'Will your 2011 be a money marvel or misery?' poll discussion

Former_MSE_Lawrence

Poll started 29 December 2010:

Will your 2011 be a money marvel or misery?

By this time next year are you expecting to be:

Much better off
Better off
Slightly better off
Roughly the same
Slightly worse off
Worse off
Much worse off

Please vote here, or click 'post reply' to discuss below. Thanks

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backinbusiness

The only reason I will be better off this coming year is because of this site - and a change of mindset. You can see from my sig I will be debt free from 30th April - freeing up £200 per month. Annoyed with myself for not seeing the light years ago - but better late than never. Can't wait.

minerva_windsong

I said slightly worse, but I'm hoping about the same - the reason being that I'm moving out of my parents' home and into my boyfriend's flat in London, so I'll have to pay expenses like travel, rent, bills etc, but I'm hoping that with what I've learnt from this site I'll be able to maintain a reasonable standard of living with enough left over after covering the essentials to have a couple of treats a month and put money into savings for when we buy a place or if we decide to get married.

earthmother

We're going to be much worse off next year sadly - but had you asked at the start of December, I would have said we'd be about the same as this year, maybe even better off in the end.

We knew that the VAT increase was going to hit us for fuel, clothing etc, but at the same time we were expecting to be able to clear our DMP out within 12-18 months, so in the long term things were going to counter each other.

DH is disabled, has been for some years, and we exist on benefits. The DWP has suddenly decided earlier this month that they had been miscalculating his IB, and we are now £170 a month worse off. Add that to the fact that this miscalculation appears to be at least 8 years old, and they are still thinking about whether they're going to reclaim the money, and we're seriously worried (we've had nothing in writing so far - the first we knew was a short payment into the bank, and every phone call results in a different/conflicting answer).

So now our DMP will take about 3.5 years to clear, longer if they start taking overpayments back, and we don't even know what our true income is supposed to be to enable us to plan ahead properly.

Flower08

I have put that we will be better off. OH starts a new job in January, which pays a bit more money. I have also been given a new contract at work working more hours, therefore more money coming in. So hopfully by this time next year all our debt will be paid off and we will be around £500 a month better off!

fillymit

If DWP has made a mistake they cannot reclaim overpayments from you. If on the other hand the overpayments resulted from incorrect information being given to the DWP by yourselves then they are perfectly entitled to claim back any excess payments made. Hope this helps.

superbabe612

After waiting 6 years following my bankruptcy, I now have a clear credit file and in 2011 I hope to apply for a small mortgage, thus reducing my monthly rent payments to a more manageable mortgage payment and having the security and stability of owning (some of) my own home.

Happy New Year to all MoneySavers!

woodybrighton

completelty brojke going for a dro so plan to be better off by next year can'nt be any worse off:)

JulieGeorgiana

earthmother wrote: »

We're going to be much worse off next year sadly - but had you asked at the start of December, I would have said we'd be about the same as this year, maybe even better off in the end.

We knew that the VAT increase was going to hit us for fuel, clothing etc, but at the same time we were expecting to be able to clear our DMP out within 12-18 months, so in the long term things were going to counter each other.

DH is disabled, has been for some years, and we exist on benefits. The DWP has suddenly decided earlier this month that they had been miscalculating his IB, and we are now £170 a month worse off. Add that to the fact that this miscalculation appears to be at least 8 years old, and they are still thinking about whether they're going to reclaim the money, and we're seriously worried (we've had nothing in writing so far - the first we knew was a short payment into the bank, and every phone call results in a different/conflicting answer).

So now our DMP will take about 3.5 years to clear, longer if they start taking overpayments back, and we don't even know what our true income is supposed to be to enable us to plan ahead properly.

If it's their miscalculation they cannot claim the money back (although they might try). However if you gave them the wrong information which lead to the extra money, then you have to pay it back.

If you know which one it is, and it's the first one... write to them as fast as you can and sort out the issue.

It won't stop the £170 shortfall. But it will save you paying back more.

JulieGeorgiana

I put 'the same' but this is based on the fact that we are living of my Husbands wages, as my job is only until April, and then who knows when the next job will be, so we are paying work related expenses with my wages (childcare and travel costs) and saving the rest in full.

So even without a new job, we will be the same!

If I get a new job, nothing will change but the Savings account

cat4772

I've put slightly worse off because I'll be having baby #2 in July and on maternity leave with SMP and 50% salary for 16 weeks then just SMP alone.

The following year I think the term is financially screwed as I've worked out we'll have increased childcare costs resulting in salary shortfall of £700 a month:eek::eek::eek:

My aim will be to make sure it isn't bad debt and that it is as cheap as possible for as long as possible!