Should I get a mortgage? Financial Advice:
I am in my 30's and work 40 hours per week as a Nanny. I have had bad health for 5 years but have managed to keep working - just! I now have been told by one of my Dr's that I need back surgery and up to 6 months off work, if there are no major complications.
I have an informal arrangement with a retired family member who has gifted me a house and in return I pay them £400 per month. The property is valued at £200k. I earn 20k and I have 3k debts mainly due to me cutting my hours from 50 to 40, I had to 4 years ago because of my health.
I called the DWP 0800 number and was told I can not get any help from Benefit money because I have in excess of 16k equity in my home. They said that I might get Council Tax Benefil (around £90 month) but no other goverment money. DWP also said I would get Sat Sick Pay (£72) paid by my employer but my Dr has warned me I may need to do a less demanding job all together (have to always protect my back from now on) once I have recovered form surgery. My other medical conditions will continue.
I think my boss will try to push me out of the job and find a replacement asap as it will interfere with her career. I can't see them waiting for me or just having Temps.
I am currently waiting a DLA (Disability Living Allowance) tribunal as they don't agree with me that ill health has a large impact on my whole life/employment/salary. I think the hearing might be soon and it is unlikely I will be able to attend - because of the back surgery!
Please can anyone tell me if I could get more help??
Should I get a small 25k mortgage? To cover:
My monthly £400 payments for 6+ months. (5k)
Allow for the mortgage repayments for 1 year. (5k?)
Allow £1000 per month for for bills, food, entertainment, transport. (6k min)
Pay off the 3k debt,
And in preparation of getting back on my feet again (..literally), use some money to help set up my own buisiness as a Childminder in my home (Nanny a present) 3-4 days per week?
I am confident I can afford to budget well and once Childminding I would actually earn 7k more than I do at present. I also think I could sustain the new job working form home.
I don't know what else to do... 6 months off sick, getting into debt while trying to recover physically. I'm not sure I could even cover the car parking for my hospital appointments.
If you're still reading,
Thanks!
I am in my 30's and work 40 hours per week as a Nanny. I have had bad health for 5 years but have managed to keep working - just! I now have been told by one of my Dr's that I need back surgery and up to 6 months off work, if there are no major complications.
I have an informal arrangement with a retired family member who has gifted me a house and in return I pay them £400 per month. The property is valued at £200k. I earn 20k and I have 3k debts mainly due to me cutting my hours from 50 to 40, I had to 4 years ago because of my health.
I called the DWP 0800 number and was told I can not get any help from Benefit money because I have in excess of 16k equity in my home. They said that I might get Council Tax Benefil (around £90 month) but no other goverment money. DWP also said I would get Sat Sick Pay (£72) paid by my employer but my Dr has warned me I may need to do a less demanding job all together (have to always protect my back from now on) once I have recovered form surgery. My other medical conditions will continue.
I think my boss will try to push me out of the job and find a replacement asap as it will interfere with her career. I can't see them waiting for me or just having Temps.
I am currently waiting a DLA (Disability Living Allowance) tribunal as they don't agree with me that ill health has a large impact on my whole life/employment/salary. I think the hearing might be soon and it is unlikely I will be able to attend - because of the back surgery!
Please can anyone tell me if I could get more help??
Should I get a small 25k mortgage? To cover:
My monthly £400 payments for 6+ months. (5k)
Allow for the mortgage repayments for 1 year. (5k?)
Allow £1000 per month for for bills, food, entertainment, transport. (6k min)
Pay off the 3k debt,
And in preparation of getting back on my feet again (..literally), use some money to help set up my own buisiness as a Childminder in my home (Nanny a present) 3-4 days per week?
I am confident I can afford to budget well and once Childminding I would actually earn 7k more than I do at present. I also think I could sustain the new job working form home.
I don't know what else to do... 6 months off sick, getting into debt while trying to recover physically. I'm not sure I could even cover the car parking for my hospital appointments.
If you're still reading,
Thanks!