Pay cut

lyndsey80

I am facing a 20% pay cut with a 4 day week. I posted my SOA last week and I have, as it stands £73 left each month and that's just paying minimum payments on my credit cards.
My salary would reduce to £14,480, which I think may entitle me to Working tax credit?
Also, would I have to tell my mortgage provider that I have had my pay cut?
I am going to go to CAB tomorrow with a list of all my debts to see what I can do

Debt_Free_Chick

Not sure about the entitlement to working tax credit, but you should apply and see what they award you. Or at least call the helpline - you can find more here

Re the mortgage - I guess you're worried that your lower salary might mean that the lender would not have lent you the amount you have? If so, don't worry - that won't happen. Once you have a mortgage, you simply need to meet the repayments. Some lenders ask that you "inform them" if "your circumstances change" so check the T&Cs. But should aim to make the repayments as, provided you do so, then you have no problems. Are you on a repayment mortgage? If so, you might want to consider whether switching to interest only would help, but you should do this only as a short term measure.

You really need to get your spending under control or increase your income. Could you find a part-time job?

Good luck

lyndsey80

I am paying interest only, and luckily it's just over £100 being on a tracker. What is going to prove difficult is the £17k in loans and credit cards that I owe!! I don't think I will be able to meet the minimum payments.
I have a part time job also but they have cut everyone's hours, I only get about 8 hours off them a week, when I used to be working about 20+!!!
I am also looking for any other part time work, but nothing has become available as well as looking for another full time job, but things don't seem to be that easy these days!!!!

savingholmes

Hi third time lucky - it keeps deleting my text... basically look at the DFW board... post your story perhaps? Ring CCCS and National Debtline for advice... Sign up to the Make £10 a Day challenge for April as an easy way to up your income

Good luck

mike.mccusker

I obviously don't know your circumstances but I think it is people with low earnings and unrealistic borrowing that are causing this crisis. Welcome to your bed.

charlesworth82

mike.mccusker wrote: »

I obviously don't know your circumstances but I think it is people with low earnings and unrealistic borrowing that are causing this crisis. Welcome to your bed.

great advice - this site used to be somewhere to come for information. now seems full of people who like to think they know better

garthdp

mike.mccusker wrote: »

I obviously don't know your circumstances but I think it is people with low earnings and unrealistic borrowing that are causing this crisis. Welcome to your bed.

you are out of order matey boy!If you cant help then dont bother giving us your opinions.:rolleyes:

mike.mccusker

truth sometimes hurts heh?

Pete111

Mike, I don't know your circumstances but I think you missed a turn a little way back. The board for sanctamonious unhelpful prats is thataway...

:money:

lyndsey80

Low earnings? No. I earn a modest wage with 2 jobs. Ambitious? Yes, getting on the property ladder without help from Mummy and Daddy, all on my own as a single female.
If you really want to know then I was going out and living with someone and stupidly and naviely got into debt in my name, which was for both of us - buying a car, furnishing a flat. We split and I was left with the debt. Had nowhere to live, was renting and decided to buy.
Is that ok for you?

Prudent

mike.mccusker wrote: »

I obviously don't know your circumstances but I think it is people with low earnings and unrealistic borrowing that are causing this crisis. Welcome to your bed.

How very unkind and unnecesary.