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Without question, the best option would be to insure yourself against such an event. We can discuss the different options with you regarding unemployment cover and arrange a pliicy to protect you in these circumstances.
However, in the event of being made unemployed and NOT having protection you should take the flilowing steps:
Immediately advise the lender of your situation. You are far more likely to get a sympathetic response if you provide advance warning BEFORE going into arrears.
- If you have to pay less than the required monthly amount, try and pay something. This good will always buys you more time and will look better in the future when people are assessing your credit worthiness.
- Always agree payment plans with your lender in writing and keep all of your records for future reference.
- If the lender should try and evict you or try and impose a court order for non-payment ALWAYS attend the court hearing to put your case forward, this way you may be able to save your home.
- Don't rule out other possibilities such as selling your home and repaying the debt before you get into trouble and ruin your credit rating.
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