Losing Your Job: Can You Terminate Your Lease?
Author: JaneiR36
Posted: Thu Oct 20, 2005 6:35 pm
Post subject: Exit strategy: What would you do if
you lost your job?
Or otherwise your source of income?
Reading a few posts about people getting financially decimated has got me thinking. Especially with us playing more and more sophisticated games with the credit card companies, I often wonder what is our plan of action if we were to suddenly lose our source of income? Not only for repaying any debts to the CC companies, but I'm also curious as to the plans we have in place for living arrangements, food, transportation, day to day activities, etc.
In my case, I'm single, no children, and I am a renter. My lease does not have an early termination option, however they told me they were pretty nice about working with people who lost their jobs, had to leave town for another job, etc. I would be at their mercy to terminate my lease early. After doing so, I would definitely move back in with my Mom or one of my sisters, and that should help cut out that huge monthly expense.
CC companies are where it gets hairy. I will just continue to make my minimum payments, and hopefully companies would offer me some good 0% offers. If they do, I would list the income of whoever I'm living with as my household income to help qualify (if they ask). I would need to do this in order to extend my current low interest rates as much as possible, before I can find new employment.
Other than breaking my lease and doing some damage control on my credit card statements, I can't really say I have much of a plan in place. I'm even beginning to wonder when exactly I would break the lease. Would it be premature to break it and leave town right away, or would I need to be optimistic, and try to find something else in a very small town before leaving altogether?
So what's your exit strategy? Or other comments?
Author: Polonius
Posted: Fri Oct 21, 2005 10:45 am
Post subject: Losing Your Job: Can You Terminate Your Lease?
Well, you have to live somewhere. Generally landlords don't go after renters for breaking a lease--they just rent to someone else and, in that case, their damages are only for the rent due before they found another tenant. You can also look into subleasing or getting a roommate to split the costs.
It's not just job loss--health problems or disability or divorce can also ruin the best plans.
My advice, as always--get plenty of credit BEFORE anything happens. Then you can live off those cards for a while if needed.
Just think of what those affected by Katrina are going through! Suddenly, they're homeless and unemployed through absolutely no fault of their own. How long could you manage if the same sort of thing happened to you? That's something we all have to think about and plan for.
Working harder, getting paid more, spending less, and saving more is another tactic. As is getting good medical insurance and possibly disability insurance as well...
Posted: Thu Oct 20, 2005 6:35 pm
Post subject: Exit strategy: What would you do if
you lost your job?
Or otherwise your source of income?
Reading a few posts about people getting financially decimated has got me thinking. Especially with us playing more and more sophisticated games with the credit card companies, I often wonder what is our plan of action if we were to suddenly lose our source of income? Not only for repaying any debts to the CC companies, but I'm also curious as to the plans we have in place for living arrangements, food, transportation, day to day activities, etc.
In my case, I'm single, no children, and I am a renter. My lease does not have an early termination option, however they told me they were pretty nice about working with people who lost their jobs, had to leave town for another job, etc. I would be at their mercy to terminate my lease early. After doing so, I would definitely move back in with my Mom or one of my sisters, and that should help cut out that huge monthly expense.
CC companies are where it gets hairy. I will just continue to make my minimum payments, and hopefully companies would offer me some good 0% offers. If they do, I would list the income of whoever I'm living with as my household income to help qualify (if they ask). I would need to do this in order to extend my current low interest rates as much as possible, before I can find new employment.
Other than breaking my lease and doing some damage control on my credit card statements, I can't really say I have much of a plan in place. I'm even beginning to wonder when exactly I would break the lease. Would it be premature to break it and leave town right away, or would I need to be optimistic, and try to find something else in a very small town before leaving altogether?
So what's your exit strategy? Or other comments?
Author: Polonius
Posted: Fri Oct 21, 2005 10:45 am
Post subject: Losing Your Job: Can You Terminate Your Lease?
Well, you have to live somewhere. Generally landlords don't go after renters for breaking a lease--they just rent to someone else and, in that case, their damages are only for the rent due before they found another tenant. You can also look into subleasing or getting a roommate to split the costs.
It's not just job loss--health problems or disability or divorce can also ruin the best plans.
My advice, as always--get plenty of credit BEFORE anything happens. Then you can live off those cards for a while if needed.
Just think of what those affected by Katrina are going through! Suddenly, they're homeless and unemployed through absolutely no fault of their own. How long could you manage if the same sort of thing happened to you? That's something we all have to think about and plan for.
Working harder, getting paid more, spending less, and saving more is another tactic. As is getting good medical insurance and possibly disability insurance as well...
posted by CardRatings.com at 12:19 PM
0 Comments:
Post a Comment
<< Home