Advice needed, please

[NeedMoneyAdvice]

DH and I have just found out we are about to lose £500 a month income.

I had started another thread, but I was advised to come here for some advice. We don't know what we are going to do and I wondered if anyone could help us. Name changed because lots of these details would out us.

We have just taken on an 18 month lease with a letting agent. We have spoken to them this morning, and we cannot break this. We could simply not pay, but we would lose our deposit, and would struggle to find a landlord that would take us on if we did this.

We currently earn about £30k between us, take home about £23k.

Rent is £1000
Council Tax is £200
Gas and Electricity is £190
Phone/Broadband is £50
Childcare is (currently) £350
Car insurance is £60
Car payment is £140
Petrol around £80
Home insurance is £20
Gym membership is £75

Think that is everything. Obviously, this leaves us over budget. I genuinely don't know what we will do without this money?

We aren't entitled to any benefits, including WTC and CTC.

I genuinely don't know what to do.

bear I said 'heavily' pregnant. I don't think doctors advice is to hit the gym at 40 weeks pregnant or even for the first few after birth is it? Even a month off would cut her some slack. My gym did, I was just too heavily pregnant to go - they suspended my membership - then a few months later I joined again - then I lost my job and explained this to them and they let me cancel.

OP, you can do this.

As far as feeding the family is concerned, buy some dried beans and pulses - very cheap - and fresh veg. Make a large bean/pulse stew with fresh veg. You can do enough for 3 or 4 days at once, and add a little more fresh veg to it every day when you're heating it up. This does cost next to nothing and is the cheapest way to feed yourselves I know of. I have done it myself - for 6 months. It's not great, gets really boring, but it's hot and nutritious. As my finances gradually got better sorted I added more interesting food to my stews. I still love beans and pulses, btw, but I'm not sure I'd voluntarily use them like that again! These days though, there is far more choice. Even dh (rabid anti-vegetarian that he is) loves quinoa salad and cous-cous. Both very cheap, tasty and nutritious.

When you do have a few quid to spare, you could buy Rose Eliot's The Bean Book; meanwhile borrow it from the library as it tells you everything you need to know about preparing them. There are certainly other people here who can give you better info on really cheap meals, but this one I can vouch for personally.

As for the rest of your financial problems, you have had a lot of pointers to organisations which can help you.

School is a 5mile drive, 8 mile cycle.

It's a long way but it is doable. I cycled to work for a while, 9 miles each way. I'm not at all fit but it was doable. You are already fit OP, and you said you enjoy exercise including cycling, so might be worth a re-think?

(Not while pregnant obviously!!)

Thanks thinking

Fideline seemed to think it an awful thing for me to suggest for some reason!

If your DH works in financial services then he needs to talk to his employer before you make any decision about a debt management plan or similar.
They might be able to help but will take a dim view of financial mismanagement if they're not made aware of it. It can be considered a disciplinary matter and that's the last thing you need just now.

"fideline er yes? Been with them for years now.

Why such a terrible thing to advise?

I did clearly say I couldnt get a basic bank account!"

Why on earth would you advise a profit-driven company who would essentially take control of the OPs income when reputable debt advice charities, credit unions and basic bank a/cs are all available?!

It is very hard to be ineligible for a basic a/c. Barclays for example will even give recent bankrupts a basic a/c. Co-op will give a basic a/c to anyone except bankrupts. Credit unions are usually even friendlier. In the highly unlikely event you can't get ANY of those, savings a/cs with debit cards are available.

By all means use think money, if you like. Use Wonga, Provident and Baines & Ernst too. Hell, take out a 'Picture' mortgage too. It is totally inappropriate advice to someone in financial trouble, though.

That's a good point ^^ I work for an accountancy firm (I'm not an accountant! I work in marketing) and yeah, they won't like that. They are financially mismanging any way though, and if all the other routes really are as undo able as the OP seems to think, they seem to heading for bankruptcy/CCJs anyway tbh

Heaven't got all the way through this thread yet ... also been following the other thread. One thing really puzzling me: OP says council tax on two bedroom flat is 200 a month. I find this incredible. I live in a five bedroom house in Islington, high band, but my council tax is 175 a month (before the discount I get for sole occupancy). How can a small flat incur such a high council tax? Is OP sure she's got that right?

fiderline er, because my personal experience of them has been helpful and beneficial for me and the OP is refusing all other advice?? They are not a loan company, why the comparison with wonga etc, ffs

Oh and I had a savings account thank you, massively overdrawn

"The thinkmoney Personal Account is designed to help you manage your money more easily, so you know exactly where you stand each month.

Unlike current accounts that charge you for missed payments or going overdrawn, you'll never pay any unexpected charges with our account. All you'll pay is a monthly management fee of £14.50 (£21.25 for joint accounts)."

I'm not even sure what the OP is asking for.

She/he keeps changing the story everytime some give advice as to why they can not do what ever been suggested.

I think the only thing they want is for her PIL to re start supporting them. And surely if she has more then one job then she would be paying base rate tax on two of them.

Stepchange, National Debtline et all will do a DMP for free and you retain control of your money.

Five bed house in islington.

Ours is £110 for a two bed flat in Camden.

Does seem high but based on ours it may also be islington is pretty cheap.

And yes, I pay them £17 a month to manage my bank account and make sure I am never in debt again and help me pay off £12k of debt.

Worth it for me

No reputable advice organisation would recommend them.

It's not angry envy grandmama though. Realised envy face looks a bit angry.

Don't suppose you'd like to sell it for massively less than its worth though...

Sorry yes £21. Sorry but I still don't see why you are attacking me for just sharing what had worked for me??

Good job I'm not a reputable advice organisation then and just a normal person trying to help??

I am not attacking you.

I said that it is awful advice.

Which it is.

Not much though clutterbug if they are both minimum wage.

OP seems to be finding it hard to accept good advice. I really don't see how well-intentioned bad advice is helping.

Oh it was PIL. I did wonder.

Fine, well they helped me and I find them good value money for me. If I didn't id leave them and love my account elsewhere.

Is that ok with you? Am I allowed to say that?

Crickey I'll remember to never try and help someone again

Do you just want me to pretend it was good advice Rino?