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Original poster

Self employed, will run out of money

46 replies

Pickledbrain1 · 12/03/2020 07:05

My Dh is self employed. His work involves a lot of travel around the uk seeing clients face to face to offer his service. There is no way he can work at home! It’s not possible to offer this service from home at all. What the hell are we going to do?

We have no savings, one kid in school/childminder and two in nursery. We pay a lot in childcare fees.

Anyone have any plans in similar circumstances?

OP posts:
12345ct · 12/03/2020 07:08

My husband is also self employed and working from home isn't an option for us either. ☹️

FAQs · 12/03/2020 07:10

Did you see the budget yesterday I don’t know the details but they did mention funds for those affected in your situation.

dementedma · 12/03/2020 07:15

Businesses are going to suffer and go under. One friend with a small business just had a 25K job cancelled. Another has told his staff he cant renew their contracts in April due to jobs being cancelled. Those who dismiss it as "just flu" have no idea of the consequences.

Skyejuly · 12/03/2020 07:18

Yes. :(

RosieLancs · 12/03/2020 07:20

More people are going to end up bankrupt than die.
I scanned through the release of the budget info behind the headline regarding self employment.
All I can find is that you can claim UC from day 1, the real kicker though is whilst people have been excused from appointments whilst self isolating you would still have to take in proofs for your claim to be processed, which obviously you couldn't actually do.
Plus if you are on a low income and receiving tax credits this would take that away and put you on UC which has been disastrous for the self employed so far.

Sleepingboy · 12/03/2020 07:24

What if you are not entitled to UC? What then?

Scbchl · 12/03/2020 07:31

I think my work could go bust. I do all the finance and I know we are already on wobbly ground. If our engineers cant get out doing jobs we will go under.

My husbands also self employed as a tradesman. If he cant go out we will have no money. Our parents wont let us struggle. I did take out an overdraft last week, just incase, and I wont touch it unless necessary and we do have a couple of credit cards we can use for food. I'm hoping they would do what Italy done and possibly put a stop on mortgage payments then can cancel all non essential direct debits.

Original poster
Pickledbrain1 · 12/03/2020 07:32

We pay such a lot in childcare costs and I’m worried we will still need to pay that whilst all this is going on (otherwise nurseries etc will be in financial trouble) we can’t afford it if my dh doesn’t bring in money.

OP posts:
ValleyoftheHorses · 12/03/2020 07:33

You’ll have to stop paying the childcare. If the nursery is still going after they may have you back, or change nursery.
Mortgage holiday?

Sillyscrabblegames · 12/03/2020 07:33

This is why the gov hasn't gone down the road of social distancing yet

QuitMoaning · 12/03/2020 07:36

@Pickledbrain1 Will you still have money coming in from your job?

bumblingbovine49 · 12/03/2020 07:38

If you have a mortgage. companies are getting together to agree that people can take a 3 month break on payments but you have to ask. If you have a mortgage contact them to find out what you need to do to set this in motion if it becomes necessary. I'd also try to get a credit card and an overdraft arranged if you don't already have one

Do you work? . Can it be done from home?

ShootEmUpSarsaparilla · 12/03/2020 07:38

We’re in the same boat OP. His work is already being affected. I don’t know what to say really apart from I’m shit scared!

DoubleAction · 12/03/2020 07:39

This is why any major restrictions need to be delayed for as long as possible. It's really interesting to see the two camps developing. Those who think everything should be shut down now and to hell with the economy, who I guarantee expect to be paid for the duration and others hoping a more practical view will be taken.

Even those who think they will be OK are in for a shock IMO. The country is in trouble if large numbers of people are suddenly not earning, which means the double whammy of them not paying taxes and needing benefits/whatever state help is put in place.

Plus businesses large and small will fail, so even the paying jobs might disappear.

When we look back at this the way the economy was/was not protected is going to be a much bigger thing than the public health crisis IMO.

HotGlueGun · 12/03/2020 07:39

Talk to your bank... they should be sympathetic to your situation. See if you can have a temporary overdraft. Speak to your mortgage provider (assuming you have a mortgage) and see if they will allow you to go interest only for 6m or so. Financial institutions will be anticipating giving support to people like yourselves.

Smithesque · 12/03/2020 07:40

We're in a similar boat. Both work in tourism and after a winter of pennies trickling in we're in need of the boost of March and Easter, it looks like we are not going to get that now. We do have some savings but the longer this goes on the bigger the deal it is financially.

There is no employment other than tourism where I live, everyone is worried.

Butterwhy · 12/03/2020 07:41

It's scary isn't it OP, especially with the expectation that child care costs will need to be covered still even when they're closed. I do get it that they're a business also, but if people have substantially less money coming in and can't physically afford to pay it it needs a bit more thought higher up.

Iminaglasscaseofemotion · 12/03/2020 07:45

We are both self employed and don't have a lot of savings, so, pretty much screwed.

Doyoumind · 12/03/2020 07:45

You have to start cutting back wherever possible now. You will apparently be eligible for a small amount of support. Take a mortgage holiday. Speak to your energy suppliers. You need to live as cheaply as possible starting today.

aprilhope · 12/03/2020 07:47

Im self employed. I lay awake crying at 4am this morning. Everything I've worked for is crumbling around me, yet the world seems normal and I'm not ill. I have some savings which I'd put aside for tax and a rainy day but they won't last forever.

I've never felt so anxious. It's true that many people on here just don't get it.

SmileyClare · 12/03/2020 07:47

Our family is in the same boat. Our finances will collapse like a house of cards if neither of us can work.

I imagine the government "funds" for people in this situation will be like everything else; almost impossible to access, requiring reams of paperwork and taking weeks to decide whether you qualify, then another few weeks to write to you informing you that Sorry, you didn't meet the criteria.

Original poster
Pickledbrain1 · 12/03/2020 07:53

I do work and but even my industry is being affected (pharmaceuticals). I can easily work at home. I don’t earn enough to cover all our outgoings.

OP posts:
Butterwhy · 12/03/2020 07:54

This is why the threads moaning about ridiculous things about working from home infuriate me, no clue.

DoubleAction · 12/03/2020 07:58

DS works in McDonalds, even they have seen a sharp downturn in custom, which means shifts are being cut. DS does it for pocket money but I have huge admiration for people doing that kind of work to support a family of whom there are many Sad

People get outraged at the thought of others carrying on as normal but I'm actually coming to the view that it's the duty of those who are able, to carry on as normally as possible.

Drivemybluecar · 12/03/2020 07:59

I’m self employed as well. My money comes in weekly and we use it as the spending money. But it goes towards my sons medical appointment and physios.
I have credit cards which I will use. But it is still very very scary.

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