Just lost my Job, Married, Mortgage, Term Loan

Zxc01

Hi all,

Lost my job yesterday, yip.. .

moved in to our new house 3 months ago, :eek:
car packed in 1.5 months ago, and had to get a new one.:eek: (08)

my story,

was on 55K a year , working there for the last 4 yrs
I have a nice sizeable mortgage, over 1K a month
I have a term loan with repayments of 500 per month, of which was to finish off things for the house, but ended up paying for car.
no kids,
my hubby brings in net pay of about 2K a month,

basically, right now. out goings stands at 2.4K per month.:pac:

I am going in on monday to talk to everyone i can, the 2.4 is very very tight and is a best estimate, id hope thats max. . . no luxuries here. (not that there was when building a house) funny how we always had a buffer for just in case this very exact thing happend. .. but. . last payment went to builder and then the car. . and bang. . .

anyways all advice helpfull?
what could the bank do to help?
what Job seekers allowances could i be entitled to?
is there anything out there to help with mort?
I am transfering also my Tax Credits to my hubby.

ill admit, I'm panicing,and im really worried. I cant see another job in my locality in my field.. . but would be willing to do anything.
even sell the car, but then id be carless, ill hold it for a certain lenght but no way am i an idiot. .

mari2222

do you have insurance cover for paying the mortgage in your circs?

you might be entitled to get some tax back when the credits transfer.

talk to your lenders about restructuring loans.

trade down the car ?

rent a room?

offer tutoring ?

look at any other assets you can sell or rent out or ebay

get rid of landline or mobile - one phone is enough

get rid of subscription TV if you have it - plenty of free channels

cut back spending if you can until you are back working

gustafo

You will be entitled to job seekers benif for 12 months at 188 a week, if your still on it in 12 months you will be means tested

Zxc01

mari2222 wrote: »

do you have insurance cover for paying the mortgage in your circs?

1 you might be entitled to get some tax back when the credits transfer.

2 talk to your lenders about restructuring loans.

3 trade down the car ?

4 rent a room?

5 offer tutoring ?

6 look at any other assets you can sell or rent out or ebay

7 get rid of landline or mobile - one phone is enough

8 get rid of subscription TV if you have it - plenty of free channels

9 cut back spending if you can until you are back working

1, yes going in to do this on monday, hope something will happen, my hubbys salary should increase with the tax credit transfers.

2, yes, again I have decided that the term loan could be resturctured, funny though i dont want to do this, but if push comes to shove ill do it. but ill find out the story on monday. also id like to know what options i have regarding the mortgage.

3, yip,. and i have no problem. a car worth 12K, the cash is worth more yo me.

4, unfortunately, for 2 reasons, we live in the country, but most importantly the house is finished and is good enough for me and hubby, but not for tenants.

5, unfortunately although i am qualified in a certain profession, (Well known), my area is more of legal and compliance.

6, my hubby is out searching in the garage :rolleyes:

7 & 8, I like this idea, and always have, and used to think it about other peple. my sky is 29 per month, and my eircom is 30 per month, I need the BB more now than ever which is 20. total saving here could only be 59 permonth, I just wish it could be more of a saving to cut them. mobiles? well, sher who will i be ringing now.. .. i only have a prepay. .

9,. you betcha buddy.

Zxc01

gustafo wrote: »

You will be entitled to job seekers benif for 12 months at 188 a week, if your still on it in 12 months you will be means tested

thank you,

this is the comfort i need,

i can finish my budget now.

busman

Zxc01 wrote: »

7 & 8, I like this idea, and always have, and used to think it about other peple. my sky is 29 per month, and my eircom is 30 per month, I need the BB more now than ever which is 20. total saving here could only be 59 per month,

While 59 a month doesn't seem much, that's a month and a half of your car payment!

Also don't forget that you might get some tax back.

http://www.citizensinformation.ie/en/money_and_tax/tax/income_tax/tax_refund_when_unemployed_or_out_of_work_sick.html

wmpdd3

You should also go to MABS and get the ball rolling with your unsecured creditors.

Chnandler Bong

Zxc01 wrote: »

Hi all,

Lost my job yesterday, yip.. .

moved in to our new house 3 months ago, :eek:
car packed in 1.5 months ago, and had to get a new one.:eek: (08)

my story,

was on 55K a year , working there for the last 4 yrs
I have a nice sizeable mortgage, over 1K a month
I have a term loan with repayments of 500 per month, of which was to finish off things for the house, but ended up paying for car.
no kids,
my hubby brings in net pay of about 2K a month,

basically, right now. out goings stands at 2.4K per month.:pac:

I am going in on monday to talk to everyone i can, the 2.4 is very very tight and is a best estimate, id hope thats max. . . no luxuries here. (not that there was when building a house) funny how we always had a buffer for just in case this very exact thing happend. .. but. . last payment went to builder and then the car. . and bang. . .

anyways all advice helpfull?
what could the bank do to help?
what Job seekers allowances could i be entitled to?
is there anything out there to help with mort?
I am transfering also my Tax Credits to my hubby.

ill admit, I'm panicing,and im really worried. I cant see another job in my locality in my field.. . but would be willing to do anything.
even sell the car, but then id be carless, ill hold it for a certain lenght but no way am i an idiot. .

You HAD to get a 08, why not 00 or 02??:rolleyes:

jimmycrackcorm

Chnandler Bong wrote: »

You HAD to get a 08, why not 00 or 02??:rolleyes:

Presumably someone on €55k can afford an 08 car unless they have precognition.