I'd like to run this by all you incredibly talented and smart BBer's... Maybe someone can point me in the right direction!
DH has been unemployed for over a year (i'm a stay at home mum) and in that time even though we were on centrelink benefits we've accrued approximately $8,000 worth of debt.
We have moved to a rental property in regional sa (hubby actually found a job but payments won't start for a few weeks), and are selling our home to cover the debt but it's just not happening fast enough. Our mortgage has arrears which they keep calling us about. We are currently paying the mortgage plus rent so things are tight. Everytime the phone rings I know it's going to be someone about how much we owe.
I don't know what to do. We already work everything out as cheap as possible.
This week we thought we had $160 to do shopping and pay bills with but insurance got direct debited out so now we only have roughly $120 to feed the family for a week and pay some bills. Our DD needs the next size up of clothes soon and I have no idea how we're going to pay for them.
We tried to withdraw super to help out but aren't eligible. We tried anglicare but they only give you a loan (why substitute debt with more debt?) and we tried talking to our mortgage broker but no one is helping. Even centrelink have given us advances on our payment and can't do anymore. How are we supposed to pay off all this debt? How are we going to survive week to week on this? Food is fine but when it comes to nappies/formula/clothes we don't have enough. It's a constant struggle.
Sorry for ranting but i'm pretty upset
Any thoughts/advice?
We are in a similar situation, we are selling our house to pay off our debt so we can start fresh but it just isnt selling. Week by week is a struggle, with us sometimes having to borrow $50 to get thru to payday.
When you say your not eligible to get super was that thru the super company? Have you tried the department of human services? They can approve it if your super has said no. But only to help with arrears not for hardship. That's what we did.
Feel free to pm me if you need to chat, believe me I am in a very very similar situation and know how you must be feeling. I'll try to think of other stuff we may have done. There is a utility relief grant if you owe on any utility bills.
Big hugs I agree with changing your mortgage. Get the bank onside, make a face to face appointment with the branch manager and lay it out like you have here, and apply for a hold on your repayments due to hardship. Meeting the mortgage repayments comes way down the line after feeding your family. Also let them know of your "way out" - DH has a job but hasn't been paid yet and when your house sells the mortgage will be gone anyway.
As for getting more money week to week right now I can't really help, but I hope someone with great ideas comes in
I know there are pages on FB that do buy, swap and sell stuff, my only suggestion to help would be to seek those avenues for extra help inside the home.
Try to relax, things will work out, its just ridiculously tight right now. xx
Reconsider the anglicare loan. It's likely to be a lower rate of interest than your other debt and if it reduces the repayment pressure until your DH's pay kicks in or the house sells then that's a good thing. Also ask about some financial counseling as there may be some other ways to negotiate with the companies you owe money to, some services help you with this. The local council or women's information phone line might have info about what is available in your area.
It's worth ringing a few more charities, as there may be other services that you can use in the short term. For example some charities have food banks or food cooperatives where you can get groceries much cheaper than in the shops.
Re clothes, check your local op shops but also have a look at Kmart, Big W, best n less. They often have good warm track suits & jumpers for $4 or $5 - not much more than what you pay in the op shop. They're plain but a couple of sets of those will keep your DD warm until you can afford more.
Also there are some fantastic blogs on frugal living with great ideas for cutting expenses and super cheap meals.
Also, I know you're a sahm, but consider whether there are any opportunities for you to earn a few $ outside of DH's working hours. Even 1 or 2 shifts a week doing night filling or whatever can help a huge amount when you're really strapped for cash. Even having a clear out and selling a few things on eBay or whatever can help you feel like you're more in control.
Thanks for the replies
We can’t change our loan to interest only… I can’t remember why (maybe because it already is?) but that was one of the first things we looked into.
Already shop at op shops & buy secondhand! Does save A LOT doesn’t it?
Feeb – DS is 2 and on cows milk, DD is 5 months – need to update my ticker lol!
Ebn_d - our super company were more than willing but our mortgagee said we had to wait a certain amount of days before they’ll send out the paperwork the super company need. I will give the department of human services a call, thanks! How do I go about a utility relief grant? We owe quite a bit on utilities.
Thanks for all the great advice. I’ll be giving our local charities a call and having a chat to everyone to see what we can do. It’s just a big step admitting out loud how bad things are.
LiTtle bear I get it's hard to actually admit it to yourself let alone accept some ideas so your doing a fantastic job!
Contact your energy or water company for the utility grant, they send you out a simple form you fill out and send off. There are conditions you have to meet but there are a few and you should meet one of them. They are up to $500 for two utilities so to$1000, but they may only approve a certain percentage but anything is a help.
I'll let you know if I think of anything else. Chin up your doing all the right things.
Oh also keep in contact with all the companies. They are a lot more lenient and helpful if you keep the lines of communication open I find, which I have found out the hard way a few times.
Good on you for facing up to facts hun. The great thing is that there is a light at the end of the tunnel for you. But it's important you don't let things spiral out of control right now.
You really need to speak with a financial counsellor. Google Wesley credit line. It's a nsw based charity so they may not be able to help, but if they can't they should know who can help you in your area. They exist for people like you, and they deal with your kind of situation all day, every day, so they know what works and what doesn't.
Chin up - this will pass and one day be a distant memory. Xo
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Feels like there's no one to help!?
Food is fine but when it comes to nappies/formula/clothes we don't have enough. It's a constant struggle.
I agree with changing your mortgage. Get the bank onside, make a face to face appointment with the branch manager and lay it out like you have here, and apply for a hold on your repayments due to hardship. Meeting the mortgage repayments comes way down the line after feeding your family. Also let them know of your "way out" - DH has a job but hasn't been paid yet and when your house sells the mortgage will be gone anyway.
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