My debt - this doesn't look good

Caroline73_2

if your phone is for work then it should be in your business accounts, not taken from your household budget.

beanielou

So would you keep your employment too?
Are the start up costs high?

i_am_debt

True, but when the business can afford it I pay the current account for certain things.

i_am_debt

beanielou wrote: »

So would you keep your employment too?
Are the start up costs high?

I will need to keep the employment until I have a steady income.
Startup costs are very low but I just don't have any regular income from it. One month can be really good and you feel things are going well (but don't get over excited I am not talking big bucks just a few hundred) then another month I could be lucky to get £50 over the running costs (insurance, Petrol, Internet, software subscriptions, advertising).

i_am_debt

Just spoke to CCCS and they have added the extra debts on, not too happy but they did it ok.
This has reduced my payments as well as we have also defaulted on our mortgage this month.

basically if we cannot increase the payments when we have cleared the arrears then we will have to go on to an IVA or bankrupt!!! :eek::eek::eek::eek:

any advice would be greatly appreciated before i have a complete meltdown.

thanks for listening - if there is anyone out there.

beanielou

Why have you defaulted on moprtgage?
This is a priority debt as Im sure you know.

beanielou

i_am_debt wrote: »

Just spoke to CCCS and they have added the extra debts on, not too happy but they did it ok.
This has reduced my payments as well as we have also defaulted on our mortgage this month.

basically if we cannot increase the payments when we have cleared the arrears then we will have to go on to an IVA or bankrupt!!! :eek::eek::eek::eek:

any advice would be greatly appreciated before i have a complete meltdown.

thanks for listening - if there is anyone out there.

Is this for your mortgage?

i_am_debt

beanielou wrote: »

Is this for your mortgage?

what i meant to say was if we cannot increase the CCCS payments after we have cleared the arrears with the mortgage then they will look at an IVA or BR (can't even bring myself to type the whole word).

problem is that childcare costs are going to be higher than my wifes wages so i don't see how we are going to get out of this in february when she is due back to work.
I am looking at working from home options for her but she will have 1 or 2 of the kids to look after.

ihatebiffandchip

Hi,sorry i am no expert on debt, but I would def ring tax credits and see if you are getting enough from them. Do you qualify for the childcare element of working tax credit? Have you told them that your wife is on maternity leave and on maternity pay? I think that with maternity pay you get the first so much per week disregarded when calculating tax credits - don'[t quote me on that, but worth asking the question.
Good luck!

ihatebiffandchip

Also, wrt your wife returning to work, it may work out to be more cost effective for her to stop working so there are no childcare costs and to see if tax credits will cover the shortfall? That may also save you money in car costs etc if she uses a car for work... Or maybe she could change her hours so she works while you are at home looking after the kids? I realise that is not good for work/life balance etc but might be a short term fix?