raji_karmlaw wrote: U will have to apply as soon as possible, well before your visa expires.
While you may apply for Tier 1 as soon as you wish to (and can), but it doesn't have to be the way it' been suggested above (by an immigration consultant).
If your current leave is expiring on 15th Oct. (as you say), then as long as your Tier 1 application is received by UKBA on/before 15th Oct., you will have the legal right to remain in UK while your Tier 1 application is under consideration.
If your application is approved, you will be granted leave to remain in UK (3 years) - happy ending!! On the other hand, if your application is rejected, then UKBA will inform you if you have a right to appeal the decision and if you do appeal (within stipulated timeframe), you'll still be a legal resident in UK while the appeal is under process. In case you are not given a right to appeal, UKBA usually gives 28 days for the applicant to leave the country.
Given your difficult cirumstances, I would suggest that you go through the Tier 1 policy guidance *very carefully*, understand the rules and what documentary evidences you'll need to support your application, and start working towards making a Tier 1 application as soon as your circumstances allow you to. You have enough time on your hand to prepare yourself - this time around, you must leave no excuse for the CW to reject your application.
All the best.
regards