help should we sell

itcanbebetter

hi all been a lurker for ages on here now, to long time to post i feel.
long story but we have overspent in the past always managed to come through it, we were just surviving but now oh has been made redundant as of tonight (do not come in tomorrow), has been offered one month in lieu and one week extra as been there a year, but company struggling and not sure he will get the money, if not not sure what will happen or how we will pay mortgage. have 1 little one i work pt time, happy to work another job to ease things,
he wants to retrain as in a !!!!!! profession, thinks we should sell and rent use equity to clear debts( we have several as well as mortgage) i feel it will be hard but we should stay and fight, fear we not get on housing ladder again.
have read so many inspiring stories on here, hope someone can help,
currently he pays mortgage if gets lower paid job then not sure we can stay here,
sorry but pleased to have posted, i will try to post a soa asap but without his salary going to be wierd,

Cleosmum

You OH should be able to sign on, get him to sort that tomorrow. Find out about increasing tax credits on your wages alone, this should go up quite a bit if you are working part time, and make sure once you have that sorted that you apply for council tax benefit. Try and give yourselves some breathing space to make the right decision re the house, its going to be so easy to panic in the face of the redundancy. I personally would try my hardest to keep the house and pay off the debts as best you can, but thats just me.

Will subscribe to this thread and look forward to seeing your SOA

itcanbebetter

thanks, for that i earn about 850 after tax, with child benefit and a little in tax credits, not sure how soon they would up payments though, so about 1000 there but mortgate is more than this and bills food etc excluded,
if he is paid then we are okay with mortgage till beg of june as its paid on 1st, i had already sent off for app;ication for another job so some things happening, thanks for advice

Merlot

Hi and welcome to DFW.

Firstly, don't panic. Do you have any type of insurance against unemployment? If not, telephone your lender as soon as possible and state what has happened, they are usually helpful and as long as you can pay something they will be ok with you for a few months. Don't get to the stage where you can't pay the mortgage or else the mortgage company will put a charge on the house and you will not be able to sell.

Renting is no bad idea, although you may find you are renting for some years in order to built up a deposit. Why not post your SOA without your husbands salary and we will see where we can help in the immediate future.

You are not alone, keep asking questions and be honest and upfront with your creditors and mortgage company.

Merlot.x.

itcanbebetter

hi merlot, thanks for response, it all helps mortgage it appx 1000 pm and we have a secured loan too, insured on secured loan appx 230 pm but not mortgage, stupid i know, i will look into it though,
thanks for help,

Merlot

itcanbebetter, you are not stupid, I had no insurance when my OH was made redunant.

Can you OH as of tomorrow, apply for anything, tesco for example, anything to tie you over, can your OH try the temping agencies, my OH did that for 2 years and it can pay well. What line of work is your OH in? I could get you some job websites that may help.

Merlot.x.

Bayblue

Hello,

Just wanted to add my support, the same thing (redundancy) happened to me this past February, and I know how scary it can seem. Best advice I'd offer is not to make any decisions quickly, give yourselves time to get over the shock and then you'll make better decisions.

Also, I don't want to be the bearer of bad news but be aware that often insurance policies don't pay out for the first month or two, so that's something you might need to budget for.

I know it's tough at the moment but there is life after redundancy (I promise!). In a weird way it's almost been a wake up call for me, who knows in a years time you may well be better off than you would have been if your OH had stayed in the same job, that's what I'm hoping for myself anyway. Best of luck.

Merlot

Bayblue, you are absolutely correct, my OH has never looked back since his redundancy, quite honestly it was the best thing that could have happened. Sure enough at the time we were worried with two young children and I only working part time, but after temping (out of choice, cause of the pay) he is working in a permanent position and I have given up work to look after the children.

It can work out for OP, it may not feel like it tonight, but have faith.

Merlot.x.