redunancy

[zanz1bar]

Dh got the 'reverse nod' yesterday.

so how soon do you need to speak to the bank/mortgage.

he has got some money coming so can pay mortgage for a couple of months, do we contact them if we think we can't pay or just to let them know?

also what is the government mortgage help plan? wasn't listening to the details when it was announced on the news... as usual didn't think it would happen to us.

Bumping for you.

Sorry to hear this.

You don't have to tell your mortgage company or bank. Usually this will come up at the point you are trying to work out how to make ends meet and either need an overdraft or to a mortgage holiday etc. It may be worth letting tax credits know as soon as there is a drop in income though.

The government help is available only if you are on a means tested benefit (income based Jobseekers in your dh's case). After you have been on JSA for 13 weeks then you become entitled to have some of your mortgage interest costs paid (so if you get to that point you will probably want to switich to an interest only mortgage).

do you have redundancy insurance? If so then I would check the terms of your policy i.e. when it will come into force and how long for etc.

What kind of a package is he likely to receive? If it's a few months then I would put it in the bank and essentially use it as a salary to survive until such time as he can find another job.

What area of employment is he in?

hi thanks ladies, did a lot of talking today and maybe this could be a good thing for us.
Dh is in computers with a longgggg commute to london, just maybe we can step off the hampster wheel and think of other options.

anyway its only a job, what matters is us as a couple and DC as a family unit.

so i plan to be the credit crunch queen and patch my jeans.
we are not alone, people have been fantastic and the phone hasn't stopped.

there is no insurance but most policies seem to only kick in months later, hopefully by then we should have some options.

zanz1bar
hope it works out for you guys, it can be a positive thing am glad you thinking like that

dh was crunched suddenly and i have just started a job this week..all happened really fast

you prize the right things, that was dh too, its only a job and ultimately is fixable!

good luck

I actually never took out insurance because they're a rip off imo.

If your dh is in IT there are still contracts around so he could go contracting as a short term solution until something more permanent became available.