In a Dilema !!!!!!!!!!

[piggypooh]

I have been a teacher in the same school now for 11 years and various "problems" in my life have cause me to have major financial problems.

 

Last week, I got an uinterview for a head of department's post (Promotion) in a different school, and although I wasn't offered THAT job, the school were impressed with me and offered me an ASSISTANT HEAD OF DEPARTMENT post, (with more salary than I am on now)

 

My current boss and rector tell me I SHOULD go for it cos promotion prospects in my career and very rare and this is a great opportunity etc etc.

 

However, the school where this job is, is 50 MILES away (as oppose to 13 Miles like my current school) and I know for a fact that the extra salary will not be enough to cover travel costs.

 

The obvious alternative is to move house but herby lies a problem. My current house has a secured loan on it and I just found out that the equity will NOT be enough to pay off the mortgage and secured loan so even If I sold, I'd have zero pounds for a deposit on a new place AND my impared credit rating may effect my ability to borrow.

 

I don't know what to doooooooooo

[DN]

Could you rent a place for a while and rent out the house you own? If you can make a monthly 'profit' then you could use that money to pay down the mortgage while your credit improves and sell it later to buy a new place near your new school.

 

It seems a shame to turn down the chance of promotion because that job may need to further promotion later on.

[piggypooh]

Could you rent a place for a while and rent out the house you own? If you can make a monthly 'profit' then you could use that money to pay down the mortgage while your credit improves and sell it later to buy a new place near your new school.

 

It seems a shame to turn down the chance of promotion because that job may need to further promotion later on.

 

yes, thats an option, but the problem is this secure loan which is EQUAL to the mortgage which, in effect, means I'm paying double mortgage on the house. Mortgage = £480 p/m, Loan = £490 p/m totaling £917 p/m If i were to rent my place, id probable only be able to charge £500 at the max so it would "balance" out, without actualy letting me gain any extra money

If you know what I mean !

 

But I agree, the promotion is a good idea, it just seems fraught with complexities

[piggypooh]

My advice would be to take the job. Sometimes, we need to sacrifice in the short term (i.e. the extra expenses of your commute) in order to gain something in the long term. It sounds like they are more willing to promote you than your present school is.

I'd say go for it. The commute definitely sucks, but I would go for it.

 

The extra commuting expensese will actualy be unnaforable (I have done the math) and my finances are SOOO tight just now, i simply won't have the money to pay for that travel. I'm looking to get a cheaper Diesel car, but still, going from £90 p/m on fuel to £200-£250 p/m on fuel is a HUGE jump, greater than the salaray increase I might add !

 

And before you ask, I am renting out my spare room as well for £250 p/m !!!

[confused25]

How about public transportation? Can you take the train or the bus or anything? I know a lot of people that do that and they work at least 50 miles from where they live.

[piggypooh]

Well

 

I turned down the promotion, I had no choice, travelling that distance by car bus or train would have cost too much. My house has negativr equity so selling wasn't an option either.

 

Yes, Its been hinted to me that I'll not get any promotions at my current school so this was my "once in a lifetime" chance.

 

I just had to decline cos of financial problems

 

Please, NEVER get into a finacial mess like me. It SOO ironic that most promotions would be the KEY to getting OUT of such problems but, this case would have made mine worse.