If you got made redundant today......
Discussion
If you got made redundant today and were unable to find another job on similar money, how long do you think it would be until you'd get reposessed and/or visited by the bailiffs chasing unpaid bills of some kind?
The wife and I were talking about this over the weekend and we thought that we'd be screwed pretty damn fast if I lost my job and couldnt find another in around 3 months (5 months if we hammered our credit cards towards the end)
Are there any people out there that could go for any more than 3 months without working? (I dont mean the benefit scroungers who dont work at the moment
)
Given that our house is now worth slightly less than the value of our mortgage, I quite fancy the idea of going bankrupt and starting with a clean slate in a rented property for afew years while it all blows over.
The wife and I were talking about this over the weekend and we thought that we'd be screwed pretty damn fast if I lost my job and couldnt find another in around 3 months (5 months if we hammered our credit cards towards the end)
Are there any people out there that could go for any more than 3 months without working? (I dont mean the benefit scroungers who dont work at the moment
)Given that our house is now worth slightly less than the value of our mortgage, I quite fancy the idea of going bankrupt and starting with a clean slate in a rented property for afew years while it all blows over.
miniman said:
I could go 4 or 5 months I expect, maybe a bit more if we really cut back to "Value" food etc.
Your point about the house being worth less than the mortgage - the bank will still come after you for the difference, won't they?
I thought thats why he said about going bankrupt Your point about the house being worth less than the mortgage - the bank will still come after you for the difference, won't they?
About 6 months here before the crap hit the fan
Nimbus said:
still at least you'd have about the square sum of f
k all chance of ever getting another mortgage having been bankrupted, so not all bad hey !
That's not true. k all chance of ever getting another mortgage having been bankrupted, so not all bad hey ! It would be tougher to do than it was a year ago, but I reckon you could be declared bankrupt toay and be back on prime rates in 5 years. Possiby less.
Nimbus said:
Goochie said:
I quite fancy the idea of going bankrupt and starting with a clean slate in a rented property for afew years while it all blows over.
and we wonder why the economy is fked.. 
still at least you'd have about the square sum of f
k all chance of ever getting another mortgage having been bankrupted, so not all bad hey ! So what other choice would I have if, heven forbid, I couldnt get a job with enough income to cover the outgoings?
as long as there was a job in Sainsbury's stacking shelves or something, never. Would I be able to maintain the lifestyle? no of course not, the mobile would have to go, broadband would have to go, the thermostat would be turned down a few degrees and asda value range would figure highly on the shopping list, probably lose one of the cars too but there is a very good reason why I only have a single debt (mortgage) and that it's only 30% LTV...
thinfourth2 said:
We would be fine as no matter what i will make money as i am willing to work, no matter what the wage. I have happily laboured for £100 a week
So working for £100 per week but your essential monthly outgoings (food, mortgage, council tax, utility bills etc. but no loans or credit card debts) came to £800 a month....... then what?A van pulled up outside my neighbours house today to do a lock change. Fairly discreet signwriting, no burlies or anything just a couple of guys in a van. They're repo agents basically. I knew they were going to be visiting, as I'd spoken to the neighbour before Christmas when they moved out.
I think their last mortgage payment was around October time. They had an eviction notice served at the address in January, so I'd say there's a good 3-6 months timescale. Whether there's anything that can be done after the first 3 months (ie, it's just waiting for an allocated written notice etc) I dont know
I think their last mortgage payment was around October time. They had an eviction notice served at the address in January, so I'd say there's a good 3-6 months timescale. Whether there's anything that can be done after the first 3 months (ie, it's just waiting for an allocated written notice etc) I dont know
Goochie said:
thinfourth2 said:
We would be fine as no matter what i will make money as i am willing to work, no matter what the wage. I have happily laboured for £100 a week
So working for £100 per week but your essential monthly outgoings (food, mortgage, council tax, utility bills etc. but no loans or credit card debts) came to £800 a month....... then what?What's the worst that could happen?
dirty boy said:
If I lost my job and couldn't get another, I reckon i'd last 3 months, my escape route would to be vacate home asap, move in with parents and get house rented (hopefully) to cover mortgage until I find suitable work.
Wife could feed us.
Seems a little unfair on your wife, but food is expensive if you don't have a job.Wife could feed us.
Goochie said:
thinfourth2 said:
We would be fine as no matter what i will make money as i am willing to work, no matter what the wage. I have happily laboured for £100 a week
So working for £100 per week but your essential monthly outgoings (food, mortgage, council tax, utility bills etc. but no loans or credit card debts) came to £800 a month....... then what?When I took my first job I was paid £25 a week (unqualified, said I'd do anything to be given a chance - that was the option they gave me). I did get a bit of support from the helpful tax payer which left me with about £6 a week to buy food after all the non-negotiables had gone out. Not fun but I lived for 18 months like that...
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff