Worried

Beans27

Hello, not been on here for a while but i could really do with some advice....

A couple of seperate issues but they are all culminating in what feels like one big mess.

Partner was self employed and in the last month the business went into liquidation. Not ideal, but we can cope on my salary - pays the mortgage and all the bills with not much left over. He took out personal debt to try and support the business a year ago - and now he's left with approx £25k of a loan. He has spoken to the provider and in they have frozen for two months. So that's one issue.

He's looking for jobs, after having been self employed all his life, I feel like he is struggling to see that sometimes you have to do what's available, not be too picky. I will point him in the direction of the employment board, but a lot of my suggestions are getting knocked back which is frustrating. He has periods of depression and this isn't helping.

in the meantime, we have found out in the last week that I am pregnant.....how's that for timing!!! Had been trying for a year and a half, so it was planned, just not quite like this. I appreciate I am being a bit premature, only 6 weeks gone and Anything could happen I know, but it's got me panicking about how we would cope if nothing changes.

Not really sure what I'm asking, some words of wisdom I suppose. We probably have £40k equity in our house, it was meant to be the forever house but I'm already thinking do we put it on the market and move somewhere cheaper.
Thanks for listening, I probably won't be able to look at the forum during the day, so please excuse late replies

altojack

There's not much help I can give you only point you in the direction of getting cheaper shopping. Go to the grabbit section in the gone section look for Economic Living Is The Excercise. You will save lots of cash, get more shopping for less. Plus the people there are very helpful and supportive.

Good luck.

Beans27

Thanks alto jack probably is an area I could cut back on so I'll have a look at that

FBaby

If you've been desperate for a baby for some time, I'm sure this will take over everything else and become the most important part of your life. It is then very much up to you as to whether you decide to do what you want to do and putting being a parent/family first, or whether you do what is right and take responsibility for the child you have chosen to have.

You will have options to consider, who works, who stays at home, moving to release equity to pay the debts, it all very much depends on how much you put your financial balance as a priority or how much you decide that others on benefits seem to cope just fine and take that option.

Good luck with the pregnancy.

Beans27

Thanks Fbaby. I don't think benefits would be an option, I earn too much. I guess we'll have to see how things go over the next few months and whether partner can get a job, if not, possibly I will have to go back to work earlier than anticipated and he will have to act as a stay at home parent. Lot of different options going to have to be discussed.

Feeling more geared up this morning, 2am is a depressing time of the day!!!

LandyAndy

Beans27 wrote: »

Not really sure what I'm asking, some words of wisdom I suppose. We probably have £40k equity in our house, it was meant to be the forever house but I'm already thinking do we put it on the market and move somewhere cheaper.
Thanks for listening, I probably won't be able to look at the forum during the day, so please excuse late replies

I wouldn't rush into that at all.


Spending thousands on fees and moving costs etc isn't a great way to save money.

LandyAndy

What sort of business did your partner run?

Beans27

Fair point. It definitely wouldn't be ideal, but thought we should consider the option.

He and his family had an online retailers - sold through Amazon, eBay etc. was doing very well a few years ago but all changed the last couple of years with a lot of cash flow problems.

LandyAndy

Beans27 wrote: »

Fair point. It definitely wouldn't be ideal, but thought we should consider the option.

He and his family had an online retailers - sold through Amazon, eBay etc. was doing very well a few years ago but all changed the last couple of years with a lot of cash flow problems.

If you sell your house and release the £40k, then pay off the £25k and pay moving expenses, you may well end up with £10-12k in your hand. Will that be enough to provide a deposit for a new purchase? Will a lender lend you anything in your new circumstances? Renting might be your only option.


Right now, getting your partner into some sort of paid work has to be the first priority.

Money_maker

Beans27 wrote: »

Thanks Fbaby. I don't think benefits would be an option, I earn too much

Do a SOA on the DFW board and they'll take you through your outgoings and show you where you can make savings. If you're on a good wage then it may just be a case of changing priorities. Congrats on the baby news.

LandyAndy

Trimming outgoings is definitely an important thing to address but even a 40 hour per week, minimum wage job brings in over £1000 a month. That's far more than most people could hope to save by tinkering with spending.