+Doc+

you lost your job tomorrow?

With the economic climate as it is and work not being very busy It made me wonder what if, the answer, up sh*t creek without a paddle for me.
Mortgage to pay, car loan to pay, wife and kid to support and only me as the main earner.
Without finding another job within 4-6 months everything would have to go on the credit cards, after that I really don't know what...

OllyK

Car Loans - covered by unemployment / illness insurance
Mortgage - same
Monthly expenditure - could probably just about cope on what the Misses earns.

Wouldn't be pretty, but we'd get by.

STi wanna Subaru

iTrader: (1)

Oh good a thread where some people can brag Well that's the way this will go I promise you

EddScott

Sell the house for whatever I could get and pay off debts with that. Send the misses and child to the council claiming we've split up and she needs somewhere to live.

Give it a few months and move in with her. Let the state pay for a bit until I get back on my feet.

An ePenis competition.

+Doc+

How much extra over does this cover cost and is it provided by the original loan provider?

Luan Pra bang

Massive mortgage, loads of debt, no savings no real assets to sell.
Don't really give a ****.

davegtt

Id be fcuked, dont mind saying either

But as per usual, we can all cut back, you have a loan on a car, give it back. £80 a month on Virgin TV and broadband, that can go, paying into the pension, that can stop. If things get tight money wise, there are loads of ways to cut back on spending.

TBH, if I lost my job, Id probably just go get an IVA or something like that anyway, I dont think it effects people like it used to do. Certainly not many jobs in my town offering decent wages so my mortgage would be going unpaid for a while

OllyK

Nope, used a company recommended by Money Saving Expert. Don't go with the loan provider, it tends to be very expensive.

It costs a bit, but I've been made redundant in the past and I'd rather have that added security. I have a fixed mortgage as well, paying over the odds at the moment, but again, it's all budgeted for and I know where I stand.

lightning101

I'd have the wife in the missionary position, dropping out some "income"

More kids = more money. I read it on this very forum

The Zohan

I have nbeen off work since 1st week of Jan - slipped disk and complications - it hasn't been easy to pay the bills and we just about manage

I have cut back on the cocaine and hookers, Jenny has gone without her Moutlon Brown - we all have to make sacrifices

TelBoy

Redundancy is crap. Would hate to go through it again, but i'm highly vulnerable. Upmost sympathy for anyone affected in this cycle.

lightning101

£40 a month covers you for loss of employment for £1100

Get an instant quote for payment protection insurance

chocolate_o_brian

iTrader: (22)

You cope, just like I and the Mrs have done.

Sold Scoob last June to keep us going a bit.
Sold a few possessions I could live without.
Do my drawing as much as my "poorly" wrist allows me too.
Try earn money on the side doing whatever.
Obviously look for other work.

Hate to say it but if some of the folk on here lost their jobs, I hazard a guess a percentage would struggle a lot more than myself/Mrs. By this I mean bigger mortgages, car loans, standard of living etc. In a twisted way I'm thankful as my last warehouse job was "only" £20k a year, whereas most on here clearly earn a lot more.

So yeah, you cope. Simple question, simple answer really. Make sacrifices and don't light your Montecristo No.4 cigars with £20 notes anymore

hodgy0_2

i,d be pretty fvcked tbh, although have quite a few assets to sell, our lifestyle would have to be slimmed down

Wife & 5 kids, to support, 4 cars etc

would have to bank on getting another Job pdq

Matteeboy

Fine for about 5 years. No debts or mortgage and savings in the bank. Then I'd need another job/work pretty quickly.

TelBoy

How can you be so precise about needing work "pretty quickly" after a gap of five years?!! Anything could happen!!

davegtt

mortgage or not, you'd still have to pay the rent on your property you live in so its pretty much the same... And I bet those pyjamas aint cheap

+Doc+

I wonder what the small print is like.

austinwrx

I spent all day interviewing for a new member of staff yesterday. not massive wages, about £22K a yr. saw 4 people all recently redundant.

chuffing hard not to take them all on, when you start learning about their family etc etc.


ps I work for a housing association- forget rocking up to the council and getting a house--- 500,000 people currently are more than 3 mths behind with mortgage payments nationally. reposessions were 40,000 last yr, we expect to see 75,000 to 80,000 this year.

fancy a house- well a 3 bed house will probably take you 5-8 years to get and that may well be in some crap area. and bolloxs re: pretending to be homeless/kids etc. you'll spend most of that time in a hostel first. this is in west yorkshire, not a london borough where you really have no hope full stop.

forget the promise too that a council will take yr house one/rent it back etc as the govt recently announced. it doesn't stack up.

did a financial assessment for someone today- won't say how/why what- but it was for someone who was an owner occupier.

monthly income of £3800 net. he was in credit each month by about £100. and that was only coz interest rates had dropped so much, his mortgage had reduced by £400. he'll be fcuked when they go back up.

but when you looked at outgoings- jeez- big sky package, store cards, credit cards, next card, loans etc etc

not surprised the countries knackered- doesn't anyone do old skool and save up for things they want ???????


as for me- 20 yrs in this game has taught me to be wise. I could ride out not working for quite some time. But I wouldn't- I'd push trolleys at asda before signing on with the great unwashed. I sincerely do not believe no one can't really get a job if they don't want.

Puff The Magic Wagon!

iTrader: (2)

Sell house & move to Ireland

davegtt

Same here

Especially when you are trying to support a family. Ive had a mate who hasnt worked for over a year bumming around letting his misses work (at homebase, dont ask who theyve survived til now) and support the family. He refused to get a job in a factory because it was "beneath him" Christ, he lives in a council house, how is a normal factory job beneath him lol

Nurse Gladys

It's already happened. Lost my job last July (after 17 years!)

Hubby self employed in construction - so not a lot of income there either!

But you get by - you make cuts and live accordingly - even though its tough. I still think there are others far worse than us, so hey ho!

Must admit though it would have to get pretty tough before I sell my Scooby - the child would be for sale first (and she knows it!! )

We are happy & healthy so nothing else matters really.

Matteeboy

That's five years if we still paid this current rent. And of course if we needed to, we'd just move somewhere smaller and cheaper with a months notice. Or even live in a caravan in a field. No ties see? Pyjamas are very old. I think the pyjama market has crashed since I bought them.

OllyK

I appreciate what you're saying, but it's difficult to get the time to go for interviews etc if your working as a shelf stacker. I'd rather be self sufficient for a few months and have the time to hit the jobsites hard.

Janspeed

iTrader: (1)

I would sell everything and **** off to some sunny place with the remaining money, **** it!

TelBoy

Usually nothing more sinister than you have to be made redundant rather than being fired, and there will be some period before which you can't claim after being made redundant, usually a month, sometimes three months. There will also be a period before a new policy becomes live to stop people taking out huge protection just before a suspected staff announcement, this is usually three months.

+Doc+

Seems like a viable option, I would be one of the first to know if the company was going pear shaped.

TelBoy

Should be fine then, just make sure there has been no official announcement of any kind, it's like any insurance policy - any excuse not to pay.