Utterly desperate and totally scared

fatbelly

The housing element of universal credit is capped by the Local Housing Allowance. The LHA amount depends on where you are and how many bedrooms you need. Then the total amount of Universal Credit depends on your family, any disabilities and your income from all sources. Because the earned income only reduces at 63p for every £ you earn (rather than £1 for £1 on the old system) people can still be receiving UC even though earning quite healthy amounts.

Dizzy_Imp

Just checking back in with an update...and it's good news!

Had notification from my agent that this month's rent has been received by them from my tenant, which is excellent.  However, I was not at all impressed to see that the fencing bill for repairs needed has been paid in full before it was technically due. It turns out the fencer is a mate of my agent, and said he doesn't have trade accounts with suppliers, and needed the money as soon as possible.  I will be instructing the agent not to do anything similar in the future!  In answer to the affordability of the rent with a tenant on UC: she gets a contribution of about £182 a week and tops up the remainder from her own earnings and with help from her ex-husband, who used to live there with her and the kids.  The rent is actually below the going rate for the size and location of the property, but she is a very good tenant who is looking after the place and I value that.  We aren't able to easily sell the property at the moment in the current financial climate, and as she has another 12 months on her contract with no break clause, so cannot be evicted, selling to an investor with a sitting tenant might be tricky, plus I think this is always a last choice due to their very low offers. Selling is on the plan for next year though, if the financial situation improves for Britain as a whole.  If not, I will continue to rent it out.

Yes, our finances were due for an overhaul, but until this COVID-19 situation happened, things were on the up.  Hubby had a payrise, my boarding business was fully booked into mid-May ,with bookings already taken for the summer holidays, Christmas and New Year (some of these are still holding), we had negotiated good fixed rate terms for the mortgages and were expecting a reasonable return on the sale of our young goats born earlier this year (this will still happen, just a little later than originally planned), so we were hoping to be able to clear some of the debt and start to snowball payments against others.  I was offered a night shift reception job at a local hotel, but that's been put on hold until the situation improves and where we live, casual and /or part-time work is hard to find.  That was just for two nights a week though, as I still have responsibilities at home during the day.  I'm actually glad I haven't registered as a LTD company with all the problems directors are having with the self-employed/employed furlough rules.  Dividends work well in a steady financial climate, but not when the unexpected happens and they can only claim 80% of a usually, very basic salary.  I've just finished this year's accounts, so will be posting them online with HMRC and waiting to hear about the SE scheme from the Government.

Anyway, what will be, will be and lots of jobs are being finished in the house (go me!) as I've got more spare time than usual, so that's a plus!  Thank you for all your helpful comments and suggestions - they really have helped me to refocus and calm down, which is definitely what I needed! We will be OK, I know.  As has been said, I have a wonderful house and situation.  This crisis is an opportunity to enjoy time with my family, which may not have been possible before.  Failing that, there's always gin...

BabyStepper

Glad to hear things are looking more manageable for you - great!   Maybe you can start a debt free diary and we can all keep cheering you on? Or use this thread and get it moved over to the diaries? 

EssexHebridean

There is definitely always Gin, Dizzy! 

I'll second the suggestion to start a diary - they really are great for helping to keep focused and also to avoid the panics when things don't go quite as you'd planned!

Dizzy_Imp

Just popping back with an update and I'm pleased to say it's positive!

I didn't actually get the SE grant I had been advised I would as over 50% of my profitable income was from sources other than my self-employment, which was hugely disappointing but, it focussed me further and it turns out we can do pretty well on almost no income!

My dog boarding business re-opened at the beginning of June with a temporary two week interruption when a customer tested positive, to her great distress, bless her.  Bookings are on the rise for weekends away and my daycare is back to where it was before lockdown.  Holidays that have been cancelled this year are being rebooked for 2021 and so my diary is looking healthy for the coming months.

An exciting change for our small holding is that we have increased our flock holding, become DEFRA registered and have gone online with our hatching egg and live bird sales.  It's literally flying now (sorry for the awful pun...) Throughout lockdown we were approached so many times for eggs and chicks by people offering silly money, but it did get us thinking that as we rear quality large fowl and some rare breeds that we could try to up our game and make it more of a business than a hobby.  We are currently waiting on 90 eggs to hatch tomorrow with another 380 over the next three weeks.  Our static caravan in the paddock has been converted into a chicken hatchery and we have 12 brooding hutches with chicks in of various ages.

Oh, and hubby was head-hunted by his former boss to join him at a different company with a hefty salary increase and business perks to boot, so we are able to look to the future with a little less worry!
Thank you all for giving me straight and clear advice - without it, I may have set fire to the barn and run into the hills screaming.  Life looks good again and the bonus is I know I can do this on a vastly reduced income, so the savings pot will benefit in the coming months.

mark55man

thanks for the update- always nice to see things heading in the right direction, and at pace

pink_fluffy_sparkles

Hi Dizzy 
Ive only just found your post and ive just read it all. So glad to hear things are looking up!! Everything crossed that it carries on this way for you!  

Kakiste

Well done on your new successes! I absolutely love chickens- it's the first 'want' I'll invest in when I eventually buy my own house.

Misslayed

Really glad things are so much more positive for you.
Just FYI (in case - God forbid - there should be another lock down) my doggy day care angel was allowed to keep going by just accepting pooches belonging to NHS and frontline staff. I'm not sure who gives permission. She operated on a much reduced scale with just her wife to help, as they were from the same household could work together. She furloughed her staff. I really hope you don't need that information!