Losing 1k pm income

[Threeinyellow]

As the title goes, it looks likely that I may become unemployed and lose 1k in income. Owe approx 11k debt. Possibly housing too.

Total income £3290 (incl UC with housing benefit element and £70pw CM for 2DC)

Total debt
Loan 9650 excl interest
Credit card 780
Store cards 185

Outgoings
Rent 900
Council tax 111
Water 39
British Gas 105
Mobile 64
Broadband 20
Dental 22.50
Dc sports fees 10
Pet insurance 6
Vet 12.50
Tv licence 13.50
Union 10
Contents ins 8
Help to save 50
FOOD 550
Child ISA 10
Driving lessons 280
Tesco subs 7

Any advice or signposting very much appreciated.

Pause the driving lessons and child ISA, look for better mobile contracts.

Will you be looking for another job or is the job loss meaning that it’s going to be for a good while?

Drop the driving lessons. How much do you earn per month right now? Do you think it twill take a while to find another job?

Also, what is help to save?

How many are in your household and roughly what ages are they?
£550 seems like a lot to me to spend on food in a month but obviously it depends on how many mouths you are feeding.
I would drop the tv licence (I havent had one in 10 years - you tube and anything else thats free to watch online keeps me entertained - 4od, my5, ITVplayer) actually I almost always only watch stuff on you tube. And dvds (can be bought for £1 each from charity shops)

And switch to a much cheaper mobile phone option (ideally one that is £10 a month or less)
Presumably if unemployed you wont need to remain a member of the union?

Another thing I’d drop is the dental plan payment.

Will you get any redundancy pay?

It’s a government scheme where you can save up to £50 a month for four years. After two years you get 50% of the total saved awarded to you by government and the same again after 4 years.

I’m doing it, I will save £2400 in for years and the government will give back £1200. It’s open to all those on UC.

Will the UC increase if your salary stops?
How realily will you be able to get a new job? Will you get any redundancy pay?

I'd pause the driving, stop the child ISA, look into reducing the mobile cobtract. Id evaluate the food budget (sounds high for 3, bit might be for 4 of you, plus pets). What is the tesco subs?

How much are the debt repayments on each of those?

swap brands on food

Thank you all.

I won't be able to work for some time. Maybe 1 - 3 years. I'm really not sure at this point in time.
I have two teens with hollow legs and a big cat.
UC will go up marginally and I will get some council tax support.
I will sadly have to pause driving lessons. Not sure about dental plan as one is for one DC and one is for me. I have a molar with a fissure, though it's not bothering me at the moment. The dentist said just to monitor it.

Your income is 3290. Your outgoings are 2219 plus debt repayments.

How much do you pay toward the debts at the moment?

It looks as though you'll be ok if you stop the driving lessons and pay that 280 into debt instead. Change your mobile contract. You could probably reduce your food bill.

Monthly payment on the loan is £380.
Store cards I can manage to pay off over the next 2 - 3 months and credit card debt I could split into say 10 monthly payments. It's the loan that is looming over me the most.

I think I would

Is there a way of changing a mobile contract part way through? I have three handsets on still to pay off.

How much interest are you paying each month on the store card, credit card and loan?

What is the reason you one work for 1-3years? Surely there are roles you could take?

Why can’t you work for 1-3 years? Will UC allow you not to work? Assuming maybe you have a disability or sickness?

I don't understand why your not free to look for work straight away?
Your teenagers may have hollow legs but what are they filling them with? Sugar, premade snacks like crisps etc or real food?

Loan 6.5% 27 months remaining
CC 21.53%

Proper food including treats. I do get takeaway once at the end of each week and ready meals on the evening of my driving lesson.

What’s holding you back for 1-3yrs on the work front?

At that interest rate, you should prioritise paying off the credit card asap.

Stop the weekly takeaway and put the £100+ you would have spent per month into CC repayment.

MH and DC additional needs.

There won't be any more takeaways. The CC will be paid off first. Have yet to even think about Christmas presents or shopping.

CC perhaps immediately before I lose income.