Lost job...financial ?

[Joe Genovese]

I was sent home from work last thursday, and am on unpaid suspension. Waiting for the news next week and I'm 99% sure it won't be in my favor. I'm 50 yrs old, and will be lucky if I can find a job making half of what I made. I have never filed bankruptcy and dont want to. My question is, what can you do when you can't pay your bills? We were already living week to week and there's just no way to pay everything now. I have a Z7 Nitro that definitely has to go, but it's november and I live in illinois so I dont see it selling anytime soon. My main concern is my home, we refinanced 2 yrs ago for 2.8% and there's no way I'm losing that rate, so the house pmt is a must.I have spent the last 18 months adding on to our house to make it our dream home. Will banks work with you? If I don't make boat pmt. I wonder if they come get it, or if they'll let me "float" until I sell it. I'd hate to have them take it and dump it cheap and leave me liable for the remainder of loan. Sorry if this is long and blabbering.....but me and my wife just had our lives turned upside down. We're still in a dazed mode and have no idea what is our next step. If anybody has any input......please feel free to share it. Thank you!

[D.O.C. 989]

Find other employment immediately you may be surprised what is out there. What field are you in?

[spinningreel]

Any chance you could land another job fairly quickly? Even if it's less $ it might allow you to make ends meet until you sell boat, and readjust budget.

Keep your head up and stay positive.

[bdog7198]

Sorry to hear.

Is there any severance package?

unfortunately it will be a lot of soul searching, what is necessary vs. what is nice to haves and the possibility of multiple jobs to keep things going for awhile. a lot of times creditors will work with you if you approach them honestly. its better for them to work with you then have a defaulted loan.

[Axkiker]

I was sent home from work last thursday, and am on unpaid suspension. Waiting for the news next week and I'm 99% sure it won't be in my favor. I'm 50 yrs old, and will be lucky if I can find a job making half of what I made. I have never filed bankruptcy and dont want to. My question is, what can you do when you can't pay your bills? We were already living week to week and there's just no way to pay everything now. I have a Z7 Nitro that definitely has to go, but it's november and I live in illinois so I dont see it selling anytime soon. My main concern is my home, we refinanced 2 yrs ago for 2.8% and there's no way I'm losing that rate, so the house pmt is a must.I have spent the last 18 months adding on to our house to make it our dream home. Will banks work with you? If I don't make boat pmt. I wonder if they come get it, or if they'll let me "float" until I sell it. I'd hate to have them take it and dump it cheap and leave me liable for the remainder of loan. Sorry if this is long and blabbering.....but me and my wife just had our lives turned upside down. We're still in a dazed mode and have no idea what is our next step. If anybody has any input......please feel free to share it. Thank you!

So first thing what did you do to be put on unpaid suspension ?? Second do you owe more or less than the boat is worth. If less just sell it and get it paid off even if you feel you should get more. If you owe more contact the lender to see if they would work with you. On something like a boat I doubt it.

As far as the house they "Might" be willing to work with you for a period of time. I think I have heard some institutions basically putting a mortgage on hold and just tacking the interest onto the loan amount. Not sure if thats even true or how it would work.

If you go a long time with no employment you unfortunately are probably looking at a BK to keep the house. Maybe think about how to work a couple jobs if possible to hold off the BK but just not enough info known to determine that.

[CatFan]

Sorry to hear about your distress. Get your boat listed for sale. People are always boat shopping.

[omcforever]

Find other employment immediately you may be surprised what is out there. What field are you in?

Start looking now,,,,,,,

[DvKing]

That sucks. Dump any payment you can get rid of. Get to work this weekend. Two jobs for each of you. Keep your house. Good luck.

[buster502]

was you on your last straw at work or just something just come up,maybe you could talk to them and try working it out

[omcforever]

Dont worry about 50 years old. Companies look for mature talent and skills. My job does. I left my last job at 52 and got hired the first app and interview. HVAC/plumbing/automation/elect/hospital maint. Hit the internet and sidewalk. Dont dwell or sulk on last job. Learn from it and just get after it,,,,,you can do it.

[Brent11]

Check with the bank about your mortgage. My Credit Union would work with me if I was ever in your situation. They even have a little insurance policy you can purchase when starting the loan for these situations. Costs like $4 bucks a month. Maybe you bought and didn't realize it. Keep your head up. This is not the end of the world. You will get through this. Try to stay positive. I know it's easy to say but you will get through this.

[JerryT]

Takes a long time for them to kick you out .. i know a guy that has been doing the dance with the bank for 2 years.. pays evough to stop foreclosure ever year ..you should be able to find employment pretty easy right now .. might not be the same field or money but you could be working and making a dent


I see people all the time fall down the rabbit hole because they won’t take temp employement because the are too good for another job

Put your thick skin on.. don’t think it will be long before shots are taken at how this happened

[twitch]

Hope it all works out for you, get the boat listed as quick as you can and don't be stubborn when it comes to price don't give it away but don't ask for more than it's worth. try to find some kind of employment even if it's for a lot less money it still money and good luck I'll send up a few for you also can't hurt

[bzbrent]

Food-Clothing-Shelter…in that order.

The first two are relatively simple, but the last one comes with some strings.

Shelter has utilities, taxes, insurance, upkeep – with the first being priority.

But 5-day plan would be as follows: Secure the “add-on” area and don’t spend another nickel there. Worry first on getting mortgage paid. Call your lender and tell them what has happened in your life. It is WAY better to step out in front of the problem and engage dialogue than to have them do so. Same is true with the boat, and anything else that has a loan on it. Then do a quick assessment of areas in your monthly budget that you can remove immediately: Cable, eating out, etc. Lastly, look around the house for items that you can sell. Bad time of the year for a garage sale, but it’s doable. Once you’ve done those things, adjust your budget to cover living costs first and foremost on a week-to-week basis.

Then go get a job – any job! Get two of them if you're physically able to...same with wife. Ego has no place in your thinking right now. Anything you can do in order to muster the funds to cover living costs is a win. Over the next 30 days there will be tons of opportunities for “seasonal” work. Take advantage. DO NOT allow yourself to wallow in what’s happened. Bottom line – you DO NOT want to file BK. It’s a no-win scenario - particularly at your stage in life. Banks will work with you as long as you work with them and get in front of the problem before there is one.

-b-

[Bamaman]

We understand how you are very upset, and we are truly sorry for what you are going through. Living from paycheck to paycheck is difficult under the best of times but even harder when you have substantial debt on toys and vehicles.

I was laid off 9 years ago today. Fortunately severance pay and unemployment lasted a year until I could get into retirement and my 401K. You are too young for that.

You don't say what kind of job skills you have. If you are going to be new to the job market, get looking now. Even if you have to take a lesser job, permanent positions are easier to find when you are working. And if you have to take a part time job doing anything, do it.

If you cannot pay any debts, large or small, call your creditor before going past due and tell them your situation. A number of ways are available to keep your accounts up to date on their books. They may can give you an extension of terms where a small fee is paid and the installments are moved to the rear of the original payment terms. Sometimes a refinance can start payments in a month or two. There are also some government programs where you can pay lesser mortgage payments until your income returns to normal.

But get that "B" word out of your vocabulary, as it should be reserved for things like debilitating medical debt or other horrendous circumstances. Creditors don't need to hear about it.

It is so easy stick your head in the sand, stay at home and watch television all day. You don't have time to do that. It is time to get in contact with all your friends and relatives networking because the best jobs are not found online or in the newspaper. They come from people you already know and their personal contacts.

[larryhyco]

when 1 door closes another 1 opens. I've been down that road before and it was devastating. It worked out in the long run.

[Axkiker]

Also something else sticks out to me. You said you were put on unpaid suspension and the outcome will likely not be good. So reading between the lines it appears you are going to be fired.

If thats the case and the reasoning is unjust you need to fight that to the best of your ability. I know around here if you are fired and the hopeful new employeer does a reference check you might as well have never interviewed. If you are getting fired and you do indeed deserve it for whatever reason see if you can work out a resignation. Then hopeful future employeer gets a positive review. I know different states differ in how this is handled.

[D.O.C. 989]

Here is one if interested.

Salary And Benefits (07/01/2014)
The starting salary for a Correctional Officer Trainee is $42,432 per year. During the three-month appointment as a trainee all Correctional Officer Trainees are required to attend six weeks at the Corrections Training Academy. Upon successful completion of a three month trainee period and a four and one-half month probationary period, Correctional Officer Trainees can be certified as Correctional Officers. At that time, a Correctional Officer’s salary increases to $48,432 per year.

https://www.illinois.gov/idoc/aboutu...s_At_IDOC.aspx

[dean c]

Food-Clothing-Shelter…in that order.

The first two are relatively simple, but the last one comes with some strings.

Shelter has utilities, taxes, insurance, upkeep – with the first being priority.

But 5-day plan would be as follows: Secure the “add-on” area and don’t spend another nickel there. Worry first on getting mortgage paid. Call your lender and tell them what has happened in your life. It is WAY better to step out in front of the problem and engage dialogue than to have them do so. Same is true with the boat, and anything else that has a loan on it. Then do a quick assessment of areas in your monthly budget that you can remove immediately: Cable, eating out, etc. Lastly, look around the house for items that you can sell. Bad time of the year for a garage sale, but it’s doable. Once you’ve done those things, adjust your budget to cover living costs first and foremost on a week-to-week basis.

Then go get a job – any job! Get two of them if you're physically able to...same with wife. Ego has no place in your thinking right now. Anything you can do in order to muster the funds to cover living costs is a win. Over the next 30 days there will be tons of opportunities for “seasonal” work. Take advantage. DO NOT allow yourself to wallow in what’s happened. Bottom line – you DO NOT want to file BK. It’s a no-win scenario - particularly at your stage in life. Banks will work with you as long as you work with them and get in front of the problem before there is one.

-b-

Darn good advice...

[5-Dinks]

If you were fired or will be due to no fault of your own you should be eligible for unemployment pay/ benefits. If you are found at fault that goes out the window. While waiting for a decision I would get my resume updated and uploaded to as many job search engines as you can stand doing. Get all of your and your families medical stuff taken care of now before you lose those benefits! Start figuring out where financial cutbacks can be made to save money and start networking and looking for a job. Do not accept one until you know the outcome of your current job if you want to stay with them. If not take the first thing that you can get that pays your bills. Also know that if eligible for unemployment pay, that pay will be reduced by any money you earn from any other regular income earned unless you get paid under the table. Good luck!

Also as Brbrent said before. However, I would try doing job-search thing in a smart way rather than a take anything way. You want to make the most efficient use of your time. Working 2 or more jobs might allow you to scrape by but doing your due diligence and finding one job that gives you want you want in pay and benefits is the smarter way to go while still allowing you to live a somewhat normal life in all regards until you find your next real job! You have limited time to do this as it is a balancing act depending on your particular situation with your lifestyle and finances.