Looking forward to having a baby boy at the start of March however extremely worried about finances
Other half runs a business that has had a tough time, things were ok but in the last few months it's extremely tough and I've had to borrow money to ensure all the bills are paid. I was already in manageable debt but now it's grim. The business was waiting some big payments but it fell through and now we are in a pickle. I have £20 to last to the end of the month and unless business picks up we cannot pay bills once next month. It's hard to speak to my husband about it all because he gets stressed and defensive.
I've never missed a payment.
We still need things for the baby and our mortgage just rose by £450 a month (this was the best deal we could get). Am terrified of losing the house.
I've got most things for free and family helped a little to get me through this month, but they can't help any further.
I'm ashamed of my situation, I have friends and colleagues telling me to buy X,Y and Z. I'm struggling to ensure we eat well and can get from A to B.
No assets to sell, cannot get any more credit. Theres always a risk with a small new business but this was unforeseen.
I feel stressed and like a failure. I'm having constant nightmares.
Anyone in a similar boat? Any ideas what to do?
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I just wanted to say that you have nothing to be ashamed of ❤️ not everyone can afford everything 'listed' that's needed for Baby and that's absolutely fine too. We don't have lots of money, our families are in a different country and so we've had to really think smart and find bits on FB marketplace or from friends that are offering help. It's okay to ask for help too. You will get through this ❤️
I’m so sorry, that sounds like a rubbish situation to be in.
Financially, can you look at balance transfers on credit cards to an interest free period card? Potentially with the same bank if new banks don’t want to lend. Or possibly speak to them about consolidating credit cards on to a loan so it’s a lower interest rate and only one fixed payment a month?
Speak to the people your bills are with, see if they will offer a payment break - energy suppliers, mortgage etc.
You could also speak to citizens advice and see if they have any suggestions to reduce costs or gain benefits you’re eligible for.
Finally, make use of any food banks. Not all of them ask that you are in benefits, some allow anyone struggling to pick bits up. And keep an eye on free cycle for free bits to pick up.
Your baby doesn’t need much at all. They need to be fed, clean, clothed and loved, that’s it! They won’t appreciate any more than that for now.
I don’t know where you’re from but if in the UK, could you apply for universal credit? X
thanks unfortunately we earn too much on paper. I have a good wage, but we borrowed so much to set up the business out credit payments are more than I earn.
thanks, unfortunately I can only borrow with terrible Apr as my debt is so high. The best rates I can get are secured on the house and are around 36%.
I think I will go to step change and see if we can get any deals set up. I have a feeling we may be forced to sell the house, however it will likely have gone down in value. It's an absolute mess.
If they can simply cut down or slow the repayments we would be able to cope. The two lenders I've spoken to won't do anything like that. However maybe citizens advice or stepchange can get them to spread things out.
What else do you need for baby? Where abouts are you based?
If business is slow could your partner take a second job delivering food or something like that? I'd search Facebook for local freebie sites, the one smear me always have people gifting baby things. It must be such a worry for you both just try and stick together and try and keep talking even though it's difficult.
I’m in a very similar situation and never been more stressed. Sending love x
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