I really need some good advice please...c

Nina_75

Secured/HP loan repayments.............. 410 This is the HP and unsecured debts
Rent.................................... 80 (£20 per week?)
Mobile phone............................ 50 Can you change to PAYG or get a cheaper tariff?
Groceries etc. ......................... 40 per month?
Petrol/diesel........................... 80
Car Insurance........................... 60 Check for cheaper offers - is this car and Jeep?
Pet insurance/vet bills................. 66 again, use the comparison sites for a bettter deal.

Yes, these are monthly.
£20 per week for rent
I really want to go on PAYG but will cost be £200 to cancel my contact 1 year early - is there a way around this?
I won't be getting rid of my horses - it took me years to get them

Am i trapped into a DMP with R&R? They just phoned me & have been asking if the mortgage has gone through etc and when will i know so they can then contact loan company and bank! I haven't paid them or set up a new bank accout yet - only looking into it.

I make my own lunch for work and buy food to make a meal at home - which is usually soup and a roll.

I don;t have a credit card or store card and don;t splash out on clothes etc

all i want it to have my own money. no overdraft. minimal loan repayments and i don't care if im skint at the end of the month as long as everything is paid for.

it's all gone a bit tits up hasn't it:(

Nina_75

ElleStar wrote: »

You asked for some good advice. If I had a monthly income of £1,410 and spent £500 on a hobby and was struggling to pay debts, what good advice would you give me?

My passion is sailing. I love sailing. Sailing, like horses, is an expensive hobby. My income is more than double yours but my budget only allows me to spend £200 a month (which is one weekend's sailing) a month. I'd love to do more, I want to do more BUT I can't afford it.

i know what your saying and thanks for your reply but i just don't know where to start. i should be working but im on here stressing..
everythin is so muddled up. maybe i shouldn't have had that R&R man come out to see me - im very worried about that now.

Im going to have a good clear out and sell a load of stuff on ebay and at a carboot - that will be something.

jockinleeds

I know I'm only new on here... I've been watching for a while.
To me - if you're scraping by, then you're scraping by.
If you need to do something about your situation and are facing up to it then facing up to it is what you need to do.
We all have had things that we like to do/believe in that keeps us happy but there comes that scary point where you really have to face up to it.
For you, horses. For us it was our caravan and associated trips. Like someone else has said - sailing...
Creditors being who they are will scrutinise every penny as to why they are not getting it. You'll notice that there is no space in the DMP for horses in the same way that there isnt one for caravans/holidays. These will be and are seen as Luxuries (as in not a necessity)
All I'm saying is that if you are facing up to this - something will have to go/change!
Before committing to a mortgage 'jointly and severally' might be worth renting for a bit to see how it goes?
If the horses stay - stick to the 4x4 + do public transport.
All the best.

For me - CCCS was the way forward. Sleep at night.

OrkneyStar

Nina_75 wrote: »

Secured/HP loan repayments.............. 410 This is the HP and unsecured debts
Rent.................................... 80 (£20 per week?)
Mobile phone............................ 50 Can you change to PAYG or get a cheaper tariff?
Groceries etc. ......................... 40 per month?
Petrol/diesel........................... 80
Car Insurance........................... 60 Check for cheaper offers - is this car and Jeep?
Pet insurance/vet bills................. 66 again, use the comparison sites for a bettter deal.

Yes, these are monthly.
£20 per week for rent
I really want to go on PAYG but will cost be £200 to cancel my contact 1 year early - is there a way around this?
I won't be getting rid of my horses - it took me years to get them

Am i trapped into a DMP with R&R? They just phoned me & have been asking if the mortgage has gone through etc and when will i know so they can then contact loan company and bank! I haven't paid them or set up a new bank accout yet - only looking into it.

I make my own lunch for work and buy food to make a meal at home - which is usually soup and a roll.

I don;t have a credit card or store card and don;t splash out on clothes etc

all i want it to have my own money. no overdraft. minimal loan repayments and i don't care if im skint at the end of the month as long as everything is paid for.

it's all gone a bit tits up hasn't it

And you really think these two are not connected ?
ETA there are free agencies, such as citizens advice bureau, who can help with debt management, but I am pretty sure they would also advise you to, at the very least, cut the pet expenses!

Ames

Please forget about R&R. They want your money, they'll take a fee for talking to your creditors, and that's money you can't afford to be giving away when there are better places to go for for free.

And as I said, your creditors are highly unlikely to agree to a DMP with such high expenses for horses.

To put it another way, if someone owed you money and put going on holiday to the caribbean before repaying you, how would you feel? Because that's exactly how it'll look to them.

GeorgeUK

Thanks for that OS. That makes it another £400 in expenditure (unless i've missed something else).

£224 left each month to reduce overdraft, say £150 after monthly entertainment and treats?

Edit: I agree R&R are only after your money. I don't know of any DMP's that would want you to pay them that much in advance though so it may not even be a DMP they are trying to put you on. Have you signed anything?

Nina_75

what would CCCS offer me?
it's not jsut the horses, it's the two loans and the car finance also and the mobile and having to pay some things weekly, like rent and petrol.
maybe if i cut back on lessons to one a week and compared insurances etc on the cars and horse insurance.
and maybe rent instead of buying.......
Am i tied in with R&R? hope not..

my ex owes me £5k so i could chase him again...it was money i put into a house we were doing up...

The man from R&R wasnt going to disclose the horses and jeep....

sounds dodgy

Thrifty_Pixie

Your boyfriend seems to have a sensible head on his shoulders.

How do you expect to afford half a mortgage when you can't afford your lifestyle now, and you're paying only £80pm rent? To be honest I'm surprised you even got one in the current financial climate.

Time to wake up and make some difficult choices I'm afraid. Whether you like the idea or not, your horses are exacerbating the situation at the moment. Also, I doubt you'd be able to get a DMP that will allow you to keep paying what you are on your 'hobby' whilst making only token payments of £1 or whatever to people you owe money to, but I'm sure some experts will be able to enlighten you more.

So, as I see it, you have a number of obvious options:

1. use your shares and bonds to get debt-free
2. sell your car
3. get a second job
4. sell your horses
5. all of the above

One thing I certainly wouldn't advise is taking on more financial responsibility like a mortgage.

the_cat

I have had horses most of my life and worked with them. I understand that you don't feel able to consider losing them

However, for the short term it is of no consequence to your horses if they do or do not compete. Their welfare is unaffected by this and I know from experience just how much all those lessons,entry fees,petrol,extra kit etc etc cost! Stop the lessons and the competing for this season until the loan is repaid in the autumn

You are perfectly entitled to want to keep them so long as you are prepared to make the necessary sacrifices in other areas of your life(assuming you can just about afford it) but it is a 'want' not a 'need' to compete. The shows will still be there next year

OrkneyStar

the_cat wrote: »

I have had horses most of my life and worked with them. I understand that you don't feel able to consider losing them

However, for the short term it is of no consequence to your horses if they do or do not compete. Their welfare is unaffected by this and I know from experience just how much all those lessons,entry fees,petrol,extra kit etc etc cost! Stop the lessons and the competing for this season until the loan is repaid in the autumn

You are perfectly entitled to want to keep them so long as you are prepared to make the necessary sacrifices in other areas of your life(assuming you can just about afford it) but it is a 'want' not a 'need' to compete. The shows will still be there next year

Thanks for that...nice to hear from someone who knows a bit about horses.......I know nothing about them other than they can cost a lot!