Im scared

magicmaria

Hi All

I ahve been on this site for quite a while, everything going ok I am in debt (through gambling that is another story) but was able to meet all my outgoings. But (as you see from previous threads) i am being made redundant and the time is getting nearer - I have been from loads of interviews and not got a new job. What happens when I finish work I have nothing coming in - what am I entitled to will I get help paying my mortgage?? I have never been out of work before or not had enough money to pay my debts. here is a list of what I owe

Halifax CC £10800 - paying £217
Virgin CC £500 - paying £10
Goldfish CC £6500 - paying £137
Halifax Loan - 2 years left paying - £130
Goldfish Loan - 5 years left paying - £196
Virgin Loan - 5 years left paying - £130
Northern Rock - 8 years left paying - £136

Mortgage fixed another 3 years - £426 owe £69,000 house worth £95000
Electricity - £45
GAS -£33
Water -£36
Life Insurance - £17.60
builinding Ins - £10.80
House Ins - £13.40
AA car recovery -£12.00
Sky -£44.00 - I dont go out
Phone - £25.00 (Includes cable for sons room)
Internet - £10.00
TV Licence - £33.00 every 3 months
Car Insurance - £30.00
Gas Insurance - £23.00
Mobile - £10 every blue moon dont really use it
Sons bus fares -£10 month (£2 A DAY)



I currently earn £1600 each month after tax, 1 more salary left, I also get £90.70 week widows pension stops when son is 16 he is now 14, also family allowance and £43.00 month tax credit.

I have managed ok ish on this but what happens if I don't get another job - I will get about £10,000 redundancy payment do I pay this off a debt or do I use this to live on - can i SIGN ON what help will I get.

I am sorry for rambling I am now at my wits end and dont know where to go or who to turn too, my mother thinks I am financial ok but dosent know about the gambling (which has stopped) but ended up with me having to remortgage and get loans etc.,

please can any one help

La_Tristesse_Durera

Sorry to hear about the redundancy, happened to me recently and it's not nice.

I'm don't know too much - perhaps the CAB could help more (they're really good). You should call Northern Rock to see if you have a protection on your mortgage for redundancies. If you're covered then they'll write to your employers and ask various questions about your leave date, redundancy due etc.

With regards to your credit cards & loans, see if you have protection on them that activates if you become unemployed due to redundancy. Then pop to the Jobcentre and see what you're entitled to.

Whatever the amount you get from the company I would suggest not spending anything to start with as you might need it to fall back on. Also - it probably goes without saying - if you do spend it all, or a lot of it then companies will want to know what on and why etc. For example if you go out and spend £10k on a new car - there's no way you'll get help & assistance from your banks etc. (I'm sure you wouldn't do this anyway but I'm trying to cover all area's).

Good luck with it, sometimes it can be hard work looking for a new job, but take it as a new challenge, chapter and something to look forward to. Things can change real quick - I applied for a job on Tues morning, had a telephone interview that afternoon, face to face interview Weds morning, and got the job Weds afternoon! Just keep going for it :beer:

Conor_3

Basically you'll be entitled to Job Seekers Allowance and Council Tax Benefit however the amount you get on JSA will be influenced by how much income you've got coming in from the pension and tax credits. TBH, with a £10k redundancy payment, you're not likely to qualify for JSA for a while. Help with your mortgage payments doesn't kick in until you've been claiming 6 months and even then, it only pays the interest and only on the portion of the mortgage that was for buying the house.

OK, so it's obvious benefits aren't going to come anywhere near so what other options?

Work wise, ring around the employment agencies as they're the quickest way to get work especially as more companies prefer the flexibility of having temps. For example, I got laid off on Tuesday. On Thursday I rang an agency and on Monday, I'm working. It'll give you a breather to find a permanent job or you may be lucky and get a temp to perm position.

Benefits wise, you may be able to get more WTC as your income will most likely drop with the agency.

Bills wise, there's a lot of flexibility there. Sky TV, Life Insurance, the AA, Gas Insurance and Cable for your son can all be dropped if it gets tight. You should be able to do a far better deal on the home contents/buildings insurance - I pay £19 a month. A hunt around the "Money Saving Old Style" forum will help get the food bill down.

At least you've got the sense to realise you need to get it sorted before D-Day arrives. I think you'll do OK.

magicmaria

I havent got any PPi cover on anything - I have worked out the minium wage I can take is £24000 to enable me to still cover my debts, I am on £28000 at the moment, been with the company 10 years and worked myself up just dont feel I have the confidence anymore to sell myself, just feel so low and down and wonder what the point is - I know I have brought this on myself when my husband died I was debt free and its only taken 4 years to get myself in this state I have noone but myself to blame

La_Tristesse_Durera

Blaming yourself wont help, especially with what you've obviously been through. I did the same when my ex left me 3 years ago - I was debt free at the time and within 12-18 months I racked up around £12k on my credit cards. But shopping and going out every night with mates was my release, it made me happy for a short time, stopped me cracking up, and for a split second I would feel good.

Have you thought about contacting Payplan or CCCS?

PasturesNew

awww... some people who know what they're talking about will be along soon, but my pennyworth:

With your redundancy, pay off some of the debt. I think you are allowed £6k savings and can still sign on. But, sign up with agencies - they can help you find permanent work and you can temp while you're waiting.

With money coming in you can get Working Tax Credits. There's a website called entitledto where you can poke about with sums to work out what you'll get. So you could play around with salaries.

I am in a city and I went to agencies recently. I put down on my form I'd work for £8-10/hour - they looked at that and said that the average here is £6/hour. So I thought "!!!!!! it then, not worth my time" (I am single, no dependents, didn't NEED the money/to work, just thought it might get me out and about a bit to learn this new area).... then a month later they phoned me with work for £9/hour. So don't be offput by what they say - if you've got special usable skills they'll want to place you with their top clients.

Having said that, every area is different: available work, salaries, temping rates.

However, with your high salary, it might take a few months to get a similar job. Don't get down about that. Agencies are a good place to start as you aren't pitching your CV in with 200 other applicants - if they phone you to put you forward for a permanent job they're usually only putting 3-4 forward to their client, so straight away your odds are increased.

Good luck!!!

Gemmzie

You can't sign on until you've spent your redundancy money as far as I know. Benefits wise it's best to ask here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=139

PasturesNew

Also .. you've not mentioned food.

You might want some of that. It can be useful, even if it does mean spending money

magicmaria

ihave signed up with the agencies and went for an assessment day/interview yesterday it was hell me and 6 other people competing for the same job, written tests, interviews, role plays (they used professional actors for this) the job was only for a Team manager I just feel so old and tired and I know I cant do this to get a job, I cant talk the talk I am more of a see what I can do sort of person, I am sorry I just feel so down at the moment I feel like selling up paying off the debts getting a rucksak and pis..... o.. but I know I cant do that with my son. I am also scared that if I cant pay my debts they will be able to take my house from me - I will do anything to ensure I have enough money to pay my mortgage and feed my son

Debt_Free_Chick

Can you please outline what you will get by way of a payoff?

Will you get an amount for Pay In Lieu Of Notice (PILON)?

And/or a separate amount - which could be statutory redundancy pay only, or maybe a more generous amount?

If you get PILON then, as far as JSA is concerned, it's as if you are employed for the period of the PILON. So if you're getting one month's PILON, that's the equivalent of being paid for one month.

JSA may also be affected if you get an extra sum e.g. if you get three month's pay on top of PILON that's the equivalent of being employed for a total of four months (3 + 1)

Please let us know the lump sum you will be getting and how it's made up.

magicmaria

i get 12 weeks pay of notice at staturoyr max £310 then 12 weeks notice at normal weeks pay then a retention bonus to stay to the end

bonus £5000 is taxable