how to pay when the jobs gone?

hazbow

hi,

Theres a good chance my job will be ending next month so after some advice on what to do about my direct debits when the money stops coming in.

I have a loan, but have insurance on it, so thats ok. but my car insurance is £77 a month, i have a contract phone for £35 a month and broadband for £17 a month. These all come out as direct debits. Oh and still a little bit on my credit card to pay, about £200.

So if i cant find another job and i have to get benefits, which likely wont be enough to cover the payments i need to make, what can i do?

chevalier

Is you mobile phone in the first 6 months of the contract? If it isn't then phone and explain the situation and ask to be put on PAYG or their lowest tariff and then ONLY use the free minutes. Or give it up completely. Ref the car insurance that is VERY high. Have you looked at swapping? I am assuming that you are living with parents as you don't have any other outgoings? So I guess maybe the answer is to be signing up with temp agencies now, so that they can start lining work up for you. Also start ebaying like mad to get yourself a little cushion to pay those direct debits.

I would also check NOW that the loan insurance really WILL pay out. And more to the point WHEN. Sometimes there is a delay and you need to know what it will be, and also that you maybe still be required to pay in the interim.

Finally polish up your CV! There are still jobs out there, just maybe not in your chosen field.

good luck
chev

Pollycat

Also check out the Redundancy & Redundancy Planning and Benefits forum on here.

fairydiamond

You should be entitled to JobSeeker's Allowance which would help with some of your outgoings.

Horace

I manage on £60.50 a week, I pay £34 a month for my tv, broadband and phone. My mobile phone is with virgin where I pay each month but only pay for what I use so its a kind of contract but not if you see what I mean. I also manage to run a car, what I do is shop more frugally than I did before and managed to get a 0% balance transfer card so that debts were shifted over and I pay £25 a month. Thankfully, a friend stays over sometimes and he will pay for my shopping so it all helps.

It can be done, you have to be very strict - I shop in the cheap shops and will buy out of date bread which I freeze, I bulk cook and freeze too. I also get by with selling stuff on ebay or at carboots.

The idea is to pay bills first and food and clothing comes last. If you are made redundant you should be able to get JSA, Housing and Council Tax benefit.

fairydiamond

Hats off to you, Horace. Managing on £60.50 must be very difficult. I was on £47 with JobSeeker's Allowance not so long ago and I found it unbearable.

bathgatebuyer

Being out if work is a nightmare - I was out of work a few years ago and I can only describe it as one of the worst experiences of my life. Every day became a nightmare trying to avoid the chasing phone calls and the letters from various banks and things so I really sympathise with you.

Claim everything you are entitled to - that's what it's there for. Try and find whatever work you can, even if it's only a few hours in Lidl or something, try putting what you don't need on ebay, maybe find a supportive friend or family member who can offer to help out. I was very VERY lucky that a friend of mine picked up a council tax bill that I couldn't pay with no limit of time to pay it back. Very lucky indeed. It is all a bit of a kick in the pride, but it will be a temporary thing.

Check the small print of the loan insurance and make sure you are covered. There are often some essential conditions tucked well away in the small print which you will only discover when you try and claim (my experience taught me to never take anything for granted :mad: as far as PPI cover goes).

Should also add that claim your JSA as soon as (and I hope it doesn't happen) you are made redundant. The insurance companies will ask the DWP to sign the forms to say you are a claimant. And, depending upon your living situation, you should also contact the Council Tax people - that depends on your own situation though and the number of other workers within your household.