What a mess- please help

blue-bells_2

Hi Redfraggle

As other postes have said, WELL DONE for facing up to your money problems and doing a SOA- all positive steps in the right direction.
I would definately agree with speaking to CAB, and I hope you can find another home for your horses asap

dancingfairy

Total monthly income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,331.00

Total monthly expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,187.58

O.K so your shortfall at the moment is about 1,100 a month.
You can save 340 on the horses by getting them rehomed.
Sky/Virgin - whatever - needs to be nill - you just can't afford it. Saving 50 a month.
Electric and gas - you should be able to save 30-60 a month on those as well but ...

I can't see how you can shave 1,100 a month off your expenses to be honest - and I think a few things are missing - maybe life insurance or something incase anything happens to either of you - to protect the kids etc.

You Owe about 14,000 which needs to be sorted asap before it spirals.
I would definitely get in contact with one of the debt charities Martin recommends ie National Debtline or CCCS or your local CAB etc and see what they recommend.
Your debt repayments come to about 600 odd pounds so even with selling/giving away the horses and ignoring the debt repayments you are still going to be ovespending. Yes from there it could be possible to get your spending below your income but you aren't going to have a lot to offer your creditors for repayment.
One of the main problems is because of remortgaging your mortgage is now nearly 50% of your income and is going to make things difficult as has been said by someone already.

You may be able to do a dmp but with little to offer the creditors this may not be feasible, an IVA or bankrupty may be possible but you may be forced to sell the house - so have a chat and see what the debt charities recommend but you may need to consider selling your house.

I would say NO don't talk to your bank at this stage as 1) they may sell you something unsuitable and 2) they might call in the overdraft or something - have a chat with the debt counsellors first.
Also it may be worth setting up a seperate bank account away from your creditors and get your benefits and salary paid in so you can control what gets paid and when - you need to make sure your mortgage is paid first and essential bills like gas/electric etc.
Good Luck with everything
df

zarazara

Hi Redfraggle,can you tell me more about the ponies please? type,height,age,handle-ability,passport,tetanus vac status. I'm in the Midlands, where abouts in the UK are you ?

Redfraggle_3

tesuhoha wrote: »

Not meaning to be hard..... you just cannot afford £340 per month for the animals. Is there a pony rescue centre that would take them?

I dont want them going to a rescue centre- they are my responsibility to rehome. The pregnant mare is due to give birth in the next week or so. Moving her is not really an option at the moment- legally or morally. There livery is paid until 1st of May so I have a few weeks to find a home for the pony. When the foal arrives then in a few weeks she can be moved too.

Redfraggle_3

DarkConvict wrote: »

Ponies are assets, they can sell for a fair bit. So i agree they need to go. My sister owns 2 horses so i know they costs alot to look after but also cost alot to buy.

Ideally if I could sell them for something then it would help!!

zarazara

problem is the horsemarket is flooded at the moment, there is a variety of reasons for this. People literally cannot give them away sometimes. And the rescue places are full to bursting .

SusieT

Redfraggle wrote: »

I dont want them going to a rescue centre- they are my responsibility to rehome. The pregnant mare is due to give birth in the next week or so. Moving her is not really an option at the moment- legally or morally. There livery is paid until 1st of May so I have a few weeks to find a home for the pony. When the foal arrives then in a few weeks she can be moved too.

What general area are you in? The weather has improved a lot recently so you should be able to look around and find grass livery somewhere which would drastically cut the livery bill, even if you only got one of them out it would mean the other could have its livery paid for a couple more weeks.
There are sites that do free advertising, from my list there are - I cannot post links so edited to have names only
horsehunter co uk
stableads com
thehorseexchange com

As someone else has said, if you put up descriptions of them you may find someone here will know of a home for them.

Redfraggle_3

SusieT wrote: »

What general area are you in?

As someone else has said, if you put up descriptions of them

I am in Ayrshire,Scotland

Mare in foal is a welsh D type 14hh 4yrs old

Pony is an Appalossa gelding 13.1 6yrs old

Both are unbroken.

Thanks for the websites

dancingfairy

Can either of you get a second job? part time in a bar or saturday job? is this doable for you?
Basically if you could reduce your outgoings and up your income you may be able to do a dmp?
If you could offer say 300 a month to your creditors then with 14,000 debt that's 46 months which is 3 and 3/4 years approx. Obviously the numbers will vary but it may be a solution especially if your income may again rise in the future - although the creditors may not accept this and try and secure you debts on the house - what I mean is it may be potentially possible but is not without it's pitfalls.
df

petraandcedismum

Redfraggle wrote: »

I dont want them going to a rescue centre- they are my responsibility to rehome. The pregnant mare is due to give birth in the next week or so. Moving her is not really an option at the moment- legally or morally. There livery is paid until 1st of May so I have a few weeks to find a home for the pony. When the foal arrives then in a few weeks she can be moved too.

Could someone foster them for you?