Anyone else feel they will lose everything now?

[SouthWestmom]

Dh earns a decent wage but with four kids and one at uni plus a high mortgage we have very little buffer. His job will probably go if the economy slows. I can't work because of caring duties. We probably have a full months worth of expenses in savings.

It's not just staying in for two weeks. It's if he loses his job. I just can't see us surviving months of this.

We have some savings. I don’t get paid if I don’t work. DH does but that’s if he is sick. I don’t know what happens if the country is in lock down and work is closed. I don’t know if we get paid or not.

It’s extremely worrying.

It is isn't it? Businesses will fold and the knock on will be on other businesses because people won't have money to spend. Would be nice to have had some reassurance on the financial front.

I am really worried. I will have to self isolate by sound of it for 12 weeks and won't be paid. Dh doesn't know what to do and only gets SSP. It won't even cover our rent

Yup, trying not to think about it, I’m freelance and can survive for 4 months. My main client told me future bookings uncertain!

I just got let go from my job because business is tanking and I was in my probationary period.

I scared to death and It’s going to be impossible to find a job now. I’ll lose everything if I can’t land anything

Yes I do. Can't stop crying. We had planned to move area at beginning of May. Partner gave his 3 month notice to work (Because he is far too honest and can't lie) and had just confirmed a load of interviews. They are likely to cancel even looking for anyone now. Assume he will be first to let go if his current work struggles.
I own luxury retail business so I'm assuming I'm probably not even meant to open and will the petrol and heating bills there be worth it? Also do some freelance marketing work but think the one definite monthly client is going to struggle. We have quite high outgoings, do have some savings (maybe three months that were meant to go to house deposit) but if economy collapses we are still v unlikely to have jobs in three months. Keep trying to be calm and be happy it's not a war but today the severity has really hit home :(

I'm really sorry other people feel like this. It just hit me like a light bulb moment. Everything feels pointless now.

DD just been let go by one employer, expecting the other to follow suit tomorrow.

DH's work has 50%+ off sick. Don't know how the company will survive.

My job is looking unstable.

We will rebuild.

For practical advice, have you looked into what your bank is offering? I am with Lloyds and got an email stating they would offer:
• No fees for missed payments on credit cards, loans and mortgages.
• Payment holidays on mortgages and loans with additional support provided when you need it.
(There was more about savings and paying in, but these are the most relevant). Perhaps you can at least get a mortgage holiday to give you 2/3 months of breathing room?

Yes worth trying that

I have been told today my job continuation is “uncertain”, as the sector I am in will be affected. And I am a free lance contractor

At least I am forewarned

That's a really good idea, thank you. We are Santander, I will look on their website

First and foremost, if I come out of this with my life I’ll be happy.

I have no idea what we'll do. As I said on another thread, DH and I both run our own businesses and have both been getting cancellations all day - the work has almost disappeared now. We have a large mortgage and bills to pay, and very little in the way of savings.

All I can think is that there will be millions of people in the same boat, so surely we won't all be left to lose our homes? The number of repossessions would be enormous!

To top it all off, my council tax bill for 2020/21 arrived the other day - excellent timing.

Good idea about the banks, mortgage lenders would rather work with you than have a load of repossessions so worth attempting a mortgage holiday.

First and foremost, if I come out of this with my life I’ll be happy
Of course that's the aim; but equally people don't want to lose their homes or starve to death.

Thing is, and obviously a lot left to fate, I assume we will come out of this alive. It's just what we will have left (and I know other people will have lost loved ones (as might we) but I can hold more than one thought in my head.
I'm also worried about my son and his significant mental health - left untreated for two weeks in isolation with us, god knows what will happen.

This is fucking us up too

I get that Honestly. I just find it helps me to think more clearly if I adopt that attitude.

It doesn’t mean I don’t think about food supply or finances or my home by the way, just I start thinking about those things from the point of view of what I need to stay alive, rather than what I need to stay comfortable.

Yup it's utter bollox we have lost £20k in 1 week in savings and investments. But I'm actually scared now as we live in London and am in a quandary about schools and DH is in a highly critical job working with drug users and street workers, basically ppl with low immune systems.

Yep. I have been so anxious all weekend and after the announcement today there is no way we will be able to pay our bills by the end of the month. DP is self employed and entitled to NOTHING. We have very little savings due to a massive car repair bill just before Christmas, and a couple of other unexpected bills. His work has already been quiet, usual for this time of year, so haven't built the pot back up yet. Yes I know our health is more important but how do I prioritise the rest of the monthly bills with very little income coming in. We rent so dont benefit from asking for a mortgage repayment.

Holiday... should have said at the end.

Eliza I'm so sorry maybe your landlord will be helpful? LBC seem to have a lot of corona related information throughout the day and have experts etc to answer questions.

We should be ok as DH’s job isn’t linked to travel or being able to leave the house, the opposite is probably better. However I was about to go back to work and job hunting. As schools are likely to close there is no point. Luckily we can afford this and have plenty saved and could survive a few years - savings to buy a bigger house. I can’t imagine having a huge mortgage and no savings. And it’s not like the housing market will be active. The government need to step up to support businesses and self employed as well as employees.

Look absolute worst case scenario it’ll take 12 months to repossess a house longer if the courts shut. Try not to worry

We’re running a small business. We could lose the lot. Business. Home. Everything.