hi all - a busy day on the thread today...
Loola - good luck for the job interview, and I bet there are a thousand little bits and pieces you haven't sorted for your wedding yet! Are you doing favours? We didn't bother, but my sister-in-law made all hers herself - sewed about 50 lavender-filled fabric hearts. That took her a while... do you have shoes? hair accessories/tiara? Have you sorted out all the stationery? We did ours ourselves (saved hundreds of pounds) and that certainly took time... my mother helped with the ribbon, tying up invitations for 200 people, then another 150 orders of service. Table plans, themes - I know you can't work out who will be sitting where yet, but things like do the tables seat 6, 8 or 10? what about the decoration on them? What are you doing for the cake? PLEASE don't tell me you've sorted all this already, these are the kind of things I was panicking about a fortnight before the wedding! Oh, and you can easily spend hours on eBay searching for the right shade and right priced pink gauze butterflies... or shoes.
kmac - good luck with the car hunt. Can you join a lease scheme?
Mildly - OMG OMG OMG OMG I'm getting so excited!!!!
to Trudy
ROM - are all the debts still with separate credit card companies? If so, the interest you're accruing will be pretty high. It might be worth looking at bank loans (I know it's not a great time, but...) and consolidating your debts. E.g. Most banks offer loans at around 8-11% APR. Most credit cards are around 16%. This usually means that the debt on each card is increasing with each month - the minimum payment is not enough to cover the amount in interest that's added. The APR is a compound rate, and is less than what you actually end up paying... but anyway, if you can negotiate a loan, for every one percentage point you can get below the average rate on your credit cards, you'd be charged around £300 less in interest each year. If for example, you got a loan for 11%, and your cards are around 16%, you'd be charged c. £3,300 interest by the bank, or £4,800 by the credit cards, each year. Basically, with the latter, you would need to be making a payment of more than £400 per month in order to avoid the debt actually growing bigger each year; if you got a bank loan at 11%, you'd need to make a payment of more than £275 each month just to keep the debt at £30k. This probably all sounds very complicated but right at the moment, you are managing your debts just about the most expensive way possible. If you ask to see your bank manager and explain the situation, s/he will almost certainly be able to point you to some kind of loan. It's also worth looking at a financial advice site such as
www.fool.co.uk (Motley Fool) which is a great source of useful articles and product comparisons. Use that first, then once you know what you're looking for, use price comparison sites to shop around and see what loans might be available to you. It would also be worth drawing up a 2-year or 3-year budget before talking to your bank manager, showing what you anticipate your earnings to be (taking into account a downturn, which isn't expected to last more than a year, and any maternity leave you may take), any maternity allowance, and all outgoings, including mortgage/rent, current credit card repayments, normal living expenses, and costs of baby. I suspect your current bank manager would be the most likely to offer you a loan, especially since you're self-employed, but other banks may have cheaper products. Do you own your house? If so, how much is left on the mortgage, and when was it last valued? (I don't mean for you to tell me, but to ask yourself!) Even if prices have dropped by 20% in the past year, it may well be that if your house was valued more than 5 years ago, it's worth more than your current mortgage is pegged at. E.g. we bought our house 10 years ago, and even though prices have gone down recently, similar houses in the streets around are still selling for around 3 times what we paid for it - so we would almost certainly have room to negotiate a larger mortgage, especially as we have paid off ten years of it... Although mortgage renegotiation is tricky at the moment (and probably not advisable but still worth checking out), you may find your bank manager more willing to offer you a lower interest loan in your current circumstances if it's secured against the house. Mostly people advise against secured loans but you can weigh up the risks and benefits yourself. Some secured loans will offer 'holidays' to cover maternity periods, for example, in which case it's almost certainly a lower long-term risk than the credit cards.
Phew.
Sorry that's so long, I dread to think what it will look like posted
But pleeeeease don't despair or stress, you still have many options. The important thing is to plan now and sort out something that will work for you. Don't bury your head in the sand and hope it'll go away - if you manage it now, everything will be tight, but fine. And a caveat: I'm not a financial adviser so this is just my accountancy training and general knowledge kicking in! But if you want to email me, feel free, as ever!
ok, hope I haven't missed anyone out...
I went to hospital for a final scan today. The sac's still growing and hasn't budged, but is starting to collapse/fray (not a good thing really, could be months before all the bits come out naturally). So I'm having the D&C tomorrow. I'll be glad to get it over with, though I didn't like having to sign the consent form acknowledging the risk they might have to do an emergency hysterectomy! They do like to scare you with worst case scenario, don't they?!
bye for now!