Please Help!

firesidemaid

is your overdraft really at 0%? if it is and you have a bigger limit then leavve / use it.

pay off the highest interest rate debts first (plus the ones where the monthly payment is higher as you may not be able to afford this on less money).

planning_ahead_2

lucy_w86 wrote: »

Thanks All.

Firstly, I can not stay at home as my parents have asked me to leave.

Secondly, before I fell pregnant, I had a car and thats where most of the £700 went. Now I got myself sorted, set out a debt plan and fell pregnant!

I dont know where to direct my money? Should I get out of my overdraft first or reduce it as much as possible as soon my income wont even cover it?

x

If you parents have asked you to leave, go to the local housing dept (council/housing association) and advise them you are being made homeless. You may find they have a duty to 'house' you. Take advice from your local Citizens Advice Bureau as well.

If the council/housing association does have to house you then you will not need to find the month in advance deposit + current month rent that is the usual with private rented properties. You may find the council put you in a 'bed and breakfast' type place to start with - take it - it wont be forever and it will be a damn sight cheaper than private rental.

Finally, have you had a good, honest chat with your parents about your financial situation? I know every parent is different, but if it was my DD I would try and help and let her stay whilst her finances were cleared. As I said I know not everyone will (or can) do this but you will never know if you are not completely honest with them and ask the question 'please can I stay home mum and dad'

[Deleted User]

Split the excess (after you have saved a small portion for when the baby's here/bought the essentials you need) each month between the two credit cards, and tackle the overdraft after these two are paid off, as they charge high interest, and from your SOA the overdraft is 0%. Always pay off debt starting with the highest interest charges first.

If your income will be reduced in 6 months, I would definately try and reduce the balance of your cards before then as it might be harder to find the extra cash once the baby arrives.

Good luck

lucy_w86

Not sure what my overdraft is but its not 0% I usually pay around £15 per month when maxed.

Should I clear my cards first and leave overdraft even when my pay is going to be really low?

psychopathbabble

Are you not entitled to some full-pay while on maternity? I know every company is different but even so... not sure what the legal requirements are?

The advice given is correct, pay off the highest interest debts first as the longer these go on, the more money you are wasting in interest. The more you pay now, the less money you will be paying in interest therefore the more money you will have.

As said above somewhere, you can get all your baby clothes etc from ebay, freecycle, car boots etc. Most of these things are new or almost new anyway, and a fraction of the price. Your baby won't know the difference, and neither will anyone else. Babies are in things for such a short amount of time, it's pointless you wasting money you don't have on brand new items (except the hygiene ones - mattress etc).

Not sure how the housing thing works if in employment? But worth getting yourself down there asap, the sooner you get on the list the better.

Lastly, good luck with it all! There is some good advice that has been given.:)

WASHER

Lucy, have you had a look at entitled.com, put two sets of figures in, the ones now and the figures when you are on maternity leave. You should get housing advice as soon as possible.

Get yourself down the Citizens advice bureau as soon as possible.

maysmummy

Congratulations on your baby, Lucy.
Sorry to hear of your difficulties but I am 100% certain that they can be dealt with. After all, you only have to pick up a copy of the Daily Mail to realise that single mums live in the lap of luxury :rotfl::rotfl:
Seriously, you will be fine.

What can you do?
Firstly, contact the housing dept of your local council and tell them you are being made homeless while you are pg.You local branch of Shelter will assist you in yor application.
Next, the benefits agency and get applying for benefits. When they find you accommodation, they will help you with your costs.
Thirdly, the baby's father will bw asked by the CSA when born to contribute, so ask him now!
Fourthly, write to you CC , tell them of your difficulties and offer a token repayment of £5pm for 12 months.

Hope you can work out an action plan. keep posting

chivers1977

What are the lenses that you have? It is likely that you can get them cheaper online.

I have drops that I was presribed for dry eyes with my soft lenses that I put in at night before going to sleep. I can look the details up if you like...

It may well be that it is due to your pregnancy that you are getting dry eye - it is known problem. You may have to wear your glasses for the next few months and this would save you the money.

lucy_w86

I get full pay for 6 weeks and then SMP for 33 weeks.

I am putting myself on the council list on Wed. Taking all my forms although they wont help me due to pay. Closer to the time, I am going to get down to the homeless people as well.

I hate seeing my overdraft and really want it cleared before the baby is here. I know I can continue to pay the minimum payment when baby is here and the father will be helping me out with money too.

x

[Deleted User]

Check what the interest rate is on your overdraft - if it's higher than that on you credit cards pay the minimum amount on your credit cards and pay off your over draft.

If it is lower than your credit cards, pay the maximum you can afford to each credit card each month and start paying the overdraft off after both of these are cleared.

If, as suggested somewhere above, you do decide to open a seperate account for your income to go into check that you will not be breaking any terms and conditions of your overdraft - my overdraft facility is about the same amount as yours and in order to keep it active I must pay a minimum of £1,000 into the account each month. If you don't keep to the terms and conditions they could remove the facility from your account.

If you pay the higher interest first, then you will reduce what you are paying back overall, and is likley to mean that you are paying for a shorter period of time.