owning horse

LISAP_3

hi, a friend of mine is offering me her horse ! Since starting a full time job in June and earning a good wage each month which my IVA has been made aware of. I am very keen to have her horse. I have re searched and I can manage him on a £200 per month budget. However, im only 18 more payments away from finishing my IVA and i dont want it to cause an issue. But since earning a proper wage, I know i can afford it., without affecting my IVA payments... what are your thoughts please?

8hoovesarebetterthannone

Honestly, i would wait. I dont know how experienced you are, so please dont take offence, but does this 200 include insurance, farrier, feed, vet bills, teeth, saddle checking, hay through winter if living out. If you are working full time will you be able to do him alll time? If not, can you afford livery? Also, big question - why is friend giving hoirse away and not selling or loaning?


My general rule of thumb with horses is work out what you think it will cost and then double it!

Melaniep101

I know it sounds like a really tempting offer but if it was me I'd wait until your IVA is finished. Keeping a horse rarely ends up costing what you think! I speak from experience! My horse has cost over £1000 in vet fees alone this year, plus you have to factor in extra hay/feed over the winter. It's always a bad idea to take on a horse just as you're coming into winter as you have all the expense, but little time (daylight) to actually enjoy riding etc.

I'm looking to get a new horse next year, but I want to be debt free and have some savings before I make the commitment again. I also want to have cash available for new tack/rugs etc.

Sorry that its not what you want to hear :-(

Max_Maxwell

You started a full-time job in June and have informed your IP which is fine. When is your next I&E review due? You will very likely have to forgo 50% of your new salary come review time.

I know nothing of the cost of owning a horse but even if it is only £200 per month, will you still have that sort of spare after your I&E review?

pivotalgubbins

First of all, you need to follow Max's advice and determine your next I&E review - it you have had a change in circumstances then it is expected (and fair) that some of that money should find it's way back to creditors.

As for the horse itself - I'd rank my recommendations as follows:

(1) Don't do it - you're only 18 payments (so, I guess months?) away from clearing your IVA, being debt-free and being able to consider such luxuries. Plus, horses ALWAYS cost more, almost without exception! Finally, you started your job in June so you are still relatively new - all fingers crossed and that but you can never judge job security and you are easily chopped in the first couple of years. Get your IVA cleared, some savings behind you, more service under your belt and go from there!

(2) If you must, must, must take on the horse - can you find anyone to share it with? I'm not a horsey-person but a few friends are and several have this arrangements - halves the workload obviously, halves the bills and so forth! £100 a month is a lot more manageable (and £200 on a bad month) than owning it outright? Maybe your friend would even be interested in this - at least in the short-term.

I would REALLY, REALLY recommend option (1) but always fair to look at all options.

jemcart

Sorry to seem negative on this too (I know what it's like when you really want one!) but I'd wait until you can afford more towards the monthly keep of the horse.

Horses always cost at least double what you plan, and then have a habit of going lame and incurring huge vets fees just when you can least afford it! Tack and rugs are expensive and also need replacing at the worst times.

It puts a lot of strain on you and takes the fun out of it all if you are having to count the pennies, so if I were you I'd wait until it can be covered easily. Think of it as something to look forward to!