53k in debt and finding ways of helping

MasterG83

Are you down as living with your parents so that your wife can get benefits? Do you have to pay child maintenance by an order?

Stuckformoney86

I’m down as living at my parents, it’s was her mums house which she rented before moving out. My wife can’t get her name on the books so we pay the rent. She was already living there with our 3 kids I just moved in when her mum moved out. No child maintenance.

MasterG83

I think as well as sorting your finances, which you will, and you will feel 50% better having any plan believe me, then you need to secure your home and marriage circumstances. A roof for all of you together, under your names will do wonders for how everyone feels.

Stuckformoney86

https://forums.moneysavingexpert.com/discussion/comment/82058100#Comment_82058100

I’m in the process of sorting this, it will be sent on Wednesday.

Stuckformoney86

So I have now lost my job (all my fault), so £2000 a month worth off, I have managed to secure a little part time bar job but l’m unable to save anything my last my pay is on Friday (£2100) after that I’m not sure what to do.

enthusiasticsaver

Prioritise the essentials. Rent, utilities and food. Tell your lenders you cannot pay anything and wait for them to default. You will need to cut back as the food bill is way too high and you can get that lower even with three kids. The older child will need to contribute and find out what benefits you can claim.

RAS

Yoh need to see if your situation increases your benefits, not sure whether you'll be affected if they decide the job loss really was your fault.

I'd start by assuming that you've only got got her income, your income and existing benefits. So £2100 plus whatever you get from the pub job. You need £700 for rent and CT.

Now you and the missus need to sit down urgently and work out how you are going to spend the rest. I'm going to go all Dave Ramsay and prioritise food over utilities. But you need to drastically cut the food budget. And any travel costs needed to get to work. Remember your younger ones travel free this month.

Your jobs whilst you're working part-time are to look for work (easier said than done, I know). And to work on meal plans. You need to cut to the bone, work out when the supermarkets do their reductions and one of you needs to be there regularly.

Go through the phone contracts and see if you can reduce any. All the media stuff needs cancelling. If the contract means you can't cancel ring up and tell them you've lost the job and need to reduce the package. But you'd be better getting defaults on them than not being able to eat or get to work.

This month's layoff money needs to go on rent and the rest to a separate account. If you use it sparingly, you might be able to buffer the reduced income for a few months.

Forget big birthdays, you can't afford it.

Finally, what's you notice and leave situation with your employer? If you hadn't used your full leave entitlement to date, you should be paid in lieu. Employers have a habit of forgetting. Tribunals don't like them doing that.

Stuckformoney86

I was fired last week (gross misconduct), my last paycheck is tomorrow and includes any unused holiday. Which will be £2100. I’ve signed up for universal credits I’m entitled to around £430 a month.

The bar job will be around 20hours at a push. While I figure something else out.

My parents are covering my phone bill and broadband, Netflix has been cancelled, gamepass, PlayStation etc,

My wife is doing extra hours and has been put up for some training that leads to management.

Do I ring my creditors and tell them I’ve lost my job or ignore them and don’t pay?

sourcrates

"Do I ring my creditors and tell them I’ve lost my job or ignore them and don’t pay?"

No, don`t tell them anything unless you have to, and then you would write or email, as call handlers have a terrible reputation for getting things wrong, best to put it in writing.

MasterG83

I'm sorry to hear about your job, its a good time to update or create a Linked in Profile and reach out to contacts in your sector or area of business, what did you do?