very worried - Husband has lost job

zippybungle

My Husband has today lost his job (which he had been in for approx 8 months) the reason for job loss is his boss didn't think it was working out and to be honest my Husband has been under a considerable amount of work related stress for the last few months.

He was earning £34,000. in his job and I work full time earning £22,000. We have 3 Children (10, 8 and 5 years).

I also receive £188.00 every 4 weeks in child benefit.

I have looked on tax credit calculator and I do not think we will be entitled to any help as it seems to be based on last years income if i am understanding it correctly?

My take home pay if approx £1,400.00 per month and our mortgage is £1,100. (not to mention council tax which is over £100 plus utilities etc) as you can imagine, this is very worrying and I have no idea what we are going to do.

Does anyone know if we would be able to get any help until my Husband is back on his feet in a new job? He will be be calling the job centre tomorrow.

RAS

You need to contact WTC and ask them to re-assess your benefits based on this years's income.

If that does not help can you ask the mortgage provider for a payment holiday or to pay interest only?

For the future, for your own sanity when OH gets back into work please build up a 3 month safety net as a priority.

zagfles

Tax credits can be based on an estimate of this year's earnings, though there's a £2500 disregard for income falls - eg if your joint income last year was £35,000 and you give them an estimate of £25,000, they'll be based on £27,500.

BUT, in this situation it's very important that you're aware of the potential for an overpayment if your OH finds a job. You have to give tax credits an estimate of your income for the whole tax year, and of course you can't know whether your OH will find a job or not, so it's a bit of a crystal ball job.

If you need the money now, I'd give them a ring and an estimate of your income on the assumption your OH doesn't get a job, but consider it a loan if he does get a job, as you'd likely have to pay some/all of it back if he finds a job quickly. And of course if/when he does find a job tell them straight away.

pmlindyloo

Your husband can put in a claim for contribution based JSA which is based on the last two tax year's NI contributions. Hopefully he will be eligible. It is not means tested so your salary and any savings would not be counted. This won't be much (£71.70 I think) and will only last for 26 weeks,

You are right and tax credits are based on the last tax year. Not sure if you could ask about an award based on this year's income (perhaps someone will confirm) I suspect on what he and you have already earned you would be over the limit anyway.

Have you checked whether you have any mortgage protection for such an event? (people often forget that they have it)

if you haven't and your Oh doesn't get a job soon then contact your lender, explain the situation and see if they can help (mortgage holiday/interest only?) They are usually helpful in these circumstances.

Otherwise it's tighten your belts time. Lots of information on this site on how to live on very little and how to check that you are not paying over the odds for anything.

If you have any debts let your creditors know the situation - you need to provide food and heating and the basics for your family at the moment- everything else has to wait.

Good luck!

whitewing

You will probably be able to make big cutbacks on your supermarket shopping bill (if you are not already an old-styler). Meal planning etc, drop a brand etc, cutting down on treats.

I was made redundant as a single parent of one, when I had childcare costs. It was tough but the worrying was the toughest. You will manage if you work together and if you don't feel sorry for yourselves when it comes to Christmas.

Maybe look up statement of affairs on the DFW board and get some feedback on your new circumstances. It will help you to feel that others have survived through similar situations.

pinkshoes

Can you change mortgage to interest only?

princessdon

zippybungle wrote: »

My Husband has today lost his job (which he had been in for approx 8 months) the reason for job loss is his boss didn't think it was working out and to be honest my Husband has been under a considerable amount of work related stress for the last few months.

He was earning £34,000. in his job and I work full time earning £22,000. We have 3 Children (10, 8 and 5 years).

I also receive £188.00 every 4 weeks in child benefit.

I have looked on tax credit calculator and I do not think we will be entitled to any help as it seems to be based on last years income if i am understanding it correctly?

My take home pay if approx £1,400.00 per month and our mortgage is £1,100. (not to mention council tax which is over £100 plus utilities etc) as you can imagine, this is very worrying and I have no idea what we are going to do.

Does anyone know if we would be able to get any help until my Husband is back on his feet in a new job? He will be be calling the job centre tomorrow.

I don't think you'll get tax credits even on this years income (his wages since April plus yours plus disregard).

I hope it works out for you and he gets a new job soon, I've been there and know how stressful it is, but I don't think you will get any help other than JSA.