Worries...

flower_chops

Hello,

me and my partner recently discovered we are expecting a baby. We are over the moon with the news but now I've started worrying about money. I've spent the last 18mths with CCCS rearranging my whole lifestyle to pay off as much of my debt as possible. It's gone from £21,000 to £12,100 in that time which I'm really proud of. CCCS now suggest I stop my DMP with them as I'm affording the loan minimum payment. The only existing debt I now have is my HSBC loan (£320.62/mth - 38 payments left). I am worrying as I'll be fine for repayments until my maternity ends but then what? Benefits I receive will obviously be spent on baby, my budget has been done, redone and done again so many times there's no possible way we can get it down any more without not eating and I really don't want to be in a position that on my partner's weekends off I work all of it (only way I can see of affording loan payment) as we're a family.

Would it be possible to set up another DMP with CCCS if it comes to it?

It's so frustrating as I've worked so hard at paying everything off for our future and now our "future's" here I'm in no better place! I'm sorry for moaning but OH just puts his head in the sand and doesn't understand how important it is for me to be debt free. Oh, he can just afford oto pay our rent/bills etc when the time comes so thank goodness that's something!

floss2

:hello:

Don't worry - it's not good for you or the baby.

I don't know about the CCCS question, but I'm sure someone else will be able to help.

One thing I can suggest is to buy a little thing for the baby each week when you do your weekly shop - a vest, pack of bibs, baby shampoo, baby wipes, a bottle etc so that it slowly mounts up and doesn't make such a big hole in your finances when the time comes.

Another thing - register with your nearest Freecycle, you can pick up all sorts of baby stuff on there. And ask for bigger things like a car seat as gifts, maybe from your colleagues at work?

rayday2

I think it would be ok to do another DMP if you need to because it would be a change of circumstances again.

Shineyhappy

I would look at www.entitledto.co.uk and try and work out what benefits you should be getting when the child arrives, I dont know if you are planning on working part time, but if you do I think working tax credits are very favourable so you maybe better of than you think.

in_debt_again_but_dealing_with_it

Congratulations on your news!!
Presumably you still have the DMP at the moment? If possible could you not explain to the CCCS about the pregnancy and the likely drop in income in the future and then continue with the dmp for the time being. If not ask the about starting a new dmp when the time comes. Be careful of the HSBC they are likely to try and tie you in to a managed loan, avoid that at all costs.
Well done on dealing with your debts and repaying so much already, you're over halfway there - how cool is that! You will definately be giving your new addition the best possible start. Well done you!
IDA
x

immoral_angeluk

I agree with rayday.... you could negotiate another DMP because your circumstances have changed.
Don't worry. In my experience the worry of it is actually far worse than the reality... and I've had 2 kids!!
Congratulations!!!!

redsquirrel80

If it does come to the point where you can't afford the loan payments, you could contact HSBC and offer them reduced payments - they don't have to accept but I think they're more likely to if you're upfront with them, and they'd rather get something than nothing. Don't think you'd necessarily need a DMP if you've only got one debt to deal with.

Also check out the Freebies board on here for baby stuff, every little helps!