The Great 'biggest financial fear' Hunt Revisited

mc67

I've just been retired on ill health grounds at 42 but I don't know what level of pension I will receive yet (NHS pension). Will we have enough to live on? I don't know... However, having ill health, I'm more worried about that and my family. If we need to move, we will, but my fear is not being able to sell my house if need be and having it repossessed.

pistolpete123

Biggest fear is not being able to provide for my family and put a roof over their head. I am working to make sure we have a contingency if this were ever to happen but up to then I will always be looking over my shoulder!

Sunny_Day

These things ALL HAPPENED TO ME a few years ago - had just bought a house (end July) - got notice of being laid off a few months later, boss kept me on until March but there really was no work. I thought I would soon find another job. Oh desperation, nothing was forthcoming at all.

I wanted to reassure people here that help is available. If you've been working, you'll get contribution-based Jobseekers Allowance (if still operating in your area) or Universal Credit. You will get your interest paid on your mortgage payments (at a fixed rate, yours may be higher or lower; mine was at a lower rate so I "made" a little on that). Your lender will put you on int-only so you have a breathing space. After a while you go on to income-based (not contribution-based) benefits which take your capital (savings - if any) into account. You will also get reduced council tax bills - maybe even get that free.

You can get free healthcare - dental treatment, eye tests, prescriptions etc.

Get rid while you can (while you're working) of any debts (and you're working towards that anyway if you are a regular on this site).

I am now self-employed as a gardener as after applying for hundreds if not thousands of jobs, nobody would employ me. I was always the runner-up. My income is 1/3 what it might have been but it covers my outgoings, enables me to give to those less fortunate, allows me to make small overpayments on my mortgage to reduce the term, and best of all, I've never been happier - no !!!!!y colleagues!

I took the time whilst unemployed to give back into my community by training as an adviser at Citizens Advice Bureau (where I'm still a volunteer adviser, despite being s/emp) and I wish I knew when first laid off what I know now about benefits that are available.

One of the very common things that I see is that people take out store cards because they get discounts etc and when employed they chug along adequately with these things. Then when they get laid off they cannot make the storecard payment. Penalties and interest escalate rapidly. Avoid these things! If you've got one, pay it off as soon as you can!!

You may find it helpful if your job is vulnerable to consult the publicly available CAB website AdviceGuide. There is more financial help available than you'd think.

G6JPG

I may seem in a more secure position than many, but my main concern is the government putting its greedy eyes on my savings/assets - talk of a wealth tax and so on. No, I don't have a mansion, or even an ordinary house in London! But all the talk of taxing wealth rather than income I do find worrying. I have savings because I've lived within my means, not taken foreign holidays, bought new cars, and so on, always in the belief that I was/am looking after my future; however, if they go after that, I might as well have blown it anyway. I'm not wealthy - but where are they going to set the threshold? 2 million? 1? half? a quarter? Will it include people's pension pot? For those who have paid off their mortgage so own their home, and have a pension pot, it's easy to be thought to have quite a significant amount of money - but not actually be rich by any means.