Separated. Financial advice

Soldato
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Im looking for any good advice anyone can give me.

i recently separated and moved out of the family home. currently living with my parents. im 35.

id love to get my own plave but do not see how i can possibly afford it.

i take home approx £1350 after pension and tax.

rent around her is a min of £700 for a 1 bed/month

i have a loan which i make repayments of £190 a month

i have no real assets or savings and i will also be making monthly maintainance payments of £200 for my son

this leaves me with £260 a month beofre ive paid council tax (£100) ish and bills, car insurance, car tax, fuel and food.

i just dont see how i can afford it. only thing i can think of is to apply for insolvency for my loan.

am i screwed?
 
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Associate
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looks like moving to a cheaper area and commuting longer, or trying to find a house share, in which case you may as well keep with parents.
 
Man of Honour
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Simply put you can't.

If you want to move out look for a house share or use the time at your parents to put some money away for a deposit, or look for cheaper rents in less desirable areas.
 
Associate
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If it was me....

I'd stay at my parents, study my arse off for a qualification/extra qualifications on top of what I already have, get a better job or good pay rise because of it and then look at moving out. While paying off the loan as soon as you can.

Like you, I can't see how you could live and rent on the money you take home, unless you house share which personally I would never do.
 
Soldato
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If it was me....

I'd stay at my parents, study my arse off for a qualification/extra qualifications on top of what I already have, get a better job or good pay rise because of it and then look at moving out. While paying off the loan as soon as you can.

Like you, I can't see how you could live and rent on the money you take home, unless you house share which personally I would never do.

This - good advice.
 
Caporegime
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I'm sorry to hear that. You need to speak to at least two people in a professional capacity: a solicitor and a financial advisor. Any advice posted in this thread will be next to worthless as you've missed out so many important points of information in your OP.
 
Man of Honour
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If it was me....

I'd stay at my parents, study my arse off for a qualification/extra qualifications on top of what I already have, get a better job or good pay rise because of it and then look at moving out. While paying off the loan as soon as you can.

Like you, I can't see how you could live and rent on the money you take home, unless you house share which personally I would never do.

Spot on.
 
Soldato
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Unfortunately, your numbers don't add up and you're £200 out on your estimate excluding bills.


You could look into doing a house share if you're desperate for your own place?
 
Soldato
OP
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If it was me....

I'd stay at my parents, study my arse off for a qualification/extra qualifications on top of what I already have, get a better job or good pay rise because of it and then look at moving out. While paying off the loan as soon as you can.

Like you, I can't see how you could live and rent on the money you take home, unless you house share which personally I would never do.

house share wouldnt really be a option as i have my son at weekends.

my initial thought was to do exactly as you have said. just seems a bit sad that im 35 and living with mum and dad but its a means to a end.
 
Soldato
OP
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Unfortunately, your numbers don't add up and you're £200 out on your estimate excluding bills.


You could look into doing a house share if you're desperate for your own place?

thanks trifid. just seen my error. ammended. :D

i could reduce the amount i pay into my pension but dont really want to do that. it seems crazy that i cant afford it on just over 21k a year.

how do people on minimum wage manage. it seems impossible.

i'm near bournemouth to give you my location.
 
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Soldato
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thanks trifid. just seen my error. ammended. :D

i could reduce the amount i pay into my pension but dont really want to do that. it seems crazy that i cant afford it on just over 21k a year.

how to people on minimum wage manage. it seems impossible.

i'm near bournemouth to give you my location.

Well, you've got £400 of spending minimum wagers might not have (loan and maintenance). With those accounted for, you're effectively on minimum wage.
 
Associate
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Been there done that. Managed to move into my own flat exactly 12 months after moving out of the family home and back in with my parents. 14 years later I'm remarried with a young daughter, house, great relationship with my sons from my 1st marriage etc. It seems bleak now but it does get better.

Get a separation agreement in place
Stay with Parents as long as you need.
Save like crazy
Pay your loan off.
Get the ex and kid moved into somewhere cheaper / more sensible / sell any house joint owned and get your finances seperated from each other.
Read up on what the law says you owe her and what you're entitled to and get on with accepting it and budgeting for it.
Give her what the law says, no more as you will not get any credit for it.
Get the divorce completed as quickly and cheaply as you can.
Look at moving further away if cheaper.
Look at shared ownership housing.
 
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Associate
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house share wouldnt really be a option as i have my son at weekends.

my initial thought was to do exactly as you have said. just seems a bit sad that im 35 and living with mum and dad but its a means to a end.

It's only sad if you let it be. Use this as an opportunity to improve and to show your son that his dad is amazing and works hard so he will be proud. Just remember why you want your own place, so your son can come over and stay.

Your 35, you have another 30 years to work yet. It's not too late to start down the path for a better future even if it takes 5 years to get it. Just don't put it off, or one day it will be too late.
 
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