Not sure where to start - advice needed please!

SophieLoui23

So, last month I lost my main source of income due to redundancy (with a weeks redundancy pay) and now I'm wondering how to make it through the next month without adding too much to my existing debt. I do have a small side hustle that pays circa £500 a month, but there really isn't any room to expand that and make more from it, so until I find a new full time job I really need to work out how to survive this. 

Current financial circumstance: 
Tesco CC - £3,425 @ 0% until 9th April 2022
Amex CC - £296 @ 22.2% APR (balance due 28 May)
First Direct Overdraft - £850 @ 39.90% APR over £250
Natwest Overdraft - £85 @ 39.49% APR

I also have another £211 worth of bills to come out of my First Direct bank account before the end of the month, plus I'll need money for food and petrol (circa £250). I took a payment holiday on my mortgage last year, so no chance of doing that now unfortunately.

I'm job searching and speaking to recruiters daily, I've cut back everywhere I can, gone through my bank statements and cancelled any unessential direct debit payments (for entertainment etc) but I'm not sure what else I can do to get me through this period. Any advice would be greatly received.

SophieLoui23

Some idea's I've had this morning (writing them here so that I can keep a note): 
- Return clothes bought recently.
- Use Nectar points for this weeks petrol. 
- Meal plan (and buy 'takeaway' options for the freezer as my bank statement shows we're a sucker for Deliveroo!)
- Sort through the house and get on eBay!
- Look into matched betting.

I was doing some temp work until recently during my furlough period but it's distracted me from looking for full time work and prevented me from interviewing due to the work timetable and with a couple of interviews in the pipeline, I don't want to be using all my energy up on a 'now' solution that may prevent me from having a 'long term / future' solution sorted quickly.

BlueJ94

Speak to the CC and explain the situation they should be able to help, they aren't "priority" debts so could reduce the amount you pay towards them? Also, matched betting? What is this. Post your SOA so people can help a bit better

fatbelly

Claim Universal Credit and get an advance of payment.
What bills do you have to pay in the next month? Some are more important than others.

TryingToPay

Turn the tables on Deliveroo. It's easy to sign up to be a courier for them and pays relatively well for the type of work. Same with Uber Eats and Stuart (who handle most Just Eat orders).
You SOA will be useful for the board members to help you and will also give you an understanding as to your own finances (it helped me getting it all written down). Also, as Jadewest94 stated speak to your cc providers, they should be able to help. 

enthusiasticsaver

Your debt is not horrendous and any arrangements to pay you make will affect your credit record so that would not be my first port of call.  Presumably you have no savings so you should prioritise your outgoings and cancel any non essential bills.  Mortgage first, utilities next and make sure you are claiming any benefits you are entitled to. You won't need to pay council tax if you are unemployed unless your side hustle complicates things or you are living with someone?  I would take on any work just to get you through this stage and once you are working again try and move away from using overdrafts and build up some emergency savings. If you have to default then credit cards and overdrafts should be the first to go but as I say this will affect your credit record. 

emwi

Could you look for temp work at a different time to when you might get interviews for example late shifts at a warehouse or after work cleaning if your normal job would interview in office hours.

kimwp

When I looked at matched betting, it seemed quite complicated and easy to make a mistake that could be quite costly. You are currently in a fairly stressful period so more likely than usual to make mistakes - please bear this in mind.

TheAble

kimwp said:

When I looked at matched betting, it seemed quite complicated and easy to make a mistake that could be quite costly. You are currently in a fairly stressful period so more likely than usual to make mistakes - please bear this in mind.

I wouldn't recommend it either. You need starting capital, knowledge, experience, and a lot of self-discipline. You don't want to be approaching it from a position of financial stress.

ladysummerisle

Sign up for Prolific Academic. It’s a survey site but for academic research really and pays a minimum of £5 an hour. If you register, complete your profile and leave a browser open with it, you can catch the surveys when they come online. You cash out at £5+ and when you’ve done that 4 times, you qualify for instant payout straight to your PayPal. 

I’ve made £78 in just less than 2 months. 

Toonie

With regards food, I suggest heading to the Old Style Board (where I normally hang around), you can post of list of what you have in and the clever and inventive people there come up with all sorts of ideas. They have saved me on numerous occasions.