Job loss?
When it rains, it pours. There’s been an avalanche of bad news: first the sub-prime crisis, then global recession and now financial frauds. Of course, the major fall out has been job loss. But what’s important now is how you cope with this crisis; more importantly, coping with losing a regular source of income. You can’t anticipate losing a job, but you can financially prepare yourself for critical times. We look at different Scenarios where Certified financial planner Kartik Jhaveri tips you on how to go about things. Case1: You lost your job, no or very little savings to fall back on Scenario 1: You have a home loan, vehicle loan or a personal loan Write a letter to the concerned bank explaining your circumstances. Inform them that you would be unable to pay the EMI for two or three months or till you get a job. Usually, banks don’t begin follow ups for defaults before three to six months. Nevertheless, it makes sense to write to them giving an explanation. Tip: If you have spare fun
