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

enthusiasticsaver

You have a high income but are obviously still living outside your means.  The horses and dogs are a serious problem and are costing you the best part of £2k a month. I don't know how that is sustainable alongside a £2k mortgage and your other expenditure let alone the £60k debt. So defaulting on the debt should be the first move and stop using credit altogether.  I suggest you have a chat about this decades long family loan.  How are you keeping track of paying this?  Long term you should look at rehoming some of those pets. Cutting back on internet costs, no holiday and reducing groceries will help with costs and as others have said you have misquoted certain things like TV licence which is £15 a month now. Get rid of tv packages as they come up for review. 

SuzeQStan

Hi OP - does your wage take account of the benefit in kind for your company car? Could you get a banger and hand the company car back and take the cash alternative instead? Could be hundreds extra each month in your pocket. 

Also are you paying for medical insurance through work? This could also give you hundreds each year if you opted out

edit to note - I have a sim only mobile with lebara £4.90 per month - £22 is high

OopsIdiditagain1

Thank you everyone for your feedback, comments and suggestions which I will digest thoroughly.

To answer a few questions:

Bonus is paid in March.
The car is through a family members EPOS car scheme, so it's not connected to my income or tax. The payment is deducted from his salary and I pay him.
I have BUPA health care through work. I'll check my P60 because there is a cost to me but I can't recall how much.
I hadn't thought about a sanctuary for my horses, that is one to look into so thank you.

I had thought about Air BnB. I live in a place tourists like to visit and the house is empty for a week each month when I visit my elderly mother. I'd consider a lodger perhaps on a short term basis from time to time. One of my dogs has bitten so I have to consider that option carefully. 

I work from home full time and an introvert do don't do takeaways, coffees, meals out, socialising etc. 

I have things I can sell. Saddles, bridles, horse rugs etc to add some funds to the pot. Also still have my engagement ring which I can get valued. 

To add, I have done the practical things of changing banks, cancelling DDs etc. I have missed 2 payments so far across all debts except HMRC. 

OopsIdiditagain1

I did receive a letter from Fieldcall today to say they will visit if I don't make contact with one of my loan creditors. I looked up the agent, quite a distinctive name. She lives about hour an half drive away. Should I continue to ignore? Is it likely she'll turn up? 

Grumpelstiltskin

If  anyone does turn up either don't answer the door or say not today thank you and close the door, they have no authority.

RAS

Fieldcall staff have no authority. "No thank, please leave now."

NeverendingDMP

Hi lots of things already said especially around big decisions with the big costs; horses,animals car, selling things etc. I agree you need to have a catch up conversation around the family debt to check in where you are up to with that. Then even though your wages are high your current leftover money isn't so you will have to think pennies make pounds for a while and making your budget stretch as far as it can. Not sure if you have opened a Monzo yet. If not maybe consider chase card. Similar idea but it will give 1% cash back on food/petrol and maybe animal food?  £500 a month would generate enough cashback to pay your brown bin for free. Ask whichever card you pick to round up your account so every time you pay 50p for example the leftover 50p rolls over to a different pot. That can become the haircut fund. TV license is less than that if you pay per month or free if you choose not to have one. Internet and TV packages when not in contract look at now TV.  No frills sky for want of a better description. You can have a 30 day rolling contract and can add/reduce packages eg films as and when you can afford. If your council tax is spread over 10 months you can ask for it to be spread over 12 months to make your monthly commitments easier. 

NeverendingDMP

The other thing that jumps out and please don't feel I'm being pessimistic here is that keeping tabs on that many debts to make sure one doesn't slip through is going to require some good organisation and regular admin. I've missed payments/defaulted etc and never got close to a CCJ even being mentioned and this is the same for many of us. I'm not saying you will ever have one mentioned either but for you it appears its important work wise not too have one so you are going to have to keep tabs on all these and do some regular check in on your budget sessions -Notebook, spreadsheet, debt chart -Whatever works but make sure you keep tabs on it all. Everyone here can help if you aren't telling family or friends 

OopsIdiditagain1

Thank you so much NeverendingDMP for the practical suggestions. I have a Monzo and Chase account set up to benefit from the pots and round ups.

The TV licence monthly pro rata is a bit more currently due to me messing around with payment dates and changing direct debits. Likewise council tax, I spread that over 12 months.

I've already cancelled the Netflix subscription and will review BT next year when the contract ends. I don't watch much TV particularly with the lighter evenings, i am outside walking said dogs or with the horses, but I'll look at Now TV. 

Hair trim I can probably do myself really. It looks like a birds nest most of the time anyway so don't need to pay someone to make it so. 

I have a folder set up with tabs for each debt. A spreadsheet is a good idea for tracking payments when it comes to it.

I will ask for help. I know I'm on a difficult journey but one day at a time. I just read about 3 members of a family tragically being killed in a car crash, puts things in perspective. Thanks again.

RAS

I think AirB&B could be more demanding than you think.

The place needs to be professionally cleaned before occupiers move in and many won't like any sort of dog smell. It also needs a clear fridge, freezer and pantry plus cooking equipment designed for the largest party that could occupy plus a couple. And pristine bedding and linen for the entire group, probably times two to allow for hand overs.