Could someone advice ?

johson55

Hi,

I need some advice.

I am 55. I haven't been working since December.

I have been looking for IT jobs but haven't been successful so far.

I was doing ok before that.

Now, all my savings are gone.  My overdraft reached 5k now.  My bank wouldn't increase it anymore.

I know my priority is to get a job. I'll be fine once I get one.  Now the gap my CV is causing me problems too.

Now, I am thinking I need to get weekend jobs & maybe evening jobs till I get a job in my field.

My larget bill is the mortgage: £700.  I fixed it last year for 2 yrs. Now I'm thinking I need to change it to interest only.

I have a limited company which it's fees cost me £150\m.  Now I'm thinking I need to fold it as I am not working.

I have a car which costs me £200\m.

  Council Tax  : £175

  Help To Buy  : £75

£80k left on my mortgage.

Now, I'm thinking I need to take out some of my pension money to survive.  One of the pots has 27k.  I'm thinking I'll take out 5k to keep me going till I get a job.

I never claimed any benefits.

I sometimes feel very down but then I try to pick myself up.

What would you do ?

Thank you.

DE_612183

If you are contracting - ditch the accounts that charge month for one that charges based on invoices.
Your mortgage lender should drop you to interest only or payment holiday with no questions asked - it's part of the requirements of finance companies now.

I was in a similar position as you - a few years back - ended up taking some PAYE IT jobs - you can still get a decent rate ( I'm 60 by the way )

Do you live on your own?
Maybe think about taking a job out of area - I did this once - cheap B and B for 4 days a week - still worked out ok.

I'd very much advise NOT taking out pension funds unless you really can afford it - or you have no other choice.
 

DE_612183

What do you need a car for?
Can you get rid of that and buy a banger if there is a bit of equity or are you on PCP?

johson55

DE_612183 said:

If you are contracting - ditch the accounts that charge month for one that charges based on invoices.
Your mortgage lender should drop you to interest only or payment holiday with no questions asked - it's part of the requirements of finance companies now.

I was in a similar position as you - a few years back - ended up taking some PAYE IT jobs - you can still get a decent rate ( I'm 60 by the way )

Do you live on your own?
Maybe think about taking a job out of area - I did this once - cheap B and B for 4 days a week - still worked out ok.

I'd very much advise NOT taking out pension funds unless you really can afford it - or you have no other choice.
 

Thanks for your advice.
I will check with the accounts company & see if they can change the type of account, if not I'll go with a different one or fold it.  I'm just keeping the limited company in case I get a new contract.  But that's not happening atm. 
I am currently open to  both contract & non-contract jobs.

I will talk to mortgage company today about payment holiday\interest only.

Yes, I live on my own.  Good point about B&B.  I will now consider jobs even if out of my area.
Not sure if I can survive further than this month or next month without new funds coming into my bank.

Really appreciate your comment.

johson55

DE_612183 said:

What do you need a car for?
Can you get rid of that and buy a banger if there is a bit of equity or are you on PCP?

I hardly ever use the car.  
My car is PCP.  Got it 2022, so next year need to decide to upgrade or ditch.
I'll take your advice on board & look into getting a cheap car.

cjdew

What field of IT are you in? And do you have experience of particular global applications? 

DE_612183

Is there any surplus in your Ltd company - or could you take a directors loan ( as long as you pay it back ).

johson55

cjdew said:

What field of IT are you in? And do you have experience of particular global applications? 

I specialise in Desktop applications & POS systems.  I use C#, ASP.net, MVC, SQL, & Pascal.

I use HTML, CSS, & JavaScript too.  I have experience developing components for D365.
Thanks.

johson55

DE_612183 said:

Is there any surplus in your Ltd company - or could you take a directors loan ( as long as you pay it back ).

 There's not surplus in my LTD company atm. I used the money in the last few months to survive.  I am wating for a 1K refund from HMRC.  But then I have an HMCRC bill of similar amount which I must pay next year.  I'll worry abut that later.
I'll check the possibility of taking a directors loan.
Thanks.

DE_612183

There's a lot of D365 at the moment - although a lot of what I see is regarding Finance

DE_612183

johson55 said:

DE_612183 said:

Is there any surplus in your Ltd company - or could you take a directors loan ( as long as you pay it back ).

 There's not surplus in my LTD company atm. I used the money in the last few months to survive.  I am wating for a 1K refund from HMRC.  But then I have an HMCRC bill of similar amount which I must pay next year.  I'll worry abut that later.
I'll check the possibility of taking a directors loan.
Thanks.

The directors loan would be if you had say some money in your business bank account that you could use - if you owe money to HMRC that should stay in the company bank account - is all your VAT and CT up-to-date?