Back in Debt, a bump in the road

monetxchange

At least the payment has put the total down - a step in the right direction!

Your oldest is coming up to her teens and to be honest, there aren’t many teenagers that stay obsessed with horses unless it’s a realistic career option for her. She may start wanting to go out with friends instead during holidays and weekends, so keep that extra expense in mind. I know you don’t want to, but maybe just force yourself to at least reassess the situation with the horses every six months or year or so. It may be you can’t justify spending more of a quarter of your income on them forever, on top of other money your kids might start wanting instead. For example, would you keep them if both kids lost interest and stopped wanting to go?

Just bought coal at Lidl for £3.99 for 10kg bag. Asda had the same for £4. So it’s definitely still out there!

Mimi_Arc_en_ciel

I'll bear it in mind.

At the moment both girls compete - the new season starts in March/April and ends in September so I'll have a chat with them at the end of the season as to whether they want to keep riding. The plan is to loan the ponies out once the girls have outgrown them. That way I can ensure they are being looked after but wont have the expense (other than the insurance on them)

I'll have a drive over to Aldi this week and see what coal there is. We are down to around 1/4 of a builders sack, along with logs so I'm getting twitchy about buying some as I don't want the weather to turn and us not have any.

I've had my work review - all very positive, this should mean I get my full bonus this month which I can whack on the card. My boss is telling people already that I have upped my hours but hasn't told me anything! I'm waiting to see if they have accepted my pay raise. Hopefully that's all good, It'll mean I'm working form home for 2 days which will cut the diesel cost dramatically (its a 50 mile round trip to the office! joys of living in a rural place I guess!)

I've managed to make another payment today to bring my BC down again. the rest are on DD and will be coming out in the next week or so for the minimum amount

Thank you all for your help and advice, its really appreciated. I haven't told anyone I'm back in debt so its nice that I can have a little outlet on here

Mimi_Arc_en_ciel

Is this realistic???

My MBDA 0% runs out in August 2020

My credit rating at the minute is

680 / 999

The rating is low on the following:

- Debt to income ratio
- Credit utilisation
- Credit applications
- Account stability

(everything else is fine)

Now - If between now and Aug, I pay off the BC and Fluid (This will hopefully be a mix of increase in wages and any bonuses I get), I don't apply for credit anywhere (6 months of no applications) and generally try and get as much done as possible, am I realistic in thinking I *may* be able to move the MBDA to another 0% - Or should I prepare myself for interest payments?

Purplepineapple

Could you look at decreasing your horse costs? The figure you put for vets/ insurance does that include food/ shoes and livery etc? If you are on a yard I know there is a social aspect to it but could you look at an alternative? A few years back I found a field near me and tracked down the owner via the land registry! I wrote to him and asked if he would mind me using his field and he wrote back and said it was fine. I paid £10 a week as a gesture of appreciation. He was an elderly man who didn't use that bit of land. He was fine for me to put in a field shelter / stable / fencing etc.

enthusiasticsaver

No one can tell you for definite whether you will get another deal. You have around £15k of debt and if that £2056 is your salary that is around £30k a year so it does not look too bad. However if that £2056 includes child maintenance, child benefit and tax credits then most lenders only take your salary into consideration when considering if you are over committed.

Whilst I understand the emotional attachment to the horses and the element of entertainment you and your girls enjoy from them you do need to make sure they are affordable so has the debt occurred because you have been eating out too much or is it due to the horses? Working longer hours may be imperative if you are to keep them as you cannot continue to build up debt as this will make your situation much worse.

I would not apply for anything until August and really focus on cutting back that MBNA and Barclaycard as much as possible so that if you do need to do any balance transfers the fee is as low as possible. As you say you also need to tackle the Fluid.

Mimi_Arc_en_ciel

The horse cost is everything - stable, hay, straw, feed, farrier, wormers, jabs, dentist yearly, saddle check yearly, back lady yearly (oh she would kill me if she knew I was calling her that!) It's also for storing my trailer there. It really is 'everything'. It's a large yard who bale their own hay so it's a bit cheaper than others. There's a lot of fields too so they rotate so we haven't actually suffered with the mud yet

We're on a yard, I've been looking for the past 6 months locally to see if there's another yard to move onto and they are all more expensive in the area. I'm not confident enough yet to have a field, we've owned for 2 years but we've relied on the yard for help when needed.

The debts aren't from the horses. They're from a really rubbish time that I had and I literally took my eye off the ball, buried my head and though 'stuff it' - we was out and about more, went away a few times and I just wasn't mentally with it.

fudgecat

I have sympathy with horse cost dilemma, as they are more than a hobby, and talk of getting rid of goes way beyond practicalities. However if you are doing full livery then that is the expensive option, and if you live somewhere rural (as I do) there are always cheaper ways to do it without the animals suffering - though it may make more work for you.
Interesting breakdown of costs here https://equine-world.co.uk/info/buying-loaning-selling-horses/buying-a-horse/considerations-prior-to-buying-a-horse/cost-of-owning-a-horse
Horses in rented paddock next to me seem to enjoy life and spend most of the time "out", though they do have a stable. Worth sitting down and doing some analysis?
Note to self - you ARE tackling your debt and you ARE reducing it - stay positive!:T

Mimi_Arc_en_ciel

Livery is classed as assisted. They bring the horses in for me, and will chuck feed in throughout the day, but we have to muck out etc

Most places where I live now are either DIY, which I'd struggle with due to work, or full - which I don't want to do because it's pointless (what do I do if kids are riding?!)

Both are welsh ponies, ones a Hardy 'roll in the mud and don't bother with a rug', the other is such a pansy, she sees a dark cloud and is stood at the gate wanting to come in 'just in case' she gets wet lol

I'm hoping to move within the next 6 months, my yards in 'transition' with a new owner who is already making way too many changes - I refuse to pay any more than I currently am. I just haven't found anywhere yet ☹️

They're definitely more than a hobby, they have the most amazing personalities - my elder pony is so cheeky and mischievous that he really does brighten up my day. When you pop your head over the stable he wonders over and gives you a 'sloppy kiss' and nibbles your chin lol

Verityspinelli

Hi Mimi, well done for your efforts in tackling your debts just a thought but have you thought about half loaning your horses? There may be somebody in your area that would love to have a horse to ride / look after but cannot afford the whole cost? It’s a way of making some money towards their upkeep and you’ll be giving somebody else an opportunity they wouldn’t otherwise have. Anyway good luck x

Mimi_Arc_en_ciel

I know part loaning would help, we also have the option to put the ponies into our yards riding school but in all honesty it's an avenue I'd rather avoid if possible but thank you for the reply

I realised today I transferred some money into the CC that I should of (£130!) So I've had to reassess my budget. I think I've sorted it