Feeling very down

cloudcuckooland_3

Have done an SOA an seen areas I can improve on but am now 54years old, due to work till I'm 66. In order to improve my SOA I need to seriously up my income. Also my maintenance for my daughter runs out in two years and even wiv snowballing my major debts are still in place, due to run out on 2015 if my maintenance was still on track.
Not sure how I can still keep the debt repayments going after two
years - the obvious answer seems to be to up my income - I have done a lot of cutting back on the SOA already - obviously there will be more to come when my daughter leaves home - does anyone have any other ideas?
Sharing bit - have been told today I cannot reasonably expect further work due to my age - O THANKS!!!:D

RAS

How many hours a week do you work?

cloudcuckooland_3

Work 25 at ze mo - could prob go up to 30 but have had probs wiv depression etc in ze past bcos of stress - have actually done really well getting to this level. At the moment earn 7.00 p/h or 7/71 at weekends. Just rather worried how I'm going to manage in later years wiv all these debts!

RAS

When your daughter leaves home, you need to work 30 hours a weeks, so that you can claim WTC etc.

I believe there is a new rule that means that from the age of 60 years old, you only need to work 16 hours a week to meet the same requirements, but anything can happen in the next 6 years.

lvm

When you stop getting child benefit for your daughter, will she still be living at home? If so, she needs to start contributing to the household. Even if it's only a small amount it will teach her to plan her money for the future.

If she moves out, could you rent her room out and get some extra income there?

cloudcuckooland_3

lvm wrote: »

When you stop getting child benefit for your daughter, will she still be living at home? If so, she needs to start contributing to the household. Even if it's only a small amount it will teach her to plan her money for the future.

If she moves out, could you rent her room out and get some extra income there?

Yes thanks for that - our house is very small but even so thats definitely a possibility! thanks for taking the time to reply:)

cloudcuckooland_3

RAS wrote: »

When your daughter leaves home, you need to work 30 hours a weeks, so that you can claim WTC etc.

I believe there is a new rule that means that from the age of 60 years old, you only need to work 16 hours a week to meet the same requirements, but anything can happen in the next 6 years.

Thanks for that - I have managed to get a tax rebate for the end of March so am feeling a bit more optimistic in general today:)

zarazara

Hi, could you post your SOA? if we can see it there maybe someone who will spot somewhere to make adjustments which will help.

meer53

I'm 54, i work 20 hours a week, i have a 10 year old daughter. I claim working tax credit and child tax credit, are you claiming these ?

cloudcuckooland_3

Yes I am and thanks for replying - I am maintaining debt repayments at the moment partly due to this extra help - however my snowballs show that I can repay all my debts if I sustain this level of income (debts repaid by 2014) but my worry is daughter leaving home for uni so maintenance stops and I am 800.00.a month short. My debt repayments need to be 550.00 a month till then and I only earn 450.00 a month at the moment. Obvious answer is to up my hours but my age is a bit of a worry esp due to recent feedback! See original post.

determined_new_ms

hye cloud!b I know you say you home is small but could you get foreign students in for short periods over the summer? Can be fairly lucrative over a short period. Or what about a p/t job in addition to the one you have? Rent out ur driveway if you have one... 54 is not old btw! x