I have lost my Job before Completing My Bank Loan, What Should I Do?

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“I have lost a job before completing my bank loan which I was servicing. I am stressed up because I have three children, I am studying for my MBA and also paying my mortgage. This is what happened to me.

This year, our company gave a profit warning. I though since I was almost irreplaceable there was nothing like sacking for my case. I continued working hard as I achieved my targets. A month ago, the company issued letters of suspension to half of its employees, I was among them. It also hired a counselor to help us absorb the shock.

It’s a week ago when I lost my job. I have started exhausting my savings and I fear the worst can happen. I pay for my MBA, I pay for my mortgage and also pay college fees for my sibling. Please help me come up with a solution”

Solution

The first thing to do is to accept you don’t have a job. As you wake up ask yourself this question, how do jobless people survive without employment? If you are unable to get an immediate solution, here are the answers.

More than 50 % of the people you see in the streets are jobless, but don’t they look happy? Yes ofcourse.These people faced what you are facing now, they accepted their status and moved on. The first step they took was to identify a viable business opportunity, use the small amount they had saved to launch the business. This is actually the first thought you should have. I know you will say, “But I have been earning $2,000 per month, I don’t want to lower myself to the level of school drip out”. If you aren’t able to lower yourself life will teach you a lesson.

You have said you are studying MBA.If you don’t have immediate cash to finance your studies, you have to defer. You better to forgo the MBA program than to default your bank loan.

What do you do about the mortgage? As you are aware, if you are unable to service your mortgage, your house will repossessed by the mortgage company. The best thing to do is, talk to an insurance company that deals with mortgage risks and deferred payments. The insurance company will sign agreement with you where they will continue paying for the mortgage as you stabilize.

Alternatively, look for an individual who wants to rent a house. Let out your house and use the rent to pay the mortgage…this is the best option.

About the bank loan. If you have shares in the bank, talk to the bank so that the shares can cater for the loan.Alternatively, apply for bankruptcy.

Another good idea is to plan to migrate to countries that have numerous job opportunities. Such countries include Dubai, USA, Qatar and Canada. If you manage to secure a VISA and migrate there then your life can normalize.

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