Hi,I lost my full time job in November

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by robert6 » Tue Jan 26, 2010 5:36 pm
Hi,I lost my full time job in November of last year.I am currently doing agency work on a full time basis but the wages is less than I had in my last job.I have cancelled most of the direct debits I had and am only paying the most important ones at the moment.I am currently on a payment holiday with my mortgage lender,which is due to finish in February.I have asked them about reduced payments until I can get a job which payes more money.I have around £14,600 in insecured loans with 6 different companies.I have approached them about making reduced payments and am waiting to hear back from them.I was approached about taking an IVA or DMP to try and help.As I would have very little disposable income which would be the best way to go? I am married and have two children.My wife is currently in full time employment but she is just able to pay her own debts any buy what the children need.My assets are my house which is currently in negative equity by around £25k and two cars,one worth £3000 and the other £300.Both cars are required for work as we both work at times and places where sharing or public transport would not be available.Any help would be greatfull.


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by kallis3 » Tue Jan 26, 2010 5:49 pm
Hi Robert and welcome to the forum.

So sorry that things aren't going your way at the moment.

I think you need to speak to a professional. Either click on the link on the left hand side of the page where you will find several excellent IP's who post on here, or visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you.


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by Tina Shortland » Tue Jan 26, 2010 6:04 pm
Hi Robert,
Welcome to the forum, sorry to hear about your job loss and the strain its causing. I know you are managing to prioritise some payments at the moment but when it gets to this stage all unsecured creditors should be treated equally. It's important you get help to find out realistically how much you can afford to share between the creditors so that you can get the most appropriate arrangement in place to get things back in control. This may be a temporary measure until you get permanent work but it really depends on your overall circumstances.


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by MelanieGiles » Tue Jan 26, 2010 9:55 pm
Bankruptcy proceedings are also worthy of consideration given that you have no assets which would be at risk - but perhaps a debt management plan for now whilst you attempt to secure employment is a sensible holding position. You may find that it does not take too long to find a job, and may then be able to recommence making the payments.

Did you receive any redundancy pay?
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