No more false starts

PipneyJane

ditty1234 wrote: »

Hi yes I'l a lecturer /teacher on a o.6 contract topped up with associate hours in the same department and agency work one day a week to top up my income. This actually really helps. I have made many failed attempts at getting full time jobs so am currently taking a break for applications. As need to get finance sorted first at this lower level.
Creative industries are a lot of part time and contract work, which was great to fit around kids, but also what have now put me in a very difficult place. Also one child now has a serious ongoing medical condition that has taken priority at various times.

I completely understand about taking a break from job hunting. I was on the job hunting treadmill for about a year and it is totally demoralising. Hopefully, your department will be able to increase your hours permanently at some point.

In the meantime, am I correct in assuming that the £1,800 monthly income you're quoting on your SOA is your permanent-but-part-time salary and nothing else? If not, then you'll suffer a big dip in income when the summer holidays start, so best tighten the belt now. In a typical month, how much do your supplementary jobs bring in? Think of that income as quarantined for debt repayment and put it straight to the one with the highest interest rate.

HTH.

- Pip

ditty1234

Hi Unfortunately my income is £1200 from 0.6, about 250 from hourly, about £200 from agency and £220 from child benefit and maintenance £1870, so that is an average good month. So I am looking for other income streams from freelance work, non teaching agency work for the summer and to start job hunting again before easter. I am an ongoing disaster when it comes to full time work :-(

conradmum

What do you teach? Have you thought about marking exams as a sideline? That's something you can do at home in the evenings and at the weekend.

ditty1234

Conradmum: I teach an art specialism at college, am thinking about signing up for the home marking.

PipneyJane

ditty1234 wrote: »

Hi Unfortunately my income is £1200 from 0.6, about 250 from hourly, about £200 from agency and £220 from child benefit and maintenance £1870, so that is an average good month. So I am looking for other income streams from freelance work, non teaching agency work for the summer and to start job hunting again before easter. I am an ongoing disaster when it comes to full time work :-(

Your reliable income is £1,420 a month (contractual salary plus benefits/maintenance). That has to be your baseline for your budget, not the £1,800 you quoted on your SOA. You have to build your budget as if the other £450 doesn't exist.

Apologies if that is a slap in the face. The hourly-paid work and agency work are gravy on top, but can't be relied upon year round and may not exist after the end of this academic year. Instead, you should use that money to help build up your emergency fund and to pay down your debts.

- Pip

ditty1234

Thanks PipneyJane I am getting to understand the soa better,

Happier_Me

Personally I wouldn't write off bankruptcy as an option, in fact I'd explore it further insofar as I'd be constructing an SOA with bankruptcy in mind, which means creating a realistic and acceptable budget in terms of income and expenditure. You're including income that isn't guaranteed and costs that I think are really tight in places - entertainment £10... it just isn't realistic. And you still have a shortfall.

I don't mean to come across harsh but you are in a position to go bankrupt, some people aren't because of property equity or employment issues. Your credit rating will take a hit no matter what you do, but you may find it recovers quicker from a bankruptcy.

fatbelly

I must admit that the original soa, even with the optimistic income figures, looks like bankruptcy.

The one issue I spotted was the 3k car - it needs a proper valuation and some plan to buy it back from the OR, downgrade it or possibly wave goodbye to it

ditty1234

Hmm, I just got the car with help of a family member, it's 2,5 hours each way to get to work by bus and it costs £37 a week, so I would loose my ability to go to work if I lost my car! The joy of small town commutes.

fatbelly

If a car's essential you can keep it, up to a value of £1000. In practice you may keep one worth a little more. But at 3k the OR would try to release £2000 for your creditors (and their fees).

Of course if the family member bought it, and would be able to prove that, they could well be the owner and you are just the registered keeper.