Redundant - and completely lost .

intruder_glasgow

Hi everyone,

I've always been an avid reader of this site, and I'd really appreciate any help or advice that anyone could give me thenks.

I was made redundant from my £48k/year job last month. I'm married, with a wife a 3 children aged 12,9,and 6. Homeowner, with a 460/month mortgage.

I have a tiny amount of savings, not that we live a remotely exotic or expensive lifestyle, but we all know how expensive families are.

I am currently signing on for JSA whilst my job search goes on, and am told I am due 94.95 per week. After 8 weeks, my mortgage payments will be covered.

What I'd like advice on is if there's anything else I'm due, as to go from a takehome pay of £2800 monthly to these benefits is a hell of a drop - there's absolutely no way on earth our family can survive on this. I calculate that our bare minimum outgoings monthly are £1886, and that's after I've cut Sky, treats etc out. These are all minimum CC payments, mortgage, food, insurances, fuel etc.

I have contacted Tax Credits and am waiting for their feedback, but after paying £1200/month in income tax for the last 2 years alone, I really hope there's something else that we're entitled to or else we're facing ruin.

Many, many thanks in advance for any help and advice.

bestpud

Is your OH working? If so, how many hours a week?

And are you claiming child tax credits already - would be the minimum £545 a year if you are, I'd have thought?

The JSA sounds about right to me (although that is just from what I've seen on these boards). Are you sure they will start paying your mortgage in 8 weeks? Or is that from a payment protection policy rather than benefits?

I think your ctc will increase when you are on JSA and you may get wtc if your wife works. However, it will nowhere near make up the shortfall.

Lastly, have a look at the debt free wannabe board as they are great at seeing where you can cut down (if you post an SOA) and also with advice about cc debts etc. I am almost certain you can get your outgoings lower than £1800 a month. Plus you will be a bit better off once your mortgage payments kick in.

brightonman123

sorry to hear your plight- do you have any redundancy payoff due?

if no new job likely soon, i guess the biggest 'saving' might be to sell the house and get somewhere cheaper?

hang in there, and welcome to the 'real world'!

epsilondraconis

Sorry to hear of your redundancy.

Try taking a look at this:

http://www.entitledto.co.uk/

intruder_glasgow

bestpud wrote: »

Is your OH working? If so, how many hours a week?

Hi, thanks for your reply. OH is not working. We were claiming CTC, they mailed us in July saying a 500UKP overpayment had been made in previous year so that cancelled out what we were due for the remainder of this year.

Mortgage paid via JCP in 8 weeks as been in place since before 1995 (?) .Reading DFW as we speak, thanks!

intruder_glasgow

brightonman123 wrote: »

if no new job likely soon, i guess the biggest 'saving' might be to sell the house and get somewhere cheaper?

hang in there, and welcome to the 'real world'!

No redundancy due, been in post *just* under 2 years. Selling the house would be an absolute final option, but one I'm aware of. And I've always been in the real world, thanks.

intruder_glasgow

epsilondraconis wrote: »

Sorry to hear of your redundancy.

Try taking a look at this:

http://www.entitledto.co.uk/

That's handy, many thanks.

Oldernotwiser

Do you have enormous amounts of credit because your minimum monthly outgoings looks huge, considering the small mortgage you have. If so, you need to contact your lenders to see if they will accept smaller payments for a period.

SuziQ

You will find that tax credits will help somewhat. With regards to your credit cards,have you spoken to them? Most will allow you to pay much lower amounts,if only for 6 months-some of mine I am only paying a nominal amount on and some have even frozen or lowered the interest charged for a while,this will free up money for the important things. Don't forget that mortgage interest only will be paid and not sure what happens if mortgage is in joint names-your wife may need to apply as well, not sure about this though. Also contact your utility companies as they may place you on a social tariff for a while which will save a little bit (unless you have already secured a good deal).Also check if your children will be entitled to free school meals and if you are entitled to council tax benefit.If you don't apply for this straight away you can lose it.

Sorry I can't be more help but I am still learning from this site!
It must seem desperate at the moment,but things will pan out-6 months on I have found it's pointless worrying!

mouseymousey99

Hello - Sorry to hear, its a hell of a shock isn't it? My suggestion would be to have a look at the oldstyle board. You would be amazed how much you can save with a little thought. Other boards on here will help you sort out cheapest utility etc. I notice you said a family couldn't live on the ammount. I don't mean this harshly (honest) but hon, loads of people do (choice/none)! Get on to entitled to as suggested, one thing you are now is time rich. It will get better - its only money - if you all have your health thats really all that matters.
with all best wishes
Mx

cuddlymarm

Hi

From the tone of your post you seem to be panicking. Try not to it won't do you any good.

Once you get over the initial shock and take charge you will feel much better. I don't know what your skill is but you will be better getting in touch with agencies raher then the Jobcentre (my eldest went through the phone book sending CVs out to anyone and everyone) Also maybe you could take something else in the short term until the job you want comes up. Just doing something feels better than waiting for it all to collapse round you.

Also cutting costs (cutting Sky, looking at your grocery bills, etc ) and bringing in money from other ways. Car booting, ebay etc may only be small but everything helps.

And talk to your bank if you need to, if you have equity they would rather you stay and eventually pay when you have a job than take your house.

Please try to relax, getting made redundant is not rare these days.

I hope this makes you feel a bit better

Cuddles:rotfl: