You need to make an appointment with your bank manager.

Take a list of income/outgoings with you and explain the situation. They could probably halt your repayments for a few months while you sort yourself out.

If you ignore this at this early stage it will get much, much worse. Courts, bailiffs, etc.Definitely contact your bank. They should have some sort of customer assistance dept to help in these kind of circumstances. So many people are struggling with repayments right now so they'll understand. Also, check what insurance cover you have against redundancy,you need to contact your bank asap and explain you have been made redundant and wish to lower the re payments they will probably not except this but so long as you make an offer of payment you have notified them of your situation.

Book an appointment with a dept counciller your local council should give you the phone no they will liase with bank on your behalf and make offers of payment or request deferral of payments.If you are on a very low income as you are you can offer the bank £1 per month until your financial situation improves, you need to fill in an income and expenditure form and send it to them and they will accept it as you are on a very low income. Good Luck.

 

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