Single parent needing more cash!

hellies

I have recently become a single parent, and am in panic mode. I have 2 children under 3, a mortgage and a lot of debt. I am also currently on maternity leave so not earning much.

I need some help!

the house is in my name (although we actually bought it together) and ex doesnt want anything from it, however he doesnt want to pay half of the debts as I have the equity of the house. I am on maternity leave until november, and cannot return any earlier as I dont have nursery places for the children until november. When i return to work (full time) I will earn almost £1500 less than I need to break even, ex has agreed to give me £500pm. I have already applied for tax credits and should be entitled to £400pm

Any suggestions anybody? I am not really in a position to look for a better job as i have to return for at least 3 months after my maternity leave, and i also benefit from subsidised childcare etc. I really dont want to lose my house, as I see it as the only asset i will ever have and my only chance of ever being financially stable.

Js_Other_Half

Is a lodger a possiblity?

What debts do you have?

hellies

not really, I have 3 bedrooms but one is a tiny box room, so even if i put the children in one room i doubt anyone would want to rent my box room. i think i would also feel funny having a stranger in the house with the children.

i have c/cards, a loan, etc. My aim is to be able to afford the minimum payments every month and then throw any extra cash i can make (if there is any!) at clearing them.

headoutthesand

Although you may not want to at the moment, I think you should look to selling your house and cutting your loses.

Even of you rent somewhere for the time being then look to buy next year when the houses have dropped even further.

hellies

i would never be able to get back on the property ladder on my wages if i had to pay out rent. i know my best option for now is to sell up, but i really dont want to unless i absolutely have to. i am prepared to do pretty much anything (within the law!!) to get the cash to stay on my feet, i just cant seem to find anything!

i have actually just been doing some sums and am only £400 short pm, so feeling a bit more positive that i could possibly raise that every month.

Smashing

You should try posting on the 'debt-free wannabe' board - post a full SOA (guide at the top of the forum) and they'll be able to give you lot of suggestions to maximise your income and minimise your expenses.

emma12345

Check the Up Your Income board MSE forum, there are a few ideas there.

Also check out the debt forums as they have lots of challenges with good ideas for making money, for example the £10 a day challenge.

With the tax credits, are you sure that's all you're entitled to, it doesn't seem that much? Do you get a contribution from tax credits for childcare costs?

Know what you mean about not wanting to sell the house though, when I unexpectedly became a single parent I was not earning and desperate with a new baby, and managed to keep hold of the house by the skin of my teeth!

mrcow

As already stated. Your best bet is to post up an SOA and start from there.