Over 50 & Now About to Lose Everything

hi, any ideas feedback might help, thanks in advance...

I'm now getting desperate as I'm at a stage I could lose everything I have left which is not much, just a modest apartment, i have no family and few friends as I traveled a lot in past.

I have ran my own businesses over last 20 years, I'm now middle aged. I have no recent job experience besides working about 10 years ago was the last official job I had and that only lasted 3 months for the trial period.

My business failed about a year ago and since then I have slowly got into more debt which is quite high plus I have not been able to pay my mortgage for 2 months and the bank have given me to late Jan to get that sorted out and to start making payments again. I have tried looking for jobs in this time and I had small trials in kitchens but i was not wanted and I have got tired of doing free trials and been used for nothing.

I'm on Newstart and get about $265 per week as I get no rental assistance since I have an apartment with about 60k to 100k equity if sold. My mortgage payments are about the same as my dole so I can not have anything to live on if I pay the mortgage. The job centre also want me to do 3 days a week now for work for the dole so that will take up a lot more time as well. I think that starts next week. I'm thankful for the payments and I hate been on the dole, it really is heartbreaking when I was at a recent restaurant for another trial and the 16 year old kid doing the dishes and the 3rd chef were saying how they want more days off etc when I was there and I was thinking I would do anything for their job.. I would be better suited to IT work in computer graphics and Internet but I have no recent work experience and I feel strange applying for jobs as I know I would not fit in at any work place as I never did in the past so it would be even worse now. I have to put team player and rubbish like that on my resume to apply for jobs but I'm anything but. I have worked alone for last 20 odd years, shut off from the world.

I should sell my place but I I know that is my last desperate thing as I would never sell unless I have no other option and it looks like that is the case.

I have been desperately looking for working even cleaning. kitchenhand or labour. I went to a quite a few trials as mentioned, one I worked hard for 5 hours, got no pay, not even a meal or a phone call as promised to say thanks but sorry you never got the job.

I only have a few weeks before the banks and creditors move in to start the bankrupt process I guess for my other bills as well like my strata which near $1000 and my water and rates are now overdue.

I did think about selling my property and I would get out of debt and have cash if I did that but then I would have no home and it could take a year to sell. I would also not be able to get it on the market till late Jan now by the time they come back from the holidays and the 3 – 4 weeks it takes to get it even legally on the market. Also, I had plans to spent 5k on it in the future to make some renovations and that would bring the price up a lot but if I sold it now it would get much less as the bathroom has issues.

An option is to rent it out again and that would take care of the mortgage (if there is no issues) but I need to spend a bit of money to do that as it needs some plumbing done. If I rent it out it means I still have to look for a place to rent myself and I would not have anything for a bond so it would be limited. I have considered becoming homeless and maybe buying a tent and moving to Central or somewhere although that could be dodgy. I can rough it out so i could buy a tent and live anywhere.

I'm thinking I could get a job in an orchard or some where there is some seasonal fruit picking jobs just to help with my bills but I see none advertised so I'm not sure how to get these, does anyone know?

some ideas on how to find any job would be good, Im over 50 now with no family or close friends anymore. My girlfriend left me when I became broke.

I looked at Realestate,com.au today and seen there was a sale in my area of a unit with 2 bdrooms like mine but it was about 40k below what I was hoping for mine if I sold it. The market must have dived here in Hunter.

I'm also on my last few weeks of my payment holiday that I took out and that ends in January when i will have to make payments again. I have no other assets and only super of 3k as I lived and traveled overseas when younger a lot.

How long do I have before the bank will take the property of me and do a forced sale?

I also have a 10k credit card debt that I had put on hold 6 months ago and that hold ends soon too so things are looking terrible and I have no way out, I can't even find a job washing dishes.

On the positive side I have been accepted into a business course where I will start my own cosmetic company but I only have a month before that starts and I need to get my bills sorted out before then. I know in the future things will pick up, I'm working on 4 or 5 business startups at the moment and this is all with no money. so if I did sell my house I would make use of the money and it would not be wasted. But I hope to hear of some ideas how to get relief from bank and how to get job.

also, I have put applications into places like bunnings, coles, woolies and applied for many jobs on seek in last week but got not one reply. i guess as its a busy time of year.

 

Take in a border?

 

Your in the Hunter ... Newcastle ??

Newcastle Taxi Drivers are wanted urgently .Next training course is next week !!

Its a job i done up there for a few years and i was making very good money... If you can put up with drunks, threats, runners, druggies, etc but you get used to it, and most people are ok .

You can then go onto leasing your own Cab eventually .and then buy a plate once you have the money.

 

Call your lender and explain your situation, honestly, and in detail. They're often a lot kinder than you may imagine and will do everything the can to avoid the worst case scenario

 

i had looked for flatemate when I first moved back to my apartment in September after the tenants moved out but I had no luck. I then just turned the house into a large works space for me. I also have been doing some painting etc.

 

I don't have car, only a license.

 

i did call them a couple of months ago and they said they will give me 3 months (ANZ). I think it was just a call center worker in India. Anyway he said I get 3 months and after that they can't help and I need to see a financial councilor after that, that is what he said.

My next payment is due late Jan plus my credit card 6 month holiday runs out soon too,

 

You dont need a car... Ask Centrelink to pay for your Taxi Driver trainng ... Get your taxi licence and drive for a owner .
As long as you dont have major criminal offences you'll be ok .

12 hour shifts usually ...night shifts is where u will make the money but yiu need the stamina and resilience.
If your desperate for full tme work then go and do it until u find simething better, even though you may stay and like it ... I loved drving taxis in Newcastle on the night shift, never a dull moment ., interesting people , of couse some run off wthout saying goodbye and in so much in a hurry they forget to pay but they are in a mnority.
The camraderie of the drivers up there was excellent where if you ever had problems they would all rush to help you.

Im just waiting for my redundancy here in Sydney then im going back to Newcastle to buy a few Taxis .($200-220k)

 

Thanks for the idea with taxies. I will give my job network a call about helping me with the training tomorrow. I will look into that thanks. Yes it's not what I would enjoy, been around drunks etc but as you say when you are desperate you have no choice. I love driving but not dealing with people so I could end up losing it if I get some idiots causing trouble,

 

You probably have around 6 months before the bank will take possession and sell your property.

It might be better to get it on the market asap and see what happens - you don't have to accept any offers. Having it on the market will also help stall the bank.

 

You are going to struggle as most have hired Christmas casuals by now (junior staff/lower cost staff).

If you've done graphic design work before could you use some of the online platforms to generate some cash doing odd jobs (e.g. fiverr, upwork, etc)?

 

What are your skills?

I hope this comes across the way I intend it, but is fighting actually worth it? You say the future is terrifying. I read a while back something about failing or fear... my memory of it is vague but the sentiment remains.... I wonder if its worthwhile drawing out exactly what would happen IF you "lost everything", in the worst case scenarios. If you can paint on paper the very worst consequences, and break these down into smaller and smaller chunks and problems - maybe then you can find solutions, then perhaps the entire scenario might make you less fearful. At this stage - maybe the inevitable is inevitable, and you can face it with optimism.

Maybe you should sell, maybe bankruptcy will allow you a clean slate. I don't know.

Terrifying, but at 50 - you still have a decent chance to give life another crack, regardless of what happens in the short-term.

If it all seems too overwhelming, please go and visit your GP or call one of the support lines.

 

Selling My Property to Start Restaurant - Somersoft Property Investment Forums

So what have you really been doing for the past 14 months?

If you have been running businesses in the past for more than 20 years, even if you failed, you should have gained crazy skills and lessons from that.
You should actually be a business guru with 20+ years under your belt.

50 is not that old...
Not too late to start again.

You don't need money but you need drive.
With your past experience, you should have all the skills you need to succeed.
Just seems like you're a little low on confidence at the moment.

Seriously, you need to fix your confidence and you need to believe in yourself.
This has gone on too long now.

People offered good advice to help you last time and they will again here, they are good people.
You need to listen and take action if you want your circumstances to change.
It's up to you to make the change and get serious.

 

I'd look at moving regional, maybe an island, ski fields, mining, cruise ship if your in hospitality this shouldn't be that difficult.
Save as much as possible and buy some Reno potential properties in a city that is/about to rise. Live in them and Reno in your annual leave, build some equity

 

Look after people's pets. The going rate is about $25 per night per pet. Along with taking in a border, that can be a handy income stream

 

Can I dress my children up as animals? If so, that's a bargain

 

It sounds as if you have reached - or are about to reach - the critical stage.

The hard decision is to sell the apartment - before the Bank does.

If you sell it, you can control the process, still come out with a bit of cash, rent somewhere for a while and find some work.

Finding work is easy; it's finding the right job and conditions that takes a lot longer...but in the short term; get some work and start to save some more dough.

 

Flatmates.com.au you can find flatmates easily if you are in a relatively good areas. You can get responses within a day. Try that.

If the property is giving you grief think about what's more important. Health or wealth. Selling it doesn't mean you are a loser but means that you are using head rather than heart. More likely you will make a better decision. I have not been in your position but I did have to sell a property which was draining me in the past.

50 is the new 40. If you put your mind to it you will find little successes along the way.

You need to take action and be in control or you will find yourself lost in this situation.

 

How about sales jobs? Call centers are always hiring, whether its inbound, outbound sales or market research. They tend to pay base+commission so they're not likely to say no to an applicant.

You say you're working on 4 or 5 startups. Maybe shelve those for now and focus on increasing cash flow?

Edit to add: Read through your previous SS thread.

Given that you're in an emergency situation, I'll repeat my recommendation to forget work (startups etc) that will pay out later and focus on jobs (like low-skilled, easy-to-get ones) that will pay you immediately.

 

My question too.