How worried should I be?

PinkTwirl

savingholmes wrote: »

Sorry I misunderstood - when is it that you are losing your job? Or have I completely lost the plot?

Not at all, I finish in April. You haven't lost the plot, it's been a bit of a complicated few months. I left a job end of October and started my new one beginning of November.

sammy115

PinkTwirl - have you thought about writing to accountants offering your services as a sub contractor doing accountancy work...not sure what your experience is but that is what I did, it has led to a permanent position and a complete career change...

It meant going self-employed at the time although I am now employed again with the same firm..

TotallyBroke

Ok this is getting very confusing now.
You have moved out of your property and are staying with your Dad.
Do have anyone renting your place yet. If so you need to put what income you are receiving under other income.
If you are not living there (and someone else is) you should not be paying council tax. The management charge should also be covered by the rent. So basically the other income section (rent) should be covering all the costs for the home. (rent, service charges, insurances, life insurance policies, utility bills etc) You should also be aiming to make money to pay for the maintenance of the property.

You have £7000 somewhere and you are earning £2150 until April when you will then be unemployed.

From your soa you have a spare £1459 add that to the £7000 and you could pay off Abbey and Barclaycard. Giving you £170 less to pay out each month.
You will then have approx £1000 left. This will only see you through 2 months but if you started working straight away it would be fine.

PinkTwirl

I am using a guaranteed rental scheme and that has been taken into account. The rent does not cover the mortgage nor the management charge, and as there is no-one living there at the moment I have to pay the council tax.

The £7000 was used to pay off debts.

I don't have a spare £1459 as I have a ridiculous amount of petrol to pay for for work each month, which is costing £200 if not more a month.

Fire_Fox

TotallyBroke wrote: »

If you are not living there (and someone else is) you should not be paying council tax. The management charge should also be covered by the rent. So basically the other income section (rent) should be covering all the costs for the home. (rent, service charges, insurances, life insurance policies, utility bills etc) You should also be aiming to make money to pay for the maintenance of the property.
.

That depends very much on the area. Many city centres, for example, have loads of new build flats that won't sell coming onto the rental market. This devalues the rents of older or smaller flats.

Two years ago my flat was let for £450 a month. Today I would probably get around £375 - and that's probably to a student so only 10 months of the year. Out of that I would have to pay £110 a month service charges, plus insurance and ground rent (another £250 a year total). Then, if not local, you may have to pay 10-15% to the letting agent - another £40 to £50. And tax at 20% on the last bit of profit. Luckily I don't have that stress!

:eek: