What do I do now

taren

Update from the mortgage company, they have said they would let me go intrest only, however they will want a SOA (which I have thnx to these forums) so that doesnt look to bad at present and would certainly help things, a little glimmer of light :-)

JustinCredibleGillespie

taren wrote: »

Update from the mortgage company, they have said they would let me go intrest only, however they will want a SOA (which I have thnx to these forums) so that doesnt look to bad at present and would certainly help things, a little glimmer of light :-)

Thats great news

JCG

xx

Sarah2490

Looks good and it looks like you are taking all the right steps

Can I ask why £170 a month childcare when your wife is not at work? I understand your daughter will miss her friends if she stops going and how much easier life must be for your wife with only the baby at home (being a mum myself) but this may be a luxury you could give up totally and save quite a chunk to pay off debt or live off

S

taren

Sarah2490 wrote: »

Looks good and it looks like you are taking all the right steps

Can I ask why £170 a month childcare when your wife is not at work? I understand your daughter will miss her friends if she stops going and how much easier life must be for your wife with only the baby at home (being a mum myself) but this may be a luxury you could give up totally and save quite a chunk to pay off debt or live off

S

I totally agree with you, and its something we are already working on, our 2 year old was in nursery 3 days a week, whilst my wife was working part time, and we planned to reduce the days down after our second child was born, however we have had issues with our son, and he had to have an cataract removed at 7 weeks, this has put a massive stress on both of us, with all the hositpal visits etc.

We reduced down in June the nursery days to two days and it will be one day in July, and from August it was going to zero. However my wifes parents are offering to pay for our 2year old to stay one day a week, until things improve on the job front for me. I have tried to convince my wife to take her out fully as that was our plan, but since the in-laws have said this money is only to be used for the 2year old nursery costs, I guess I have to do what im told. And they have helped us so much I dont want to upset them, plus im not about to tell them lies, it is after all their money.

pollywolly71

Hi there!

We were in a similar situation to you when my husband lost his business, I was about to go on maternity with our 3rd child, so I thought I'd share what steps we took.

Immediately we changed over to interest only on our mortgage which saved us about £300+ per month, plus our tax credits went up massively due to our reduced income and having the new baby. My husband got 6 months jsa and 6 months council tax benefit (not a lot when you have worked continually for 20 years but hey ho!!), so coupled with the tax credits and mortgage reduction it saw us though. Unfortunately my DH was declared bankrupt but having joint debts meant I had to go onto a DMP as we just couldn't stretch to the monthly payments and had no means of paying it all off. Despite that it's truely amazing how you can adapt, we went from having a joint income of more than £40k to only mine which was £7.5K! My husband was out of work for 9 months, and it was really tough but we made it through. Once you know what you are entitled to benefits wise and what you can do about your debt things might not be as bad as you first think Good luck!!

taren

pollywolly71 wrote: »

Hi there!

We were in a similar situation to you when my husband lost his business, I was about to go on maternity with our 3rd child, so I thought I'd share what steps we took...... Good luck!!

Thanks Polly a very positive post and one that will help me achieve my goals, I will look back on this thread (hopefully) and say, " what was I worried about ", the problem is you do worry, when I was made redundant at 28, it didnt bother me, didnt have the debts then, and only rented a flat, oh them were the days, although the debts started building then, grrr if only I could go back in time and have a word with myself.

I now need to start making a list of things I need to do, ie who to call, who to speak to, I even had to speak to a solictor today to sort the "compromise agreement" with the company I work for.

I've already started putting my C.V out, and other things, the company is buying me credits with some company that helps you to do t your C.V, etc etc.

I really need to clarify that if I do pay my debts off with the redundancy, that it wont affect my benefits, and I have read on another website, that as long as you pay debts immediately that they cannot take this into consideration. :undecided

pollywolly71

No problem I really wanted to let you see that things will be ok. You're right it is such a worrying thing and you are only normal to feel like that, but I tell you what, I don't fear redundancy now the way I did before. What we went through 3 years ago, if we can cope with that we can cope with anything! Seems to me like you have a really good attitude to start with, and that can only be a good thing for you in the future!

taren

Thanks pollywolly71

Well today was a good day, I've managed to raise enough money on ebay after selling off my cherised home cinema setup (over the past 2 weeks) to clear my overdraft with my main bank accounts Lloyds.

It's kind of really weird, I think that overdraft as been with me as long as i've had the account, and I feel a bit naked without it. But its a £1000.00 of debt gone. And one once their online banking lets me remove, I wont be using again.

My next step tomorrow is to ring Lloyds and downgrade my current account, so I dont have the monthly chargers, funny really Lloyds give you a black debit card, when you pay them some money monthly, where as 1st direct give you one for nothing,,. Sorry i just the funny side of banking.

I feel so good now, as this will also save me another £300.00 a year.

Question ! my Lloyds account has an intrest free £500 overdraft, should I use this and find a little extra cash to clear my OPUS credit card, my worry is that I have just paid off this overdraft and the reason for me doing this was I have transfered my wages into my 1st direct account. well the wages I will get this and next month, before I am made redundent from work. And didnt want Lloyds chasing me for the overdraft to be paid back, as there would not be a wage, being paid into their account. Does this make sense?

mum2one

you may well find once you stop paying any wages into LLoyds there withdraw the overdraft limit, if there another way you could get round the Opus debt? x

taren

mum2one wrote: »

you may well find once you stop paying any wages into LLoyds there withdraw the overdraft limit, if there another way you could get round the Opus debt? x

Ahh good point, which is why I wanted to clear the overdraft asap. I am hoping to sell more items on ebay this June/July to clear the Opus card, and have already offered my services as a odd job man to my neighbours, im pretty handy at DIY, and made £20.00 this weekend fitting a neighbours aerial into their loft for them.

So i'm hoping that doing a favour for my neighbours, may bring in some extra cash.