New WFTC budget means we're down by £200 p/m

zagfles

niftythrifty33 wrote: »

It funny you say that as thats exactly what we always had before 2011. I know I wont get that right now due to earnings last yr but I really hope you're right.

I've accounted for that. There's a £2500 disregard for income falls so you'll get tax credits based on £31500 if you gave an estimate of £29000 for this year (and earned over £31500 last year). With 3 kids you'd get £2992 over the year, ie about £57pw.

Beware though - if you earn more than your estimate you will have an overpayment. There is no disregard for increases over estimates.

niftythrifty33

I just went on the WFTC website calculator and on earnings of 21K and 8K it says we will have 37.00 p/w. Now I'm really confused

jasper12

niftythrifty33 wrote: »

It funny you say that as thats exactly what we always had before 2011. I know I wont get that right now due to earnings last yr but I really hope you're right. Maybe they havent got the right info. I have been doing full time last couple weeks as were short staffed (I know this will affect next yrs application but I didnt really have much choice), this is why I havent felt like calling them as I'm so exhaused in the evenings but I will check on saturday and make sure they have the correct info. Thanks

Their systems are down until Monday for updating.

ALIBOBSY

Regarding your budgeting it can be worth posting your SOA on the debt forums. We all try our best to budget, but sometimes it takes a fresh pair of eyes to see where you might make further savings.

We are a family of 6 and I know its hard, the best thing we ever did was pay down the overdraft. We had a period when OH's wage went in, the DD's went out and we were back overdrawn again.

Good Luck
Ali x

niftythrifty33

Thanks Ali, I had considered it before but wasn't sure if it was worth it as i already know where every penny is going, Ive kept a record since 01/01/2012. We have been really tight since September when I added everything up since July and realised it was loads!!!
My DD's are currently £1,000 p/m (includes a 100.00 overpmt to mortgage), I take out £150 p/w for EVERYTHING now, even school trips/clothes etc. which is really difficult. But I know if I carry on doing this the OD will be cleared at some point. Its just that it will take longer now with the £200 drop!

zagfles

niftythrifty33 wrote: »

I just went on the WFTC website calculator and on earnings of 21K and 8K it says we will have 37.00 p/w. Now I'm really confused

Are you sure you're reading it right?? If you use the HMRC calculator it gives the amount from now to the end of the tax year IIRC. Not an annual amount, so if you divide that by 52 you'll get the wrong answer...

niftythrifty33

Ah! I see, I was dividing it by 52. I thought it was a yearly estimate. I will call them next week as someone mentioned above that the lines are down this w/end. Thanks for your help.

annie123

niftythrifty33 wrote: »

(includes a 100.00 overpmt to mortgage),

stop the overpayment on the mortgage, only do this when you have no debts.

Horseunderwater

niftythrifty33 wrote: »

Ah! I see, I was dividing it by 52. I thought it was a yearly estimate. I will call them next week as someone mentioned above that the lines are down this w/end. Thanks for your help.

There is a 5 minute benefit check up calculator on this site under the tab top right - Family income - hover mouse over that and a link on left side called Tax and benefits will come up. If you use that instead of HMRC one it will give you a much better idea on what you could/should be able to get. Pop in last years wages any pensions paid etc and if your income is lower than £2.5k for this year it will tell you what you should get in CTC/WTC's. It asks for details of all kids and their Dates/birth. Once you have that information, then you will be able to write it down and ring them in a calm better prepared way. It really is the only way to deal with them.

niftythrifty33

Thank you all for your advice. Annie123, I know you are probably right but been doing this for a few yrs and even though it doesn't make sense, in my head it means I'm still doing that little extra bit towards clearing the biggest one, the dredded mortgage. But I will have a good think about this. I also have a little bit stashed away that was given to me in someones will but I cant bear to use it to pay off debts, it seems wrong somehow! I think I should be posting this stuff on the dfwb forum?