Financial help?

[MrsShoo]

Really hoping someone can point me in the right direction.

During covid I had to leave my career to care for my children as husband was running his own business and needed me around more to support him. Husband’s business has sadly just failed and now I am left totally beside myself worrying about finances with young children to look after.

The sad part is he didn’t give me any advanced warning and just didn't pay into our account at the beginning of the month when mortgage etc was due to go out so I have been left totally overdrawn.

No saving as everything was invested. Due to the complexities of it being his own business I have no idea what to do next. As it stands I don’t know how we are even going to pay the mortgage next month. I started to look at universal credits but I don’t know where to even start and if I will even be entitled to anything. I hopefully have a teaching position lined up for January but until then I don’t know what I can do.

Any help would be gratefully received.

Try here - www.entitledto.co.uk/

Do you mean savings were invested in the business? If so are they now all lost ? You can claim UC as long as savings/ capital is less than 16k.
I would speak to your mortgage lender if you think you are at risk of not being able to pay, you may be able to go interest free for a few months. On UC you do not get any specific help with mortgage payments, you would get a standard couples element ad childrens elments.

Could you do supply work or on-line tutoring?

Oh love, how sad.

How quickly can you start interviewing to go back to work?

You both need to get jobs, pronto.

Sorry, I just saw you have a job starting January. Your H needs to get one ASAP as well. There's a healthy jobs market out there, good luck!

You need to sit down with him and find out what on earth happened. The lack of communication would kill my marriage about something like this.

Ask him what he plans on doing. This isn't all your problem to solve.

Best of luck op.

If you're a teacher you can easily pick up supply work from now.

Is it a limited company or is he personally liable for any further debts?

I’d be sitting down with his accountant to ensure business is wrapped up properly.

I believe Amazon are offering significant sign on bonuses as the are desperate for staff- could your DH look at that?

First speak to your mortgage provider about taking a payment holiday - before you miss a payment.

Secondly - both of you get jobs. Any jobs just to get some money coming in. They are loads of delivery and care jobs going round here for instance, both of which you might be able to juggle round the kids.

Oh dear. As well getting jobs and applying for any benefits you might be entitled to, you need to urgently reduce all non essential expenditure to prioritise essentials and protect your credit rating if its still good.

Cancel any subscriptions where you aren't in a contract, cheapest possible mobile phone service, buy cheaper food from cheaper supermarkets, that sort of thing. Cancel any Christmas related expenditure outside a few presents for your own children if you can still manage it. Possibly even sell anything you can, even cars if necessary. Work out the minimum you need to have coming in to cover your essentials to see what position you'll be in.

If he has business related debts, Business Debtline might help

www.businessdebtline.org/