I am employed and husband is self-employed. Up until this time last year he was earning 1300 net a week and I was earning 550, which was great, had no problems with repaying mortgage bills etc… and generally had good lifestyle.
We have one son and I went on maternity leave in sept 2006 and no 2 was born. I was on maternity benefit of 285 per week and no top up from employer. In sept 2006 work for husband seriously started to slow down and he was lucky to be making 600 a week. In dec and jan he earned nothing as was out of work completely. So that’s the reason we’re in the position we’re in. all our savings were pretty much used up.From feb to july he was earning about 600 per week and we were barely able to keep things paid, I went back to work four days in feb and was earning 600 a week but obviously had extra crèche payments of 727 per month. I m now back working full time making 750 per week and husband is making approx 900 per week, which is great I know and hopefully will continue. Our main concern is how to carry on paying off our loans. I was reluctant to go to banks and say he wasn’t working because we always thought well next week should be better etc..
Anyway thanks for reading so far here’s our monthly breakdown, any advise greatly appreciated. Just to note we spend very little on going out, nothing on clothes, holidays, meals out. We just buy the bare essentials for kids.
Mortgage: 1128 – fixed 2 yr with F Active (242,000 remaining over 27 yrs)
Mortgage top up : 325 – variable rate with F Active (55,000 remaining over 27 yrs)
Car loan: 525 – variable rate with F Active ( 6,800 remaining over 1 yr)
Credit union: 480 – repaying 400 off loan 17155, 80 into shares balance 9850
Credit union: 480 – repaying 400 off loan 16100, 80 into shares balance 6000
Credit card: 7000 – paying approx 400 per month
Life assurance: 100
House insurance: 48
Car insurance: 40
Mortgage protection: 118
Bills: 220 per month
Took payment breaks from pensions til Jan 07
Didn’t have ssia as were savng for house at time, which we were buying before ssia’s matured.
We also owe family members 3,600, I know we can over our monthly costs with our wages we just need to kind of clear the backlog of things if that makes sense. Get the credit card paid and credit unions and of course pay back our very generous family members. If anyone has any advise or maybe idea’s I d really appreciate it.