Recession - Can't Cope

LegacyUser

Hi,
I know everyone is sick to death of hearing about the recession etc, but I really need help and advise.

I'm a single parent (divorced) who has worked hard all my life. Like thousand's of other's I lost my job at Christmas, was only in the job for 2yrs so got hardly nothing by way of redundancy. what i did get has gone on mortgage/bills/food/kids. I don't get maintenance payments for kids so all i have to live on is lone parents €242 pw. My mortgage alone is €1029 pm. (don't have loan protection to cover redundancy) and a home improvement loan which is €200pm. I have been refused assistance with mortgage from Community Welfare, on grounds that I shouldn't have been given mortgage in first place, on grounds of earnings at time. But had to take it to keep roof over my childrens head, thought it was sustainable at time, as company i worked for is doing very well, and i was only one selected for redundancy.
I am looking for advise because for the first time in my life I don't know what to do, I have nowhere to turn. Can't sell my home as there is nothing moving in my area. is it even worth going to MABS given that i have nothing to offer the banks to keep them off my back for a while? Can't eat/sleep for worrying. Yesterday I actually thought my children would be better off without me. I really feel there is no way out? I am circling the drain and panic is setting in big time. I have never looked for handouts but do feel hard done by given that i have worked and paid taxes etc for past 20yrs and now when i'm in trouble can't get any assistance?

Any advise would be very much appreciated.

Desperate

road_2_damascus

Unregistered wrote: »

Hi,
I know everyone is sick to death of hearing about the recession etc, but I really need help and advise.

I'm a single parent (divorced) who has worked hard all my life. Like thousand's of other's I lost my job at Christmas, was only in the job for 2yrs so got hardly nothing by way of redundancy. what i did get has gone on mortgage/bills/food/kids. I don't get maintenance payments for kids so all i have to live on is lone parents €242 pw. My mortgage alone is €1029 pm. (don't have loan protection to cover redundancy) and a home improvement loan which is €200pm. I have been refused assistance with mortgage from Community Welfare, on grounds that I shouldn't have been given mortgage in first place, on grounds of earnings at time. But had to take it to keep roof over my childrens head, thought it was sustainable at time, as company i worked for is doing very well, and i was only one selected for redundancy.
I am looking for advise because for the first time in my life I don't know what to do, I have nowhere to turn. Can't sell my home as there is nothing moving in my area. is it even worth going to MABS given that i have nothing to offer the banks to keep them off my back for a while? Can't eat/sleep for worrying. Yesterday I actually thought my children would be better off without me. I really feel there is no way out? I am circling the drain and panic is setting in big time. I have never looked for handouts but do feel hard done by given that i have worked and paid taxes etc for past 20yrs and now when i'm in trouble can't get any assistance?

Any advise would be very much appreciated.

Desperate

OK, I have been looking for your post because I first read it when it was on After Hours section, then they moved it to here. I see you have editted this post from your original version. Ring your community welfare officer. My cousin works as one, he deals with every kind of situation, and Im sure that in your case, you must be eligable for some sort of assistance. Try another officer in a different constituency. Keep a dialogue open with the bank. Do not be afraid to go and talk openly with them about your situation. So long as you are letting them know that you are in the middle of straightening out your finances, and you are paying what you can afford as soon as you can get your employment situation straightened out... Tell your friends, family, about how you feel. Surely there must be some people that you can turn to to lend an ear. Finally, the worst thing that you can do, is to think that your family are better off without you. Familys are there to support each other, your family should be able to listen and understand your position. All the best for now, P>S> DONT PANIC

AARRRGH

Assuming you plan on staying in your home for the foreseeable future (i.e. long enough to get any missed payments off your ICB report which is 5 - 7 years), if I were you I'd temporarily stop paying my mortgage. This will allow you to look after yourself and your family first, instead of looking after the bank first.

I would then contact the bank and explain your situation. Get MABS to help you with this. Basically you need to come to an agreement to drastically reduce your mortgage payments while you look for a new job.

I am not a solicitor, but as far as I know no judge will kick a single mother out of the family home as long as some sort of effort is made to make a monthly payment.

Hitchhiker's Guide to...

This must be a really stressful time for you. Definitely go to MABS first before you make any financial decisions about your mortgage. These people are experts in financial advice and should be your number one call when you want to sort out your financial issues.

If you can't pay the bills, you can't pay the bills, it's nothing to be ashamed about, but it is natural to be worried about it.

Hope you get some good news, and let us know how it goes.