Teetering on the brink.

ceegee

Lovely people....can I stress first of all that I know that there are people in a far worse position than me.

I have never been in debt in my entire life. I am 51.

I have just had a car repair bill for £839.07.

I have the money to pay for it and it will go on my CapOne credit card, thus giving me £33.20 cashback in January.

But....that is almost it. If I have one more disaster (I have had so many over the past couple years, including the bath breaking and emptying through the kitchen ceiling in the Spring...not anything that I can make an insurance claim for) I don't know if I can survive. I have £500 left. I have a mortgage and recently came off a very good discounted rate. I can cope with one more thing with the £500 but after that I am up the creek. I won't post an SOA because I know that I cannot pare it down any more.

I know people may say that I am lucky to have £500 left, but that has been through very careful financial management over the years...I am as tight as a you-know-what.

The thing is....if I took out a loan, how could I ever pay it back when I am now struggling to make ends meet? I have an average 3 bed semi in a nice area. I could "downsize", but I have been here for over 21 years and my daughters have never known any other home. We love our home, despite it being a bit of a money-pit. I could see, about a year ago, where things were heading financially, so I took on a second job in the hopes that it would make things easier. All that happened was my tax credits got reduced by the amount of my extra earnings.

Maybe I should speak to my Building Society (I have 5 years and 11 months left on the mortgage) and see if somehow my mortgage can be re-arranged to ease things. It is the series of disasters coupled with coming off the good mortgage deal and the general increase in the cost of everything that has me teetering on the brink. Plus the fact that I have had no child maintenance for several years as my ex-husband is unemployed.

The absolute fear of getting into debt...well, I find it absolutely terrifying. It is a mixture of terror and numbness.

Dear people....I know there are those who are in a worse position than me...at least I have my £500. But if there are any peeps who, like me, are teetering on the brink, please could you respond? I am feeling so low and am now starting to cry.

I know that there are people in a worse situation, but I feel so frightened.

jess444_2

Hi,
Just wanted to say Hi as you sound very low at the moment.
It sounds like you have always managed money well in the past and I just wondered if main problem is depression rather than financial concerns. (hope I dont offend - but everything seems so much worse when you are depressed)
If you think this might be the case you should see your doctor.
My only advice from looking at your post is to see your building society about the mortgage. I have rearranged mine each time my deals have finished - they are usually very willing to help.
I know you don't want to post SOA (I know how you feel, I never have either) but if you do I am sure all of the friendly people here will be able to offer you advice.
Good luck.

itsnever2lateisit?

Hi ceegee

Is there any money left at the end of each month, so that you can rebuild your savings balance, no matter how slow? If so hang on in there, and as the poster above says, have a chat with your lender and see if you can get a better deal. With less than 6 years to go you are so near to being mortgage free as well

angelflower_2

just wanted to drop in on your post and say thank you for being so brave to post. I know debt or the fear of debt can be dibillitating. I guess my suggestion is to try and look at things from a different angle.

Do not worry about the unforeseen because now you have us to help you through.....if anything else does crop up then before you go ahead with anything, post here, ask advice and we will do what we can to help

ie v surprised your bath wasnt covered with insurance.....have seen this many times. Only way it wouldnt be covered is if you knew there was a problem with the bath, didnt fix it and then it could be said was negligent. I would have fought for that one!

I would look at putting away a few pound whenever you can and head on over to the moneysaving boards for some tips. Then join in what we all do, click through websites continually for cash back....sell stuff on ebay to create a cushion. Many posts around on how to get started doing all that.

Hope I can have helped just a little.

ani*fan

Hi Ceegee:hello:

Well done for posting. You are absolutely in the right place for help and support.

First of all, it sounds to me as if you really know how to manage money. To never have been in debt? Wow...you're my inspiration already.

Working 2 jobs can wear you out and make you feel weepy and down. Is there any way you could give this second job up and get your tax credits back? It may be worth it for your mental health and there seems to be no financial benefit there anyway.

I would also get straight to your bank and ask for a new mortgage deal. There is no harm at all in asking. Maybe once these payments are reduced you will have more breathing space.

Have you discovered the joys of ebay? Maybe you could sell a few things to increase the size of your cushion for security in case of emergencies.

Good luck. Your approach to money seems to have kept you in the black so well done. If I had £500 I would think I was rich and go straight down the shops.

ceegee

Thank you, jess, it's never2late and angelflower.

The bath had a chip in it for years and I just kept a pot underneath it to catch the drips...then one day it just cracked. I worked in insurance for years and knew it wouldn't be covered. I know that some people would try it on, but I'm too honest....that's my downfall!:o

I can probably scrape together about £30 per month to start rebuilding an emergency fund. Again, I know that to a lot of people that is a huge amount of money, but disasters keep happening to me and they are never cheap ones...they are always bloody expensive ones. Excuse my language.This has to cover emergencies and any spending over and above the normal weekly stuff. Both of my daughters' birthdays are in the New Year. I am glad that I realise that you don't have to spend a fortune to get nice things, but doing it through necessity rather than through choice makes it different, somehow. I now am facing the car's MOT and service in December and that will probably take most of my beloved £500.

I am going to ring my Building Society and see if they can help to make things a bit easier. I understand that it is best to let them know straightaway if you are "experiencing difficulties" as they call it!

Yes, I am feeling really down, but do you know what....it has helped enormously to make these posts and to receive your lovely replies.

I will come back and let you know what the Building Society say.

Thank you all, once again. You are:A .

ceegee

ani*fan wrote: »

Hi Ceegee:hello:

If I had £500 I would think I was rich and go straight down the shops.

Thanks for your advice, ani*fan and also thanks for making me laugh for the first time in days!:D :A

JoJoB

An area to save money may be the "moneypit" house you have. In the grantgrabbers section of this site is a link to the Home Improvements Agency website which helps people on low incomes with work that needs doing on their homes. If there are any jobs praying on your mind that you are worrying about finding the cash for, they may be able to help. It's always worth asking!

http://www.foundations.uk.com/hiasearch.aspx

itsnever2lateisit?

ceegee wrote: »

Thank you, jess, it's never2late and angelflower.

The bath had a chip in it for years and I just kept a pot underneath it to catch the drips...then one day it just cracked. I worked in insurance for years and knew it wouldn't be covered. I know that some people would try it on, but I'm too honest....that's my downfall!:o

I can probably scrape together about £30 per month to start rebuilding an emergency fund. Again, I know that to a lot of people that is a huge amount of money, but disasters keep happening to me and they are never cheap ones...they are always bloody expensive ones. Excuse my language.This has to cover emergencies and any spending over and above the normal weekly stuff. Both of my daughters' birthdays are in the New Year. I am glad that I realise that you don't have to spend a fortune to get nice things, but doing it through necessity rather than through choice makes it different, somehow. I now am facing the car's MOT and service in December and that will probably take most of my beloved £500.

I am going to ring my Building Society and see if they can help to make things a bit easier. I understand that it is best to let them know straightaway if you are "experiencing difficulties" as they call it!

Yes, I am feeling really down, but do you know what....it has helped enormously to make these posts and to receive your lovely replies.

I will come back and let you know what the Building Society say.

Thank you all, once again. You are:A .

Hey your a long way from that yet. Dont let the BS think that, play hardball and try and get a better rate from them, they need to be under the impression that you will take your business elsewhere:p

tyllwyd

If you are fifty-one, I guess you have another nine years to go before you retire? Assuming that you don't anticipate any problems working for those years, I would have thought that rearranging your mortgage to extend it for a few more years would be an option. (Is it repayment or endowment?)

Have you checked your pension situation? I would say that you should go to www.thepensionservice.gov.uk to get a forecast for your State Pension, but I just looked at their website and it says that they can't do it at the moment. It would be worth going back to it next year when it is available again though and having a look.

How old are your children? Are they coming up to an age when they might be leaving home, or looking for a job?

GreyPilgrim

Maybe downsizing the house isn't such a bad idea? I'm sure after 21 years there are so many memories tied up in it, but is it worth giving it a bit of thought...maybe if you try and think of all the positive things it could achieve you would see it from a different perspective?

A smaller, more cosy house, maybe in an even nicer area, bit of cash left over, more disposable income to save for rainy days / emergencies?