Hi

I just wondered if anybody could give me a bit of advice on my situation please. 

I am going through problems at work and don't know if I'm going to be made redundant or not ;(   I've been looking for other jobs but can't see any that's near my current salary so may have to take a job with a lower pay.  Now, I'm in a debt management plan and obviously if my salary goes down then the money I pay my creditors will also go down and if they decide they won't accept a reduced payment then they can take me court for settlement.  Can they force me to sell my house bearing in mind I've got 2 small children (5 and 3)?

Thanks for any advice given.

Hi Dawn

It depends on the terms of your plan. But your creditors would have to take you to court and get you declared bankrupt. Then you would be in the hands of the insolvency service. BUT they would not necessarily make you sell your home especially if you can continue to make your mortgage payments. They take all your circumstances into account.

The best thing for you to do is to speak to CAB and take all your details with you. They will be able to give you advice specific to your circumstances.

Lottie

CL of Money Matters