Newbie...£60k in debt... light bulb is on!

OopsIdiditagain1

Having done a budget plan in the YNAB app I realistically only have £200 to put to a DMP if I make sure I'm putting money aside for Christmas, birthdays, holidays, annual bills, ad hoc bills, a buffer for vet bills etc. 

IVA would seem obvious choice but I would lose my job and that will not help anyone.

OopsIdiditagain1

I should add I receive a discretionary annual bonus which is around £8k after tax. I used it this year to pay off debt and vet bills. Plan for next years payment (presuming I receive it) is to split between emergency fund and fighting fund to perhaps settle some of the smaller debts 

kimwp

You can add extra categories to your SOA if you need to. I recommend doing the lemonfool one, formatting for mse and posting here to see if we can spot anything that might help.

OopsIdiditagain1

Thank yoy kimwp I'll try the lemon fool one and post here. 

ManyWays

I think a SoA would help, add whatever categories are necessary.
You are single?
What is your job (a lot more people worry about IVAs that actually need to)?

 

OopsIdiditagain1

Yeah I'm single. Heading into late 40s. 
I practice law so I'd need to declare IVA to the profession regulator. It can suspend my practicing certificate or place restrictions on my practicing activity. Just feels too risky right now

ManyWays

Would you have to declare a CCJ?

Because your options would seem to be try for an IVA (where you may find the horse/dog costs tricky); sell the house, clear the debts and rent; have the horses PTS; or try a DIY verson of a DMP and cross your fingers none of the creditors goes for a CCJ. 

Im not sure you have any nice, non-risky options. You are living a lifestyle you cannot afford. 

kimwp

I think as we don't have the SOA, it's a bit early to be talking solutions.

katsu

I think an SOA will really help us to help you. When you start thinking about say what your mobile costs are and so on, you'll be amazed how you'll find extra money. It will really help. 

Check out Alt80s diary for someone else on a high income with high debt and costs. He's done amazing and can inspire you. 

OopsIdiditagain1

I'll spend some time on the SOA and post here. I do appreciate the feedback and hard to hear truths.

I am required to declare CCJs. At the moment I'm thinking DMP and if I squirrel away my bonuses I might have enough to settle some. I know CCJ is a significant risk, but as I see posted so often, the court cannot force you to pay more than you can afford. I'm not sure if they can force you to sell your assets or dispose of animals? I bought a house last year following a relationship breakdown and selling our home. The equity went into my new one. Perhaps a charging order would be preferable for creditors. 

My animals are my lifestyle, there's nothing else. I go on holiday with the dogs (haven't had a foreign holiday for 8 years, although it costs a fortune in the UK), don't own a car (although I rent one through a company car scheme) and my mobile is nearly 5 years old sim only at £22 a month. The horses live on a farm, not a fancy pants livery yard, but they are my largest expense.

The big kicker was one of my horses and dog needing emergency surgery within a month of each other at the end of last year, with extensive rehab for both for months afterwards. I had to borrow to pay for the balance of surgery and rehab, as I reached limits on insurance cover.

Anyway, you'll see it all when I post the SOA.

Thanks katzu for the signpost to the diary, I'll take a read.