£51000 in debt and growing

Iona_Penny

Other ways to increase your income while allowing OH to stay at home and look after baby (both of which I have done ) are : can she get evening/weekend job when you are at home? most common place is local supermarket. They dont pay huge wages but enough to pay your grocery bill would help and often there are discounts for staff after a period ie sainsburys is 10% after 6 months.
The other thing is to rent out a room in your house. you can have an income of £4250 per year or approx £81 per week tax free under the rent-a room scheme. This is what we have done to throw money at the cc bill (but you have to be strong to pay off debts with extra money and not see it as 'spends'
I live in an area where there are foreign language schools who are often looking for host families for short-term students and this is usually very good money... any good ?

Fran

Re - Tax Credits

Whoever's doing the sums can you add the potential £960 per year Tax Credits that he thinks he might get.

P2D4 - You can apply for Tax Credits Online. Have you rung Inland Revenue for the forms?

The following is from the Citizens Advice website:

"How to apply for Working Tax Credit

To apply for Working Tax Credit, contact the tax credit helpline for an application pack. The application form for your first claim is Form TC600. The helpline number is 0845 300 3900 (textphone 0845 300 3909) and calls cost the same as a local telephone call. You can also apply on-line at www.inlandrevenue.gov.uk/taxcredits The application pack is also available from Inland Revenue Enquiry centres, local benefit offices and Jobcentres."

apear2die4

IP

Unfortunately My work fluctuates between daytime and evenings and all over the uk

This why we decided the OH would stay at home.

inkie

One of the things to consider would be for OH to raise some income whilst being at home - something like childminding perhaps?? Only throwing things into the pot for you to consider - but I wish you the best of luck with this - don't depair, something can be done

Magentasue

inkie wrote:

One of the things to consider would be for OH to raise some income whilst being at home - something like childminding perhaps?? Only throwing things into the pot for you to consider - but I wish you the best of luck with this - don't depair, something can be done

Yes,I did childminding part-time when I was at home. I never earned more than the tax limit but I know someone who does it as a business and earns well because she offsets nearly all of her earnings as exenses (food, drink,toys).

When I only had one baby, it was a doddle, harder with two, managing all those sleep times, trips to toddler group, picking up from nursery etc but worth doing really because you get evenings and weekends off and your kids get others to play with.

Compensationitis

I was in FS and I'm au fait with the problems associated with insolvency and being able to work after helping union members.

You need professional help, this thread is bursting with dangerous misinformation, you would be better served going down the pub, getting p****d and tapping up the barman for advice.

Seriously.

Debt_Free_Chick

Compensationitis wrote:

I was in FS and I'm au fait with the problems associated with insolvency and being able to work after helping union members.

You need professional help, this thread is bursting with dangerous misinformation, you would be better served going down the pub, getting p****d and tapping up the barman for advice.

Seriously.

It would be of benefit to the Board and could help others if you could point out the misinformation, please.

Justin_Credit

Compensationitis wrote:

you would be better served going down the pub, getting p****d and tapping up the barman for advice.

I don't think that would help the OP at all. Getting p****d would cost him even more money that he can't afford and any spare cash realistically should go towards settling his debts.

As far as I see it there are many opinions on this thread, not all I agree with, but they are peoples genuine efforts to help. The OP is, surely, capable of adopting or rejecting any of the suggestions offered.

JC

Munki_2

I agree completely. We are all here not as professional advisers, but simply to throw ideas into the mix... Most of the ideas/thoughts are based on their life experiences. Some may be relevent, some not so... and possibly some are inacurate... but we are all simply trying to help.

I would trust the OP and anyone else reading the ideas on here to not take thiings as black and white, read between the lines and do their own research in order to decide whether it's of any benefit.

Alternatively you could all go down the pub. The barman at my local is quite clever and I would highly recommend his advice ;-)

Munki.

Swattie

apear2die4

I've not nothing constructive to offer, but would like to wish you well in your efforts to reduce your debt.
I admire you for coming forward and asking for help.


(It's a shame you're in FS or you could be one of Martin's 'case studies' on TV).