Great 'Biggest financial fear' Hunt

Barbarataba11

Greatest financial threat? Losing my home or falling into negative equity. Losing your job is a scary one as getting a job at the moment pretty much like russian roulette; employers are being quite picky with who they can employ nowadays!

Cyril

Redundancy followed by increased rate changes.

Audz48

The threat of redundancy.. over the last 15 years and being a single parent ive overspent on credit cards which were thrown to me right left and centre and can just about afford to pay back the minimum on them every month . If i lose my job which is possible, i'll probably have to declare myself bankrupt and lose my home also. Ive just recently taken on a second job at the age of 49 just to make ends meet!

laurel7172

Being ill. For a long time.

I had a health shock a couple of years back, and though I'm fine now, there's no guarantee I won't progress to long-term illness.

I'm understretched, overqualified and I have several ideas for starting my own business, but I'm in a job with supportive management and generous sick pay, and the thought of giving that up is quite frightening when you know you've got quite a high chance of needing it.

I suppose it snowballs in my mind because if I had to spend my savings to survive (financially) major illness, assuming I survived (physically), I'd never catch up, and I'd be looking at poverty in old age as well...

megsykins

laurel7172 wrote: »

Being ill. For a long time.

I had a health shock a couple of years back, and though I'm fine now, there's no guarantee I won't progress to long-term illness.

This is really scaring me at the moment and I'm not sure why. I think it may be down to a good friend of mine being involved in an accident 18 months ago. Although she 'only' suffered a broken leg, she had to quit her job and move away from the city she was living in and back home (she lived in a second-floor flat with no lift). Transport even in a big city was a nightmare as for a long time was unable to walk as far as the bus-stop, and taxis were a no-no as it was a black cab that had hit-and-run her. Even though I'm only 25 it's brought home to me that one small mis-step and I'd be screwed - I also live in a flat with no lift, and my next-of-kin are hundreds of miles away so wouldn't be able to stay with f&f for a while; my commute involves two miles of walking, a train and two tubes, plus steps at every change so it's unlikely I'd be able to get to work so would probably have to give up my job and leave London.

I don't know why this is playing on my mind at the moment but it really is - the financial certainty and the realisation that your friends are no replacement for your family ... I know the chances are tiny but still :huh:

robynprincess

i think the price of things going up worries me the most, we are in a perfect balance right now but if something goes up (gas, etc) by much i think we would start to sink

Wanting_to_meet_potential

Money worries have haunted me for about a decade. I used to work for a bank and was very good with saving and budgeting. But then in my twenties I decided to go to university and my money skills went sightly wrong! I took out loans/credit cards and student loans just to make ends meet (I was working but only part time). Then came a masters degree, I struggled to pay this off and the debt grew larger. I believed all would be fine after graduation as I expected to get a decently paid job that would pay off all this debt. WRONG! I became ill with M.E. and have only been able to work part time for the past 4 years. I have been looking for full time work for the past 6 months without success. I haven't begun to pay back my student debts yet (14000 and rising) or paid more than the minimum payment on any of the credit cards and loans. The recession hit me personally this week. Barclaycard advised me my APR would be rising and will affect my minimum repayent. This will make my monthly payment £50 more, £50 I don't have.

My biggest worry??? That it will be years before I can get full time employment and begin to pay off my irresponsible debts from my 20's.

ginacook

My biggest financial fear has just been realised.
Long term illness and not being able to work.
My husband recently suffered a burst brain aneurysm. It was touch and go several times and after his op he got an infection and had to have part of his skull removed. Good news is he's alive and kicking and getting better every day, bad news is no work for a minimum of 12 months and the possibility he may never go back.
As he was the bread winner and earned a very good wage I often broached the subject of taking out health insurance 'just in case' but because he saw himself as fit & healthy he used to say it was money we couldn't afford. How wrong he was.
Hindsight is such a wonderful thing but to late for us now.
We are now on £12000 a year for the forseeable future (I am part time with no chance of full time for 3 years where I work ....government cut backs again) plus statutory sick pay of £80/week soon to go down to £60.
He is on the mend now from the initial op but will need a plate put in his head in a couple of months. There are some worrying times ahead both financially and healthwise!
At least with losing your job you have the chance of getting another one. With certain illnesses/disabilities you don't.

JennyB

This is easy - losing the house. I'd quite happily forage for food from rubbish bins and huddle around a pile of burning rubbish in my dining room for warmth than lose my home. I'd imagine this is the same for most people.

glimmerofhope

Increasing Mortgage Rates / Negative Equity and the fear of losing the flat