To work or not to work??

Lennylegs

Hi
I'm sorry i don't know an awful lot about benefits/tax credits but i know a lot of companies are offering the salary sacrifice scheme where you get vouchers for childcare that mean you save on national insurance, maybe that could help top up your income ?
Do you pay a nursery or a childminder, i've heard if you want for fewer hours per week, a childminder usually works out a bit better financially or maybe you could investigate nurseries/childminder nearer your place of work to cut the hours ?
Could you switch to an interest only/fixed rate mortgage for say 3 years or something until your little one is nearer school age ?

I think it's bad that you want to do your bit in society and the government isn't there to helps support you more.

Good luck with your decision

Len x

Nickynoo1

Hi,

Thanks to all advise and support. It has made me really motivated me to keep going with the work and manage this situ instead of staying at home on IS. Think i'll have to treat it as a challenge for this part of my life. Dont want to lose my home, and I chose to have my baby so i must make it work.

I have spoken to income support today and tax credits, and it really is a catch 22 situ. I could work 15 hours, get IS and eventually Mortgage help but would lose WTC and help with child care costs (which are higher than interest payments).

I really like the Nursery my son goes to and he seems really settled and enjoys it there. I'm a bit loathed to change him now. The tax credits supposedly pay 80% but it never seems like that when i get the payments. And obviously if child care is cheaper so is how much they pay towards it. An option to keep in back of mind tho.

Managed fine on maternity leave.


The salary sacrifice is a good scheme, but because of my wage, my tax credits would be reduced. Thanks to Martin for pointing that one out.

Thats the best i can do with my current provider at the mo, and as i'm now only part time, no-one else will touch me. Currently owe £75,000.

Luckily i have some money in the bank left over from when i was made redundant, but that wont last forever.

The nursery fees go down when he's 2, and then again when he is 3, plus you get 12 hours free at agede 3 i believe.

I think what i may have to do is change my mortgage to interest only for a couple of years, then see where i am. Bit worried about that tho to be honest.

And hope the gov changes some policies!!

Regards

Nickynoo1

Spendless

It's the term after their 3rd birthday when you get 12.5 hours free. I believe this is going upto 15 hours though I don't know when. What month was your little one born?

Is extending the mortgage term an option. Yes I know you'llpay more interest, jus thinking of ways to help now.

Nickynoo1

He was born in May, so i guess it'll be the september after that.

Extending term is an option i hadnt thought of. Only if they dont want earnings proof tho. would have to check that.

tigtag02

Nickynoo1 wrote: »

Hi,
Yeah it really hacks me off, if i have to give up work. Dont want to but cant see any other way.

I work 19 hours per week. I pay for child care for 24 hours, to allow travelling time. 8 - 5.30 for 2 days, 8 - 1 1 day. I think its expensive cos he's under 2. Believe its cheaper as he gets older?? £4.20 per hour.

If i work full time, the child care costs just go up so still in same situ.

Do you have to be on IS to get help with mortgage interest? Had mortgage since June 1998.

Kudos to you Nickynoo for going it alone - and FWIW I agree that its **** you have to even consider benfits!!

Whats strikes me though are your childcare costs - maybe its the area!! Is DS with a childminder or nursery? My DD goes to a childminder who has only just this year put her rates up from £2.50ph to £3.00.

Whilst I appreciate that you may be happy with the care your provider offers (I would hate to think I had to move DD) it may be worth considering a move. If you ask for the under 8's service at your local council office they should be able to send you a list of registered minders in your area

HTH
tigtag

tigtag02

tigtag02 wrote: »

Kudos to you Nickynoo for going it alone - and FWIW I agree that its **** you have to even consider benfits!!

Whats strikes me though are your childcare costs - maybe its the area!! Is DS with a childminder or nursery? My DD goes to a childminder who has only just this year put her rates up from £2.50ph to £3.00.

Whilst I appreciate that you may be happy with the care your provider offers (I would hate to think I had to move DD) it may be worth considering a move. If you ask for the under 8's service at your local council office they should be able to send you a list of registered minders in your area

HTH
tigtag

Note to self: Read FULL thread before your reply

Good luck to you NickyNoo1 in which ever path you choose

tigtag02

Bettyboop

Hi, I have skimmed through your thread. Just wanted to say GOOD LUCK and I hope everything works out.

Also wanted to add that I am a single mom to one daughter who is 3 and a 1/2. I seperated in November 2006 from my husband. Your thread prompted me to see a Lone Parent Advisor today to see if I am acutally better off in work or not. I am starting a new job in May which is more money and more hours and from the calculations the man did for me I am apparently better off in work. I'm going to double check with someone else though.

I'm just a bit confused about tax credits. Because although my income is increasing in May so are my hours and childcare costs BUT they base the amount I will receive for WTC and CTC and last years earnings which weren't even £7000.00?

All the best.

happychikadee

I went to my lone parents advisor about returning to work after taking a year out due to ill health. When my lone parents advisor did the calculations, I was only twelve pounds better off working a 20 hour week! As I don't drive and my daughter is in school I can only put her in the nursery which is on the school grounds and has an after school club. Although I would only need her to be in there for twenty minutes until I got there from work, I still had to pay the full session of twelve pounds. I was only going to work a 4 hour shift 5 days a week but due to the session times, on a school holiday, it was going to cost over 24 pounds a day.

Quietgirl

I just wanted to add that it may sound bad but i like going to work just for the adult company. But i also miss my girl too. My parents used to look after her until my mum took ill with a brain bleed. I got a child minder which i had always vowed i would never do as i do not trust people & i don t think you can be too careful kids are precious & there s too many pervert s about. It took time but now my child minder and her family are like my family. Its done my daughter good mixing with other children & some of daughters friends from school go to my minder too.
Just one other thing how come you have such a high morgage is there anyway you could get a better deal elsewhere ?

Morglin

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Lin