so low

magicsgirl

Good idea, thanks

minimacka

Im no expert but here is my twopenneth worth.

Mortgage - £634.33
Council Tax - £88
Gas - £20
Electric - £28
TV License - £11.61
mobile £45 - can you get a lower tarrif?
BT landline £15.50
Food - £216 a month? - this is really high for a single person if you pop over to the old style thread there are lots of people there giving advise on spending less on food.
Car Insurance - £24.25 - have a look at quidco when its up for renewal i got back £90 on my car insurance
Petrol - £173 a month? - this is really high
Horse DIY livery £84 a month
£5 week savings - maybe this should go into paying off your debt?
Dog pet insurance £14.30
House insurance £12.69
Motorbike insurance £17.85 - do you need a car and a motorbike
Horse insurance £28.53
Water bill £20 - if there is just you in the house might it be cheaper to go on a meter?
Haircut £14 per month? (£24 every 6 or 7 weeks)
Dentist £8 (2 inspections, 2 hygienist per year)

Like i say im no expert but having a car and a motor bike it a bit extravagent when you are so much in debt, could you not sell one and pay off a c.c card with it. it will have you in perol and insurance. could you not get someone to take over the care of your pets? they are costing quite a lot of money a month? £126.83 a month just on your pets is a lot of money.

magicsgirl

Hi thanks for your ideas
Am on a water meter
Food is for two, I have a student lodger but I have to feed her 7 days a week
Petrol is high because I do 3 jobs (car)
Mobile - yep will do that
£5 savings is my emergency fund in case of break downs of anything like heating as have no back up or credit card
i know the bike is a luxury - will break my heart to lose it - not worth much ..

misspoppy

hi

maybe you can sorn the bike for a bit and when things are better use it again, something has to give and this seems the easiest.

Also whilst I understand how profitable students are would be better with a permanant lodger?

Seaxwyn

Hi magicsgirl

Please don't feel too sad about the bike. If you do decide to get rid of it for now, it's not for ever. You are turning your situation round, and in another year or two you will easily be able to afford it. Saving yourself from paying two sets of road tax and insurance would be a big help to you at this point.

GeorgeUK

Hi magicsgirl.

No-one here is going to judge you, and if anyone did, the "locals" would soon sort them out. People will be making suggestions, some of which you will dismiss out of hand and some because we do not have a full picture of what is going on.

I was going to suggest the food being high, but then you said you had a lodger. Do you have a water hippo or something so that you are using less water (some people use a litre bottle filled with water in the cistern). The only other thing that hasn't yet been suggested is your council tax - if you are paying this over 10 months, you could ask to pay it over 12.

Something that has been talked about in other threads, and which i know practically nothing about - but thought it might be worth suggesting, is renting a property while letting out your house. Don't know the ins and outs of it, but as selling your house will still leave you in debt, this may be an option so that you have a little extra income while paying less renting somewhere else than you are currently paying for your mortgage. Don't know if that's an option, but thought i'd put it out there.

BettiePage

If your horse is still fit and rideable why not advertise for a 'horse share'. Young girls everywhere would love a horse but their parents cannot afford it. They may however stretch to £20-£30 per week???

Edit: For example http://www.horsetoloan.com/
Horse and hound plus other horsey mags or even your local paper will carry ads too.

Seaxwyn

Ooh another thing. Forgot to comment re your question on switching your mortgage to interest only. I have done that and it made for a much more manageable monthly payment. The lender (Abbey) didn't ask any questions, they said yes immediately, I just had to pay £75 fee.

It can't hurt to ask your lender. However.... it does mean of course that the amount you owe is not getting any smaller. That bothers me and i really really want to go back to paying it off as soon as possible.

magicsgirl

Thanks to everyone for their help today - will ponder all suggestions tonight and then come back again for more brainstorming - thanks all from bottom of my heart x

micron_2

Magicsgirl,

I'm feeling you. I have been in your position and I know how sick to my stomach it all made me feel. Hang in there, it will get better with time. First and foremost you are dealing with it rather than burying your head in the sand. I sold my house in the summer to clear 50K of debt (not that I am suggesting you do this it may be better to rent out your house and rent somewhere else you'll need to look at the best option for you) and now have 11k left to pay off. I'm doing the Live off 4k per year challenge in order to pay the rest of my debt off as soon as possible.

Sending you lots of hugs and positivity :grouphug: :grouphug: . There are many people on this forum/site who can not only give you lots of advice and information but motivation, support and love as well. Stick with it.