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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask about your financial situation after covid?

295 replies

MrDarcysMa · 02/05/2020 10:49

Hi all, I don't have any friends in the same situation so just wondering what other people's situation is....now and after CV? I realise many people will be worse off than me, as well as better off so this isn't meant to be inflammatory - just curious really and trying to get some perspective on my situation. Both DP and I work FT (usually) no kids and recently purchased first home after 10 years of renting and saving.

I work in a company where I do a worthwhile job but it does not bring money in directly for the company so I may not have a job after the furlough scheme ends.

-Very lucky atm to have 80% income via furlough (although it's only of my basic salary no overtime or commission)

-Joint mortgage and bills with DP who earns more than me but is wfh on 20% pay cut

  • We're ok on current income - about £800 in the bank less per month but we're not spending much/ going out
  • After furlough I will likely have only PT hours if so - we should be able to pay mortgage and essential bills and food if DP still has a job but no unnecessaries or fun stuff (if pubs etc re open!)
  • If I lose my job we will have to do mortgage hol for a few months, give back the car we have on pcp which ends soon, and hope I can get another job after 3 month mortgage holiday or my company is in a position to have me back!
  • Overall we are managing ok now financially but if we both lose jobs after CV which is a very real possibility, we're screwed.
OP posts:
ragged · 02/05/2020 17:06

My industry will probably be bailed out by govt, but otherwise they are going bankrupt. There is a hiring freeze. I have fixed term contracts so waiting to see if funding (a contract has supposedly been signed) will be forthcoming. That's not likely before August.

I'm working lots of hours for free right now. We have savings but I predict high inflation in near future so our savings will be badly eroded. Grateful I didn't have any expensive travel booked.

I'm very good at living on nothing, thank goodness. I am very adverse to spending money right now.

Littlejacksmummy · 02/05/2020 17:13

Financially screwed. Got made redundant at start of April while on maternity leave, a month before I was due to go back. Self employed builder partner so no work on that side. So very screwed.

But..... Partner has got to spend the last month with our 5 month old. We have decided we will scrape by on his wage when he goes back, unless I can find something part time around his hours.

It could be alot worse. All our family are well. Plus, my little boy has started laughing in the last month so cheers me up every time I hear his adorable little giggle Smile

ListeningQuietly · 02/05/2020 17:19

Absolutely bollocksed.

Small Ltd company each. One of them has had no income since Covid hit and will unlikely have any till the end of the year and maybe beyond that. Other one is OK but household income massively hit.

Two University age children feeling utterly screwed over by their courses and career prospects when they graduate.

Moosey65 · 02/05/2020 18:25

It's going to be hard. Both self employed in our hospitality business. Winter is our quiet time and have to spend much of what we make over the summer getting us through winter.
I suspect we'll be amongst the last sectors to reopen so effectively we'll go from winter to winter with very little summer season in which to make any money. It doesn't help that our year started with having to refund approximately £12k despite not seeing a penny from February. It won't hit us immediately but eight months from now when savings are gone is when it will really bite without more financial support. And with our business goes our home.
Just as an aside, sincere sympathies to pps for whom its going to get tough. It also makes you wonder if it's worth being self employed judging by the numer of employed posters who expect little change in their circumstances whilst many self employed expect to be wiped out.

HappyBuyer · 02/05/2020 18:38

@Moosey65

I'm so sorry to read this :( Bear hugs

Could you claim a grant covering 80% for at least 3 months?
www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

You can also deffer income tax payment or/and get ''bounce back loan''. I do not know your situation, but would this help? Have you asked your accountant?

Mortgage payment deferral (''mortgage holiday'') can be taken at any time...

PhoneLock · 02/05/2020 18:42

Two University age children feeling utterly screwed over by their courses

Can I ask why?

justanotherneighinparadise · 02/05/2020 18:49

I suppose the same or slightly better but I’m aware our savings account rates have tanked, as have DPs pension and everything will be going up. So I don’t feel hugely optimistic.

Moosey65 · 02/05/2020 19:12

@HappyBuyer many thanks for your suggestions also. Have had the government £10k grant but that went to helping pay back some refunds.
Have taken the mortgage holiday & deferred all HMRC payments but still needing to be repaid in 12 months time on little income. Unfortunately the loan is just more debt but may have to be looked at.The government help for the self employed due in June is our one glimmer of hope that may just buy us a bit of time until we can reopen.

HappyBuyer · 02/05/2020 19:32

@Moosey65

You can carry back the losses to 3 previous years of trading. If you make a loss this tax year you can offset it in 12 months time to your differed bill of 12K. It is loss claiming against taxable income and should reduce the tax bill. I'm quite rusty with tax, but you might check with your accountant.

Flowers
Juanmorebeer · 02/05/2020 19:36

Actually way better off because I have had to do soooo much overtime (emergency services)

Combine that with no spending on anything at all other than food and a bit of fuel and we are doing fine.

We just had to get a new mortgage deal as our 5yr fix was up and will be paying loads less per month as we'd managed to hammer the balance by overpaying and interest rates are lower then ever, feel VERY lucky about that situation right now.

DH works full time a mix of in a factory and from home, his wage has not changed but no payrises or bonuses this year, his is usually only in the hundreds anyway.

All in all feeling very lucky overall.

TattyDevine · 02/05/2020 19:39

Pretty awesome, not going to lie, as income has barely changed and can't buy anything fun.

I really want to see some better outcomes for people slipping through the help-net.

Moosey65 · 02/05/2020 19:43

@HappyBuyer. Thanks once again for heads up on that. l most certainly will run it by my accountant as was discounting the loan purely on the basis of more debt against virtually no income.

HappyBuyer · 02/05/2020 19:59

@Moosey65

No problem, I hope it will help :) Hang in there Flowers

JoeExoticsTiger · 02/05/2020 20:19

Currently furloughed on £30k (about 20k less than what I’m usually on). Partner is WFH full time but has taken a 10% paycut. We are in an industry where CV has had a HUGE impact, I’m fully aware that one or both of us may lose our jobs, which is a bit terrifying. I have some investments, and we have some savings and no debt except our (huge) mortgage. So appreciate that we are lucky in that regard... doesn’t stop it being a worry - I love my job and have worked really hard to build my career.

EBM20 · 02/05/2020 20:31

Financially screwed. Baby on the way and were dipping into the baby budget to pay Bills! I was due to start a new job so the start date has been pushed back until they can re-open, it's a hotel so at this rate I'll be going back after the baby is born, due November! Partner lost his job at the end of February, picked up a self employed job in spraying disinfectant in relation to the coronavirus mainly doing offices in London but since the lockdown theres been no work so no pay! We still live at my parents house and was just looking into renting our own place but that doesn't seem like it's going to happen for a while too!

Myownwendyhouse · 02/05/2020 20:34

Better off as we are both still working. But not going anywhere and not paying for David Lloyd we have managed to save a lot of money. One thing this taught me was it could very easy have gone the other way and I will be having a bigger savings pot in the future

myohmywhatawonderfulday · 02/05/2020 20:47

As everything is suspended we are okay. But if we hadn't been able to pause our mortgage we would not be okay. My DH is a builder and all his worked stopped overnight. I work part time and my work are continuing to pay me.

Hopefully DH will be able to go back to work before the mortgage holiday is over so we can get some money back in.

My work alone covers our mortgage and nothing else. So I do need DH to work. Who knows what will happen once the only job he has booked in finishes?

PhoneLock · 02/05/2020 20:52

Hopefully DH will be able to go back to work before the mortgage holiday is over so we can get some money back in.

I would have thought he would be rushed off his feet once the restrictions are over.

BellatrixLestat · 02/05/2020 21:00

DH and I work for the same organisation (keyworker organisation). DH working from home and I am 'on call' as my usual office has shut but there is nothing for me to do at the moment so at home in full pay.

We realise we are very, very fortunate.

Seelowbrown · 02/05/2020 21:10

Anyone overpaying on mortgages who feels a bit vulnerable for what the future holds I would suggest stopping this even if you can afford it now. I would also take advantage of any payment holiday and Save the cash. You can always make a lump sum payment later if things work out ok. If not then you have some saved cash and in times of crisis like this, cash is king!

andyindurham · 02/05/2020 21:11

It's tense. DW furloughed on full pay from her PT job. I WFH, but the bulk of my work has evaporated and won't resume unless or until pro sport is up and running - at international level. That could easily be a year or more away. I'm losing the most lucrative month of my year, and have big uncertainty about other significant income boosts that would normally land at the end of the summer.

On the plus side, our costs are now negligible and the downturn in my income hasn't bitten just yet. And my biggest clients are doing a lot to keep me busy, so it won't be a complete wipe-out. But if next season doesn't start as planned, I'm going to need some new ideas and fast.

ListeningQuietly · 02/05/2020 21:17

PhoneLock
Multiple news stories about Universities

  • no lectures
  • no labs
  • no libraries
-full fees
  • full rent
  • no jobs
  • no support
  • no graduate careers
  • just shit loads of loans at 6% interest that starts before they graduate
  • if the Chinese do not come this September, the sector is ferked
PhoneLock · 02/05/2020 21:26

@ListeningQuietly And that is the universities fault?

The universities haven't screwed your children over, Covid-19 has.

Mary46 · 02/05/2020 21:43

Congrats@Littlejacksmummy enjoy your time with him. Am getting covid payment in Ireland similar to furlough. Still spend good bit on food as teens home. Petrol no as no commute. Few coffees mags to keep sane.

ListeningQuietly · 02/05/2020 21:47

phonelock
Covid has exacerbated the failings in the system.
Schools have treated their pupils far better than unis
the Uni system has been heading for a crash