My SOA

FBaby

Are you sure about the monthly travel costs? I'm sure if 6 monthly/annually, it is a lot more affordable and I don't think you would need to get an underground pass in addition. The last train to Hastings is at 1am I believe so quite late. Surely by the time you got to your zone 5 flat, it is not that much more to go to Hastings. It just seem mad that you should pay so much rent+travel now when you have a cheap property already especially when you have debts to repay.

scotdebs

Hi there - well done on posting your SOA - its a scarey thing to do. I can understand why you dont want to sell the flat but if you really want to keep it then i think that you really need make some other major changes;
- flatshare - you need to do it - i know after having your own space its a horrible thought but its not forever say 18 months to get yourself back on your feet where you are rid of the payday loans, have stopped using the credit cards and are starting to make small over payments
- second income - other the potential flat rental can you generate any other income i know that you seem to work unsociable hour but is there any day or evening a week that you could take on a second job or even additional (paid!) hours
You can get beyond this difficult time but you need a plan and have to make some sacrifices to do it - remember its not forever some second income and going for a flatshare for say 18 months could really make all the difference........
good luck

MFWannabe

phoenix001 wrote: »

Thank you, the monthly season ticket to and from South coast (Hastings) monthly is £480 and that doesn’t include the travel from London terminal to my office (so an additional zone 1 oyster card).
I have to be in London for work events at least 4 / 5 times a month in the evening as I work in the music industry so travel home would be a issue or I would have higher petrol bills if my car was used.

Surely this would still work out cheaper than living in London and paying £850 just in rent? You need to sit down and work out what the costs would be compared to what you currently pay and what you would pay if you went into a flat share

savageHK

phoenix001 wrote: »

Car gets me to and from work events at night (when it works) or cab back costs me £50 a time from central london. I have at least 4/5 events to attend and they all end after all public transport ends. Its been more of a financial struggle since car has broke.

No night busses or similar that are possible?
I wonder if a scooter would be cheaper than a car?

shebrett

If you move closer to London (Zone 2 or 3) and are willing to live in a very small 1 bedroom on an estate or a studio in a slightly nicer area in south London then you should be able to rent for around the same price and still live on your own. Also the area is well covered by night bus routes so you could ditch the car and get around for work at late hours.

Your council tax seems high for a single occupant rate.

Selling the car would help pay down those credit cards.

As long as you have a renter you seem OK for the money on the investment flat but I personally would ditch it nobody knows what house prices will do over the next few years and so there's no guarantee on value increase. Also once you factor in times between tenants and the cost for managing the property you are losing money at the moment.

Hope one of the suggestions help solve it for you.

sheilaluc

when u finish in the evenings, what time is this, trains ran till 1 am to Hastings

barbarawright

savagehoutkop wrote: »

No night busses or similar that are possible?
I wonder if a scooter would be cheaper than a car?

This puzzles me too. Why not live in a part of London where there are nightbuses? Round my part of Zone 2/3 (on the A23), you couold get a one bedroom flat for the same amount you're paying, and be on several night bus routes. And you'd save on your Oyster card plus knock £20 off your taxi fair if you needed to get one. Instant saving of £200 a month.

Hillbilly1

I know this is a studio, and on a busy road, but...

http://www.rightmove.co.uk/property-to-rent/property-15363114.html

£700, zone 2, 134 bus goes by all night, all bills except electric! If you are in music is alot of your stuff around Camden?

Another zone 2, quiter road but not as nice area:-

http://www.rightmove.co.uk/property-to-rent/property-23176577.html

phoenix001

Hi everyone, thanks for your feedback.

To answer your questions about my zone 5 area. I live in Twickenham by the river, I run a lot and love the green spaces and outdoors life hence why I chose to live in that area. When my car was working it really wasn’t a issue getting back from London. Most of my work events finish between 2-6am

Also Richmond is zone 4 but property prices are higher there, Putney is also nearby and in Zone 2/3 and the prices are even higher. It takes me 22 minutes to get into Waterloo and exactly 45 mins to get door to door to my office.

As much as appreciate your suggestions about living more central, on an a council estate or in Archway/Camden by myself I would prefer not to leave my area if possible. Sorry if this sounds like I’m not being dedicated to sorting out my finances but I am. I just want to not be isolated in a area I don’t know. If sorting out debt means being as miserable as possible and tearing yourself away from literally everything you know then this whole process scares me. But saying that... I think the best option for me would be to live in a flatshare in the same area I live now and get my car fixed once I have that extra money coming in.

Please don’t shoot me down for not wanting to live to another part of London, and I hope this doesn’t sound like I'm not wanting to sort this debt out but I really am, but surely there has to be some other options apart from selling my only asset now (flat) or moving to a random part of London.

phoenix001

scotdebs wrote: »

Hi there - well done on posting your SOA - its a scarey thing to do. I can understand why you dont want to sell the flat but if you really want to keep it then i think that you really need make some other major changes;
- flatshare - you need to do it - i know after having your own space its a horrible thought but its not forever say 18 months to get yourself back on your feet where you are rid of the payday loans, have stopped using the credit cards and are starting to make small over payments
- second income - other the potential flat rental can you generate any other income i know that you seem to work unsociable hour but is there any day or evening a week that you could take on a second job or even additional (paid!) hours
You can get beyond this difficult time but you need a plan and have to make some sacrifices to do it - remember its not forever some second income and going for a flatshare for say 18 months could really make all the difference........
good luck

Thanks for this reply, I really appreciate your kind words. I didnt realise how under fire I would feel for posting up my SOA. Yes it is scary and I do want to sort my finances out its really hard when you loose your normal day to day life in the process. The prospect of all this change has really freeked me out and I suffer from depression as well so I have upped my medication to get me though the next few months. Guess it will all be worth it when I get on top of my finances