Can't sleep at night, any advice??

BrussellSprout

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sourcrates

BrussellSprout wrote: »

When I am on maternity my income will halve. That terrifies me.. obviously the numbers will not add up.

I'm not sure what to do! is bankruptcy really an option? Or will they look at my current income and reject it?

If you take the actions I have suggested, for say 6 months, you can save approx. £300 per month on your credit payments, you mention Bankruptcy, not as scary as you may think these days, it costs around £700 to declare yourself bankrupt, it usually lasts for a year, you may have to contribute to it financially for up to 3 years, dependant on income, you have no assets, so could be an option for you, I would suggest CAB for some advice on that, or search the web, plenty of info out there.


From what you have said, I think you really need to take back control of this situation, I wish you luck with it, and the baby, but please get some advice from CAB or similar.;)

On_my_way

Hi


I realise that getting another job isn't easy, especially if the time sheets aren't consistant with shifts etc but the point is he has a baby on the way and needs to earn more than he currently does.

On_my_way

This isn't a post to judge what my partner is and isn't doing, it is about my personal debt through my bank. No matter what your opinions are on how couples should behave financially.[/QUOTE]

-Indeed this isn't meant to be a post about him and I am sure you love him etc which is great but that alone won't pay your debts. People aren't trying to be mean, they are trying to help you solve the problem which you are trying to sort out.

BrussellSprout

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dapast

On the figures you have posted you have £370 ish of spare income a month, start saving that to help you through your maternity so you don't miss too many payments, Your over draft can be paid off in 2 months then kept as a buffer, and if things are still tight then look at canceling sky and all other non - essential bills. As for baby things, congratulations first off, secondly there are some very good "nearly new" baby sales the get things for the new arrival.

But most importantly you need to stop worrying as this won't do you or baby any good.

On_my_way

Everyone knows the redundancy, unemployment etc is a real problem for so many people, most of the people on here have really suffered as a result of debt, redundancy, unemployment and a host of things similar to what you have been describing.

Extra money to pay these debts won't just arrive on it's own but it is absolutely your decision of course, always. You should get professional advice but they may well say that the earnings need to increase in whatever way possible.

sourcrates

BrussellSprout wrote: »

Sourcrates - Hello, thanks for the suggestion re: bank.

As for the overdraft and loans.. I am with an account where I only get the overdraft if I pay over £750 into the account regularly. If I do not do that, overdraft is removed.

My credit card is also based on the same rules, that I have a flexaccount with nationwide that I pay at least £750 into every week.

Although the suggestion of a new bank account is probably something I should look into... not sure how to go about it when my bank require me to put it £750 plus to keep my benefits.. I don't want to dig a bigger hole than I'm already in... hmmmm...

If you get a new account, with a different bank, with no paying in restrictions, you can live within your means, at the moment you are dancing to the banks tune, all old accounts will just become outstanding debts, you wont have to service them anymore on the basis you are now, as I said, its all about taking back control, but you must be prepared to make the change.


That's the crucial bit, normally referred to as a


"Light bulb moment",


the point you realise you cant carry on paying your debts at the level you are now.
In the end its up to you to decide whats best for you.

BrussellSprout

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dapast

I personally wouldn't pay of the overdraft THEN get a new account. If you want to keep the overdraft as a backup/contingency then fine, pay it off, but I would be reluctant to use £700 or 2 months savings to pay it off then close it down, chances are your credit will be affected anyway and clearing the overdraft won't prevent that if you are not going to be able to pay the loans, speak to one to the debt charities as suggested further up, they will be able to advise you on the best way to proceed.