Newbie

lulu79_2

Hello all,
I am new to all this and just hoping someone can give some advice.
I am on holiday from work prior to going on Maternity Leave and finances are a bit of a worry for me. I will be getting about half my salary after the first 3 month and am worried about paying for things.
The biggest worry is my loan with my bank - RBS so I called them today to see if I could arrange a review apt with them so I could get things in order before the 3 months are up and hopefully put my mind at ease. I was told that they can't do anything with my loan but they could do a budget plan with me instead to see my spending and arrange a budget for me. I was so gutted that they can not do anything with my loan that I ended up crying (pregnancy hormones!). I can sit down and do a budget plan myself, I don't feel I need someone at the bank looking at what I am spending and telling me there will be too much outgoing compared to the incoming!
I am paying £432 a month on my loan alone and will get just about £1000 when I am on mat leave and that is only for the 1st 3 months. By the time rent, food, bills and credit cards considered I just worry about where the money will come from.
My husband has been great and said we will manage but I have always been quiet independent with my finances and found it difficult relying on his money the 1st time I went on mat leave. That is just my pride though and will have to just get over that this time.
We did a move of credit cards so they were on 0% but I still have 2 cards that the APR has increased recently and am barely managing to make a dent in. I tired to apply for a 0% card last month and was declined so I doubt I will be able to do anything with my loan either and I think that is what is my big worry. My loan is sitting at £19,946 at the moment, i can't remember off the top of my head how long that is over but at the moment I feel stupid as it has been a loan I have had with the bank for ages and has been renewed time and time again to try and consolidate debt and I wish that I hadn't now.

Sorry for my ramblings for a 1st timer on here. Just any help or glimmer of hope would be nice.

Tixy

Hi and welcome

I agree no point going into the bank to do a budget. But it does seem sensible to do a combined household budget for your income whilst on maternity to see if you as a unit can manage to meet your repayments and minimum payments. I appreciate you say you have been independant in the past but once on maternity it sounds like husband will be supporting you one way or another.

If you cannot as a household meet your repayments then there are options but unfortunately they are all likely to affect your credit file longer term, and might well require you to move bank accounts to protect your income (assuming you bank with the same place you have the loan).

So I would start by doing a monthly budget and see how you get on (this format is great for making sure you remember all the different costs you are likely to need to pay - http://www.makesenseofcards.com/soacalc.html)

smartiedriver_2

I would go into the bank and do the review - you never know what they may suggest. They see people in financial difficulty all the time and may have a bright idea for you. It will be free, so if it's no good all you've lost is 45 minutes or so.

Tixy

If the OP has an overdraft that she is using then by talking to the bank she could also lose her overdraft - they are likely to recall it if they believe she is in financial difficulties.