A payment break to allow you to find alternate employment. Let your td company know this is a possibility just now and discuss any other options you may have. Have you been at the same place of work for long enough to get redundancy pay?

Paul

Been at the same place for 20 years, but just found out that the owner is looking to sell the business.
If it is sold as a going concern, then I'm ok....but if its sold for assets or wound up, I'm in trouble.

I'd just hate to be almost through my TD, and then be forced into bankrupcy.

Its possible for your trustee to ask creditors to accept what paid to date and conclude the td but best to wait until you know for sure whats happening,fingers crossed you stay safe.

Paul

There seems to be a variety of ways this kind of situation is dealt with, even among the experts on this site. However, given that the circumstances are outside of your control and that you will have already paid in for 2 years, then I don't see why you should necessarily be made bankrupt. As plasticdaft said, you should be given time to find something else and then resume payments at whatever level is affordable.

Hi amorphous.

Presumably you would be in line for a reasonable pay-off if the worst happened?

Is the business doing OK or is the owner looking to make an exit because times are tough?