Hubby is self employed. He needs at least $2,500 per week to cover business expenses and income. (Owner Truck driver)
He will need surgery on his feet due to a pre existing medical condition that the income protection insurance won't cover.
He could need up to 6 months off (worse case).
I'm so stressed. If he doesn't have $ coming in, we can lose his truck, car and struggle to pay our own personal bills.
What are our options to get through this??
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04-01-2016 05:18 #1
Need urgent financial advice
04-01-2016 05:28 #2
Need urgent financial advice
Can he claim work cover or is he the sole trader? If he "aggravated" his pre-existing condition at work then legally they need to accept liability as its a non fault system. If not, then workcover won't cover it either.
If he can claim work cover they average his wages out over 52 weeks and pay him 95% of that for the first 13 weeks and then drops to 80% after that then if he's still off after 52 weeks if he has overtime that will also drop off
Inbox me if you have any more questions
04-01-2016 05:36 #3
It's set up as a company (family trust) and he has work cover. I never thought of that. Do they average what he receives weekly to cover expense too or "income" (which might be low according to tax return).
04-01-2016 06:46 #4
I finacial advisor can freeze all loan payments for 3 months as in you get 3 months of not having to pay loans credit card etc
04-01-2016 06:56 #5
Wow. What about truck lease and shuttle mortgage (for car/ute)?
04-01-2016 07:00 #6
Not sure what your set up is as far as sole trader etc but yes for an individual they can freeze all those bills for 3 months. Talk to a finacial advisor. Again I dont knowyour situation but my step daughter just went through this sort of thing and the advisor was free and she still has some time before she has to pay her car and Harvey Norman etc (mind you if she had listened to my advice earlier on she would not be in her current finacial hole)
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04-01-2016 07:34 #7
Can he hire someone to drive the truck for him while he is off? At the very least you will be able to cover expenses.
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04-01-2016 07:46 #8
Ps- could I change income protection insurances?? And not say he has any pre exisiting conditions. I'm just so upset we've paid insurance all these years and can't get covered.
It's surgery for his foot. He was born with club foot and now he's having problems.
04-01-2016 07:48 #9
Doubt it. Would hate to advise you on something that coukd end you in hot water.
Sownding on who his insurance is with you might fet something. Pre exisitong but has ot worse. ... who knows?
04-01-2016 07:58 #10
we have a client who fell off a roof a couple of years ago, he was also operating out of a family trust. work cover covered him for the accident but because his wages for the year had been quite low (think about $37k to keep his personal income tax lower), he was limited in terms of how much he's get from workcover.
it's still better than nothing though.
can you look at redrawing on your mortgage? absolute last resort I know but it's better than losing the business, house, everything else.
don't give in to temptation and live on your credit card. that debt will be much harder to pay back once you're back on your feet due to ridiculous interest rates.
alternatively, a business overdraft facility? if you have one/can get one? don't forget any interest paid on business related expenses is deductible in the business (personal expenses won't be however).
the only other thing is that you find another job/source of income whilst he's off? not sure if this is a viable option as I'm not sure of your working arrangements currently.
By NAT2561 in forum Family FinancesReplies: 7Last Post: 23-03-2017, 20:57
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