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Not sure how I'm going to get through this!

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Not sure how I'm going to get through this!

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Abbafan1972Abbafan1972 Forumite
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Ok, it's taken a lot to post here, but I am very worried about the future financially.
I have been made redundant due to Covid-19, my husband is still working thankfully and has been all the way through this (he works for an environmental company and is classed as a key worker).  His company is very good and I know they don't want to lose him.

I have applied for UC, but not entitled to anything yet as I got a months paid notice from my employer, which was at the end of May.  Won't find out how much I'll get (if anything) until the 15th July.

We have a mortgage payment holiday and the next payment will be due on 28th July, when this comes to an end.  If I don't find a job soon, I do fear that we won't have anything to live on and won't be able to pay the mortgage.  I know this will go up at the end of the payment holiday due to the interest.  We have 2 credit cards totalling about £12,000, I am only paying the minimum payments at the moment, as that's all I can afford.  I try not to use the credit cards if I can help it, but there's occasions where I need shopping and it's the only place where there's enough available funds. 

Hubby is aware, so I'm not hiding anything from him, but he does get more panicky than me.  We have lots of others bills and the total way outweigh what hubby earns a month.

Any help would be appreciated.

Thanks in advance.
Winging it since 1972

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Replies

  • sharpe106sharpe106 Forumite
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    To start with try doing a statement of affair so we can know a bit more detail
    https://www.lemonfool.co.uk/financecalculators/soa.php
  • edited 25 June at 6:07PM
    BabyStepperBabyStepper Forumite
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    edited 25 June at 6:07PM
    Sorry to hear this has happened to you, such difficult times. 

    I second the request for an soa. We can try to help if we have all the info. 

    I would also say do not pay your credit cards before buying food, get the essentials paid for first (mortgage/utilities/council tax/food). Contact the credit card companies and ask for payment holidays until you get this sorted, you can't afford the payments if you can't feed your family. 

    You can get another 3 month mortgage extension, you should apply, it will give you some breathing space.

    What kind of work did you? Is it possible to get another job working from home? 
    Emergency fund £2,900/£10,000
    Mortgage overpayment £50
    Debtfree!
    £21,228.07 paid off in 22 months
  • Abbafan1972Abbafan1972 Forumite
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    Thanks for your replies.  I am currently working on the SOA - a couple of the things I need to ask hubby about and he's not home yet.  An important thing is the car, it is on finance and he needs a car to actually get to work, as work is so far away and would take about 2 hours to get there on public transport.

    I have already paid the cc's for this month.  I was thinking about applying for payment holidays on these, but didn't know whether to or not.  I was planning on speaking to the Halifax about the mortgage before the next payment is due to see what they could do, but I wasn't aware you could get an extension on the payment holiday.

    The work I did was office/admin.  I have done some accounts work, but it's just basic stuff and I don't have any qualifications.  Many accounts jobs seem to include payroll as well and I have no clue about that.  My last job, I was only there for 6 months before they put me on Furlough and then made me redundant.  It has really knocked my confidence, as I was being bullied there.

    I will get the SOA posted up asap.
    Winging it since 1972

  • sharpe106sharpe106 Forumite
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    Once the SOA is up I am sure some people can give you some good advice. 
  • Abbafan1972Abbafan1972 Forumite
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    Just a quick question about road tax?  How do you include that as it's either 6 monthly or 12 monthly.  We last bought it in April and it was £82.50 for 6 months.
    Winging it since 1972

  • monetxchangemonetxchange Forumite
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    Just a quick question about road tax?  How do you include that as it's either 6 monthly or 12 monthly.  We last bought it in April and it was £82.50 for 6 months.
    Divide all yearly bills by 12, so what they'd work out to if you paid month to month. So £82.50 X 2 ÷ 12. The idea being that you budget every month for them, save that money month to month and have enough to pay it off from that savings pot when the due date comes.
    LBM: 05/05/2019 Highest Debt: £37,514 Debt Free: 06/03/2020 B)
  • edited 26 June at 5:24PM
    Abbafan1972Abbafan1972 Forumite
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    edited 26 June at 5:24PM

    Household Information
    Number of adults in household........... 3
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details
    Monthly income after tax................ 0
    Partners monthly income after tax....... 1331
    Benefits................................ 140
    Other income............................ 0
    Total monthly income.................... 1471

    Monthly Expense Details
    Mortgage................................ 1009
    Secured/HP loan repayments.............. 324.36
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 107.5
    Electricity............................. 114
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 33.63
    Telephone (land line)................... 0
    Mobile phone............................ 145.88
    TV Licence.............................. 13.37
    Satellite/Cable TV...................... 73.5
    Internet Services....................... 25
    Groceries etc. ......................... 800
    Clothing................................ 20
    Petrol/diesel........................... 100
    Road tax................................ 12.5
    Car Insurance........................... 45
    Car maintenance (including MOT)......... 19.42
    Car parking............................. 0
    Other travel............................ 10
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 4.5
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 30.29
    Contents insurance...................... 0
    Life assurance ......................... 24.37
    Other insurance......................... 9.49
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 17.5
    Entertainment........................... 30
    Holiday................................. 20
    Emergency fund.......................... 0
    (Unnamed monthly expense)............... 0
    Overdraft Fees.......................... 33.1
    Total monthly expenses.................. 3042.42

    Assets
    Cash.................................... 0
    House value (Gross)..................... 170000
    Shares and bonds........................ 0
    Car(s).................................. 12000
    Other assets............................ 1000
    Total Assets............................ 183000


    Secured & HP Debts
    Description....................Debt......Monthly...APR
    Mortgage...................... 81163....(1009).....3.29
    Hire Purchase (HP) debt ...... 983.93...(39.37)....0<
    Motonovo Finance...............15131....(285)......0
    Total secured & HP debts...... 97277.93..-.........-  

    Unsecured Debts
    Description....................Debt......Monthly...APR
    CC1............................5630.45...200.......18.55
    CC2............................7140.49...137.......22.05
    Very ..........................1011.9....40........39.9
    Creation Finance...............0.........26.09.....0
    Total unsecured debts..........13782.84..403.09....- 

    Monthly Budget Summary[/b]
    Total monthly income.................... 1,471
    Expenses (including HP & secured debts). 3,042.42
    Available for debt repayments........... -1,571.42
    Monthly UNsecured debt repayments....... 403.09
    Amount short for making debt repayments. -1,974.51

    [b]Personal Balance Sheet Summary
    Total assets (things you own)........... 183,000
    Total HP & Secured debt................. -97,277.93
    Total Unsecured debt.................... -13,782.84
    Net Assets.............................. 71,939.23

    Edited to amend:-  Apologies about the font, don't know why it's gone like that.  I have updated my hubbys income to an amount without overtime and changed some other figures.

    Hubby is phoning sky tomorrow to see if we can get that cheaper.  Also looking to see if I can reduce the tariff on 2 of the mobile phones, as we are tied into contracts with these unfortunately.
    Will see If I can get the shopping down, done my shopping delivery for tomorrow and it's still came to £101.52.  Trouble is we end up needing stuff in the week, so these "top up" shops add up as well.  If it wasn't for hubby's lager on the order, it would actually be £80, but I have tried with this and all I get is that I'm "picking on him".  So hands seem to be tied with that at the moment!





    Winging it since 1972

  • edited 25 June at 9:40PM
    sharpe106sharpe106 Forumite
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    edited 25 June at 9:40PM
    Does the adult child pay anything towards living costs?
    Ok you need to cut back fast on your expenses. 
    Some starting points
    Mobile phone?
    sky
    food
    presents
    lottery
    spotify

    How come your mortgage is so high for the value of the property? i had similar value house at one point and mortgage was never that high. 
    You are going to need the mortgage holiday for breathing space as was put earlier. Until you can stabilise your spending you are not going to know what you have to play around with. 
  • edited 25 June at 9:58PM
    DCFC79DCFC79 Forumite
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    edited 25 June at 9:58PM
    Cancel Spotify
    Reduce mobile phone, TV, groceries, internet is ok at £25 but could it be reduced, what do you get for £25pm ?  the holiday £50 can be reduced,
    How much is in the holiday fund ?
    Is presents high at £100 ?

    Re your hubbys income you should base it on the minimum eg no overtime (unless he has some overtime thats guaranteed) and any extra you use to reduce the debts.

    As mentioned mortgage is high ?
    What was used for Motonovo Finance ?

  • TheAbleTheAble Forumite
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    DCFC79 said:

    What was used for Motonovo Finance ?

    Umm... car?
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