I really need some good advice please...c

Nina_75

Hi

This is my first post on here and need some advice asap as im very worried about my situation...

Monthly wage £1070
Widows Pension L£340

Total income - £1410

Out-goings
Livery - 144
Straw - £30
Haylage £60
Lessons 160
Car HP £173 @ 0%apr (payment for this ends oct 2010 and i will own car outright)
Loan 1 - £167 @ 13% apr over 3yrs (£5k taken out Jan 2010)
Loan 2 - £70 (with bank) ?? apr over 3yrs (taken out April 2010)
Rent £80 (currently staying at B/f's gran's house)
Petrol £80
Car Ins £25
Jeep Ins £46
Horse Ins £66
Horse feed £20-£30
Food for myself £40
Cat Food - £20
Bank Account £25 (why do i have a premier account!!??) I just want a no frills one
Overdraft £1400 with a £500 reserve - it's only 5th july and im already over £1500 OD today!

I just can't cope anymore. Im in the middle of sorting out a mortgage with my BF and unless i do something ASAP, i can dream on,

I had a man from R&R financial solutions come & see me at the weekend and he said it's best i open a new bank account and have my pay in there and my direct debits etc going out from it etc, open another for my pension and my BF's contribution to mortgage to go frm that one...and DO NOT pay loans - they will arrange for me to pay back around £70 per month for X amount of time etc so that i can cope again.

Please help me - i just don't know what to do for the best. Im so skint and ive just been paid, my over draft is killing me.

HELP

x

GeorgeUK

Never heard of R&R Financial Solutions, but it sounds like he's trying to get you to enter a Debt Management Plan. Don't know how much they charge, but CCCS and Payplan could help you set one up for free.

Once you stop making payments and enter a DMP, you credit score is trashed. This does not bode well if you are trying to get a mortgage with your boyfriend.

You are paying an awful lot for the horse lessons and horse. Not saying you should stop, but this is taking a huge chunk out of your income. Is there any way to reduce these costs, even for a while or possibly find someone to share the costs with?

Are the amounts listed both monthly and weekly?
Have you shopped around for better insurance deals?
In 3 months you'll have an extra £173 available but do you need a jeep and car?
Is there payment protection insurance on the loans? Was this missold? http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Fang_3

You can't afford the horses.

ciderwithrosie_2

You are paying over a third of your income out to horses and cats - clearly you can't afford to keep doing this if you want to take on a house and all associated costs with your boyfriend. At the moment you are contributing only £100 a month in rent and food, which is going to leave a huge shortfall. Can your boyfriend afford to pick up the rest? I'm sure the horse is a big part of your life but on what you earn it's an unrealistic life you're leading. I'd be pretty annoyed if my partner were spending that sort of money every month on an indulgence which could be going towards building a future together. Sorry if that seems harsh - what does your boyfriend say about it?

regards CWR

savingwannabe

Hi Nina,

I have known people that have come to an agreement with the stables where their horse is kept. Can you offer to muck out etc in return for a reduction in all equine costs? I am assuming that is what the lessons are for too.

Follow George's advice about not paying a fee. CCS can, from what i have read on these threads, cut out the parasitic middleman so more of your debt is wiped.

All the best, SW.

mandyl

hi
can your horse eat hay? not that thats prob much cheaper now.
can you stop the lessons for a bit?

Nina_75

The horses are with me for life so that part won't change.
I need the lessons as i show/compete them every weekend/other weekend. I need the jeep to tow my horse box.
I use the car (1.2) to go to and from work 5 days a week.

R & R want me to pay them £178 a month for 3 months to sort this out.

My boyfriend gets paid weekly and spends a lots of his money on fags and a few pints, which is a total waste and amounts to what i spend on the horses each week. I don't smoke or have a social life apart from horse shows.

I can't stay with my dad, he has mental health problems and is a total nightmare to live with and im 35 and need my own place. This mortgage will be in my name only - if it goes through!

Its a mortgage of £429 and we will be paying half of everything.

Maybe i need to get all my outgoings to go out on the same day as they go out at the start, middle and end and it's a total mess...

Should i go ahead with a DMP or get a consolitation loan??

I can't sleep from worrying so much...

teebowbusablaster

Usual advice is NOT to take out a consolidation loan, can;t say much more then that.

DVardysShadow

Age 35, widow's pension, boyfriend, spends more on food for the cats and horses than on herself. It can't be anything else.

Nina_75

I haven't got any children, surely that would be more costly than two horses - i know that they're expensive but that my hobby and my passion and pleasure away from work. The cats will be staying with my dad & brother so that will free up a bit of cash, not much but something.

churchrat

are you certain that you have the mortgage, or is it just agreed in principal?