Redundancy and dmp

[Drowning Fast]

We are in a short term dmp, and it looks as though I may be made redundant in the next month or so. I have only been with the company just over 4 years so I won't get enough to give any substantial money to debtors and it also leaves me with the problem of finding another job, which at my age and in the current financial climate, may prove difficult.

What would happen next? We are just keeping up with the dmp and definitely could not keep up mortgage payments without my salary as 95% of my salary pays that. Does this just leave bankruptcy for us? My life just seems to go from bad to worse.[V]

[Adam Davies]

Hi
How much equity do you have in your house and what is the value of your unsecured debts ?
Regards

[Drowning Fast]

The way the property market is zero equity - that is if we could even sell it and unsecured debts are around 59k.

[MelanieGiles]

If you have no equity in the property, then bankruptcy is not likely to affect you greatly, but will you be able to pay your mortgage payments into the future with no income? Do you have any mortgage protection insurance?

[Drowning Fast]

We do have mortgage protection for what its worth. It is a split with my portion being 40% (I think, without looking for the paperwork).

Looks like we have no choice but to do the bankruptcy route. Bad enough for my husband and I but it will affect my daughter worse I think.