I was made redundant a few months ago and have been receiving redunduncy insurance paments to cover the cost of my mortgage and loans. I have been unable to find a job that pays 30k (which is what I was on) and actually am better off notworking than having a lower paid job. My problem is that I also have a consolidated loan of 25k and I am short of £700 per month. I can't sell my property, as it will have gone into neg equity. I can't rent it out, as the rent wouldn't cover the debt and also its shared ownership. Does anyone have any advise or is it a case of going bankrupt?
its difficult to say without a good deal more detail. Certainly unless you acquire new employment at the £30K mark bankruptcy is a distinct possibility.
Without the new job an IVA, DMP or continuing to service the secured loan plus any unsecured debt does not appear to be viable.
I am not a financial advisor as my area of expertise is bankruptcy, what it is and how best to deal with it.
I was made redundant a few months ago
Posted - 02 March 2009 : 17:26:44
