I just found out today that there is a good chance my regional office will close. Therefore I will be redundant with no redundo pay (joined 5 months ago. My mortgage is currently 650 per month and I pay in excess of 500 quid on my 20k debts. I have no equity, I do have a 600quid a month payment protection but not sure if its valid as I changed my job recently.
How does bankruptcy work, I will lose everything and be homeless. The chance of me getting another job that pays the same or more are about 0.001%.
Does the local council have to house me if I have no options?
The lenders may be able to give you a temporary payment break, but it will be important to try and find a job soon. Would losing the house really be so bad? There are some really nice rental properties around.