Reality is hitting hard

[Deleted User]

sambaird said:

Well there you go… just instantly saved 200pm.
It’s clear that the only millstone around both your necks is your wife’s loan.
Any chance you could provide more details on this?
Who is it with? Is it secured or unsecured. Is the debt in her name only?

Let's keep going and save more instant money

The loan is with Lloyds bank, unsecured at 11%, i've made a mistake on that too. It was originally around £23k March last year and paid off a previous loan with her bank that was far higher APR, the remainder cleared down some outstanding CC in both mine and her name. It hasn't dropped a lot due to covid payment holidays while she was out of work again from June to September.

We've always criss-crossed debt over the years, it had been dropping steadily, we were at £45k at our worst point, as I said above, we'd always managed it due to both being in jobs.

The more I type, the more stupid and reckless I see we've both been, always assuming we'd be ok and able to pay it off. Feel sick to my stomach.

[Deleted User]

@fatbelly the LHA is near identical to your check.
Am I reading right that we're eligible for some kind of UC after tapering off of earnings?

[Deleted User]

Just went through the https://www.entitledto.co.uk/ calculator and came out with £13.16 / weekly UC with the current £20 uplift included.

fatbelly

Are you both under 25?

[Deleted User]

Ha, I wish. I'm a little over 40 and wife mid 30's.

fatbelly

I don't understand why there is such a  difference in the two calculations then.
I've set out the full calculation. If the Entitled2 site does the same you could compare, or work iyt out from these figures
https://www.gov.uk/universal-credit/what-youll-get
Anyway, make a claim and see what happens

[Deleted User]

I could have fat fingered something again, head isn't there at the moment. I'll fill it in again in the morning when I'm fresher.

Thanks for the help so far btw. 

[Deleted User]

@fatbelly you have earnings down as 2346.72 which includes the JSA my wife gets, realised the SOA isn't clear on that. JSA was included at the end of mine as an additional benefit on top of the UC, then there was £20'ish for CB, would that account for it? I could be way off though. 

fatbelly

yep

Universal Credit calculated on a monthly basis.

Rent (capped to LHA) 625.02

Rent for housing element 625.02

Work allowance 293.00

Earnings:-

Net Earnings 2023.02

Total earnings 2023.02

Less work allowance 293.00

Excess earnings 1730.02

Earnings tapered at 63% 1089.91

Unearned Income:-

Benefits 323.70

Total Unearned Income 323.70

Universal Credit:-

Standard Allowance 596.58

Child Responsibility Element 282.50

Housing Element (rent) 625.02

Maximum Credit 1504.10

Less tapered earnings 1089.91

Less unearned income 323.70

Universal Credit Payable 90.49