To ask you for debt/money advise?

[daisysun]

I'm desperate for money advise. I'll try and keep it short and sweet.

Me and DP had a baby last year. The plan was to go back to work at the start of this year and DD stay with my MIL as she has the same two days off a week and then have one day in nursery. However due to the pandemic MIL hours changed (she works for the NHS) so we could no longer send DD to her on these days.

Also, my boss was not accommodating for me to go back part time (which is fine and I understand why) so I quit my job and am now a stay at home mum. We get some UC a month depending on how much DP brings home.

However I am really hating not having a real income. I have £2500 worth of debt and pay £250 a month for bills. We cannot afford to send DD to nursery and won't get any childcare cost help from the state. We have nobody to look after her whilst I work due to everybody working full time. DP works nights every other week so I can't get an evening job.

I've looked at working from home but other than MLM's (which I am staying well clear of) I can't think what I can do. I really need to start making my own money again, I've gone from earning £22k a year to absolutely nothing and I just don't know how I am expected to cope never mind keep on top of my debts/bills etc. DP helps as much as possible but he now has to pay for all our house bills and his own bills so money is very tight on both ends.

Has anybody else been in a similar situation? Any advise is appreciated please!!!

Have you spoken to any of the debtors or any debt charities to see how you could renegotiate the payments?

What do you get in UC? What does nursery cost per hour? What is your post tax hourly take home.

You can add a childcare element to UC of you are both working, which would be 85% of your childcare bill up to £646 for one child. So you could get some help but can be a pain in the bum and you'd have to pay anything over and above that from your wages/DG wages/Universal credit.

You do get help from the government as you would get tax free childcare which covers 20% of the bill.

Secondly, are you entitled to 15 hours when she turns two?

Thirdly, Child minders are cheaper then nursery.

Also it's not about how much "better off" you could be working now, even if that's £150 a month working. It's the long term effect being a SAHM has on your employment future, being out of the job market, loss of skills, gaps in CV, loss of confidence and not to mention independence from DP by having your own money.

Many women go back to work and earn "little" In Comparison to childcare but they are the long term impacts and that it's better to stay in the job market for the sake of two years of a high childcare bill.
When she turns 3 you'll get 30 hours too.

Would the childcare element of UC help? What hours does your MIL work-would she still be up for doing any childcare or is that no longer possible ?

Talk to step change re the debt. They'll help you set up affordable payment plans with your creditors.
Don't take out an IVA or get involved with a MLM company. Those are rarely a good idea.

Don't speak to step change they are not highly recommended by debt specialists. Speak to your local advice centre or CAB.

My local advice agency had so many debt clients who had bad experiences and been given awful advice by step change they openly told people to avoid them.

Have you spoken to your utility companies? Some of them offer special tariffs for customers on UC with kids.

Well, if you warned £22k that’s take home £1500. Full time with childminder is around £1200 but you’d get tax free childcare which would take that down to about £1k so you’d have £500 a month over.

How much UC do you get? How much does your partner earn?

Earned not warned 🙄

Could you look into very flexible work like cleaning? If your DH works nights one week presumably he's at home in the day that week, you might find there's quite a demand for cleaning every other week.

You need to budget for the whole household with what money both you and your DP bring in (tax credits, child benefit, his wage) and what you both have outgoing, including debts.

You don’t have to join your finances completely (as you’re not married) but you should get used to thinking about both of you bring responsible for the other’s choices as well as your own - be a team.

Once you know what you both bring in, and what all the bills are, then you can see more clearly what jobs and childcare and tax credit changes if you’re working will do to your situation.

Also it's not about how much "better off" you could be working now, even if that's £150 a month working. It's the long term effect being a SAHM has on your employment future, being out of the job market, loss of skills, gaps in CV, loss of confidence and not to mention independence from DP by having your own money.Many women go back to work and earn "little" In Comparison to childcare but they are the long term impacts and that it's better to stay in the job market for the sake of two years of a high childcare bill.

This. With spots on. It's a long game and giving up your financial independence is SO dangerous.