Starting to Panic, About to lose job.

jpop

Hi,

I just wanted to see if there is any direct advice or places/sites to go to get some help with my debt issues.

I'm very close to being dismissed from my job. It's not a guarantee but I'm very worried about the outcome.

Currently I pull in about £30K a year with my partner earning similar (though she will earn less next year due to cutting hours).

My personal debts are pretty high with a £19K loan (including interest etc), £1.2K on a credit card (which I just changed to to take advantage of the 22 month interest free offer) and £2.4K overdraft.

My main worry is obviously paying these debts off. I think my parters income will cover the mortgage and other like payments but we will have almost £0 afterwards if I am not earning.

I really just need to get a handle on what I should be doing with regards to the loan/CC/OD issue. How I should approach it and what needs to be send to the lenders.

This is all really bumming me out and I'm increasingly worried that things at work will go sour. My first priority is to my family so any assistance/advice anyone can offer will be much appreciated.

Thanks

DS4215

Sit down with your partner and work out your SOA based on her salary - you might need to cut out some essentials to live, but if the debts are entirely in your name you can probably get away with paying a minimal amount for a while (although that will trash your credit rating).

How quick/easy will it be to find another job? - can you jump before you are pushed?

jpop

Yes, I could jump. There are still some discussions to take place and I might be OK but if I'm not then getting a decent job might be a struggle with a black mark against me professionally. That said, I'll be going for a tribunal if they do dismiss me, that may or may not impact being able to get another job.

THe other thing is our mortgage is up for renewal this year too. We were just going to renew with the same lenders on Aug 1 online as there are no better deals out there but what would happen if I do lose my job?

Sparklyfairy

Call your mortgage co & ask them if they will set you up on a new deal before you lose your job, or you could try it online. They usually do this several months before your current one expires, so you should be ok.

IHS88

Hi Jpop

I sincerely hope you are worrying over nothing but if the worst does happen, if you have a spare room in the house you could rent it out.

Not ideal but no doubt the money would come in handy.

Best of luck.