I am in deep trouble

nelly_2

yeah 90 quid a month on a mobile is ridiculous I get 300 minutes for 35 quid and that includes £5 insurance on the phone.

anniestar

Welcome and well done for making the first step and posting. There are a few things that I think may help. As lots of OPs have said if you got rid of the Sky and as a conciquence the sat insurance that would be an inroad into your shortfall. Also the gym(difficult I know-we did that and I still miss it but neds must i'm afraid)should go. Finally your food bill seems quite high. All of the above ARE only small steps but its things like this that really make a huge difference. Anyway, best of luck and keep posting.

HazelEyes_3

I sympathise as I was in a high paying job and was made redundant out of the blue; took me 6 months to find another job (lower pay and benefits) and then made redundant due to company take over after 12 months.

I realise now that I did not adjust my spending quickly enough which is why I am on here.

What realistically could you expect as a salary in the future? You then need to adjust your spending to this - other posters have pointed out that there are many areas where you can do this. Some of the cutbacks can be temporary but if you do them now you should have money to last you say 6 months instead of 4.

Have you used all your contacts in order to find another job? The older you are the more likely this is to be the best route to finding another job instead of just applying for advertised positions.

I was advised to approach work contacts explaining my current situation and asking for their opinion on my CV rather than asking if they have any vacancies. If you can get an appointment to discuss your CV with them, even better as that will make a more lasting impression and if something does come up then you will be in their minds.

I found that job hunting took as much time as working and I approached it in a similar way - files, reminders etc etc. Perservere and you will find something even if it isn't your ideal job.

Good luck

all_hours

Hi,

Because of the many different options I'd write each one on a separate piece of A4 paper and then have a brainstorming session for the pros and cons and also work through the finances for each.

These are the main options as I see them (sorry I'm repeating what others posted)

1. Sell your home and a) move in with your mum or b)rent somewhere near to where you are now.

2. Sell the home your mum is in and a) let her move in with you or b) leave her as a sitting tenant or c) organise sheltered/other accomodation for her near where she lives now.

3. Keep both properties. Your mum should be able to get help with paying her rent. If this is the case then you would have an income from your second property. Could you also get a lodger for your own home?

If you make the cuts in other spending as suggested by lynzpower and others, get a lodger and your mum pays rent then you won't need such a high paying job.

If moving in with your mum means living in a high unemployment area then I see that as an argument against that route, unless as Toto suggests it was temporary. Would you find it more difficult to do the car sales if you move area?

If your savings run down further before you get regular work I think a second property could affect what benefit you are eligible for. Also your irregular income from buying and selling cars would make it more complicated.

I;m sure it'll work out for you. You have time to make any decisions and changes.

wheretoturn

Once again, thank you all for the supportive comments and suggestions. I think the biggest problem I have faced in securing new employment has been the roles I have been applying for. By that I mean that as my outgoings were so high, I have only been applying for those positions that attracted a high salary - and these are not only less available, but also attract a very high calibre of candidate and therefore the chances of securing the position are slimmer.

I have decided to do the following:

1. Put my own house on the market
2. Try and sell the other property with my mum as a sitting tenant.
3. Apply for positions that don't carry such a high salary.
4. Cut back and cancel all non essential expenditure

If I succeed with all of the above I can then either move in with my mum or move into a much cheaper place for me. Any surplus money from the sales of the properties can then be used to pay off the credit cards (highest interest first).

Interestingly enough, I have had a meeting today with a company that may be about to offer me a position. Not the same salary level but enough for me to be able to live comfortably providing I sell the properties.

I feel so much better in myself now that I have made decisions. Prior to this I was living in an optimistic dream world that was so far removed from reality it was untrue!

OK, so I end up not owning a house but the way things are going, I would not have had them for much longer anyway!

Smashing

Truly wise moves there.

Best of luck with getting the new job!

wheretoturn

Thank you very much.

I have just received an email from another agency asking if I am still looking for work as they have something they think could be of interest. London buses spring to mind!

tanith

I have been reading you post and following it although I was not really knowledgable to post any advice and I am so pleased to see your positive post.. it seems you have achieved much just from the advice and encouragement posted here and the panic element has gone from your 'voice', my Dad always said to me when I was younger, make a plan and write it down, and it does work.. that old saying 'things will look better in the morning' also springs to mind....

Well done everyone that posted here with encouragement and helping this OP make sense of a very confused situation, it makes me so glad that I found this site..... :T :T :T

wheretoturn

I have just thought of another idea.

I have shares in my old company that I have struggled to get rid of as they are not a listed company but privately owned. I have spoken to the owner on many occasions and he has indicated he would like to buy these off me but does not have the capital free to help me out.

However, he does have a very nice flat that he is looking to rent out! I am going to approach him with an idea whereby he takes my shares (or a proportion thereof - I paid £20,000) in exchange for me living at his flat rent free for a given period.

Fingers crossed eh?

all_hours

Good luck with selling the houses and job hunting.

Selling both properties - I missed that option.