(will be soon). Hopefully one of the more experienced forum members can give more guidance on that.

sniggings

dannychampoftworld wrote: »

Hi everyone hope someone can help posted a few weeks ago but will bring you up to speed going to lose my job of six years in approx 8 weeks have a mortgaged property in negative equaty, owe £95,000 and just been valued in the sorry time at £70,000:( i've only been paying the intrest on that for the last 18 months as that was all i could afford. also have debt running along side of the mortgage to the tune of £27,000 had cccs ran a budget plan with me and my partner had £9 left to live on a month so had a meeting with the citizens advice had a good meeting with them and what we got from the chat was in no certain terms the way to go was to go bankrupt from my plite would this be the right decision? what is the next step for me wait to see what happens with the job?if you think your job could be safe then you need to wait and see what happens with that first stop paying the mortgage to get some cash together for the bankruptcy?only once you know you are going ahead with it,ring your payroll department and they should be able to give you a figure of any likely payout,once you know that you need to have enough to pay for a deposit on a rented house and the BR fees but dont think you can you BR with a little nest egg of money,only stop paying bills for living expenses and fees deposit. im probably getting some redundancy cash will they take that off meyes if it is not needed for your rent fees etc but I doubt it will be that much so chances are you will be using it for deposit food etc if you get the payout after BR and fee and deposits are all paid,the OR will most likely take but will not take it all,it works on a sliding scale not sure of the exact % but the first thousand or so they might take half then 60% for anything over that but at the time if you have a big payment to make such as your washing machine breaks or your car insurance needs paying you can always ask the OR to keep most to pay for thses and they could say yes if you have a good reason to pay creditors what will happen with that? what will i be intitled to benefit wise after im made redundant?you will get husing benefit and benifits to live on so that is not a problem,its not a lot but remeber you wil have no bills so will be able to live ok untill you find a job,you may get a slightly higher amount for 6 months, if you have worked long enough but really not much difference in the amount and you will get this for how ever long it takes you to find a job i know its a lot to ask but theres bound to be someone out there who has had or been through what we are and beat it thanks dan.

hope this helps

arthur_daley_2

danny,
I would continue to pay the intrest on your mortgage and not go bankrupt yet.....Any credit card debts just tell them you are going to pay them a £1 a month untill further notice. They prob wont accept it but just pay that only they will accept it. Keep your redundancy money. Once you get another job take another look at your circumstances....

greenpastures

When my husband was made redundant he went straight to the Job Centre to sign on. They were great and managed to pay 3/4 of our mortgage every month as well as getting my husband on Job Seekers allowance. It can take up to 12 weeks for the money to come so you must keep in contact with your mortgage company especially if you are wanting to keep your house.
Like the others keep in contact with your debt companies - get straight onto the CCCS or other so you don't get hastled.