SOA Advice - OH leaving

Alibi_2

My OH (of 8.5yrs) and I decided to split this weekend. We bought the house in Nov 06, it was a repossession and needed a lot of work doing to it, we made it liveable and moved in June 2007, there’s still a lot of work to do. OH has made it clear he can’t afford the house on his own and is planning to move out this week. Now I have my own business, been going 6 months and is doing much better than expected (means I work about 70 hours a week over 6 days) but I have been putting everything I make back into the business, so have only been taking a wage of between £400 and £700 per month. I really want to try and keep the house, we took a 125% Northern Rock mortgage 5 yrs fixed 5.99% and paid off some of debts and used the rest to start “doing up” the house. I can’t afford to remortgage/ take OH’s name off the mortgage but as it’s a “friendly” split he’s agreed to keep his name on the mortgage and then in 3.5 years when fixed 5.99% is up I should be in a position to do this, we are seeking legal advice this week. I really don’t want to have to sell the house as its in negative equity in its current state / current market. I can start to pay myself more next month and I do “extra” work, petsitting & buying & selling to bump up my earnings, and will be sorting stuff to go on ebay this week too.

Anyway here’s my SOA, anything I’ve missed?

Mortgage £557.88
Sky £17.00
Water £20.00
Elec £38.50
Gas £30.00
Rates £65.50
BT Phone & Broadband £28.00
Dog Ins £67.18
Horse Ins £41.12
AA £10.52
Home Ins £16.42
Life Ins £14.73
TV Licence £11.63
Loan 1 ending Jan 09 £216.37
Loan 2 £192.74
Food /Household/ Clothes £90.00
Horse Food £30.00
Dog Food £40.00
Dental Plan £9.99
Birthdays £5.00
Entertainment £10.00

Total Out: £1512.58

Income c. £1200, so at least £300 short

I’m asking ex’OH to contribute to the dogs as we got 5 of them together so hopefully the dog ins and dog food we’ll go halves on. Trying to sort gas and elec as they are with British Gas & Scottish Power at the minute, just debating whether to go with a standing charge or not? Any advice?

Life ins is for 2 of us so that needs sorting as does the AA as that covers both cars.

Everything for my van goes through the business as does my mobile.

Rates includes 25% single person discount

Can I keep the house or am I being unrealistic?

Any advice appreciated.

Lucy1982_2

You need to find out how much your ex is going to help you with.

Have you checked that all the insurance for the Dogs, Horse and you is the cheapest? As you are self employed are you covered by anything if you can't work through ill health?

There there are things like Sky, can you cancel is or reduce your package?

Good luck and I hope you can keep your home.

Nala

Wanting to wish you lots of luck....am not an expert but hope this helps.

Ok I know this will, I'm sure be a big no-no from you....but the big things that jump out are the dogs, horse and SKY (although with hours you are working you probably won't miss Sky )

It seems that it's not definite that you will be getting a contribution for the dogs and horse. If you do that will still leave you with a shortfall.

Gas and electric - have you tried to go through Quidco for cashback.

Home insurance - does that include buildings and contents? can only suggest Quidco there too.

You have 2 loans - *think* (from looking at other SOAs) the experts will want APRs for them, total loan and outstanding amounts.

Again, good luck and sure you'll get lots of help coming your way.

RAS

Hi

Can you take a lodger - upto £370 per month and it is tax free?

Alibi_2

RAS wrote: »

Hi

Can you take a lodger - upto £370 per month and it is tax free?

Do you think I'll be able to find someone who wants to live in a house with 3 pesky mutts?

Sky probably could go, as you say I'm not there enough to get the most out of it. Sky can go - horse and dogs have to stay.

Horse is actually 4 horses, but I'm lucky that my parents have a farm so free livery and hay, so its just insurance for 3 of them (mum pays for the 4th) and I'm onsidering cancelling insurance for one of them as he's old and we've agreed that if anything happens to him he'll be put to sleep (not being cruel just realistic!). I have put advrets up to part loan 2 of them with a financial contribution so this should cover at least their insurance and hopefully some food. I'm very lucky to have lots of friends who are vets, one in particular has already offered to help out with anything I need.

All the animal insurance is cheap (cheap for 3 horses and 6 dogs) all dog and horse food is bought at trade, so again as cheap as possible.

I'm almost sure that ex-OH will contribute to the animals as he's said that he still wants to see them and walk them when he can. We're sitting down again tomorrow to discuss further.

Home ins is building & contents, up for renewal Nov so will def use Quidco, etc. and will check it out when I decide what to do with Gas & Elec.

Need to sort out life ins as this is for the 2 of us, and yes I'm covered if for any reason I can't work.

Loan 1 has 9 payments of £216.37 apr 6.4%, I'll have to check the length of the term for the other one.

RAS

Given how hard peope find it to find lodging with one pesky mutt, I would expect a few mutt lovers to fall over themselves trying to be first.

TurnaroundSue

Alibi wrote: »

Horse is actually 4 horses, but I'm lucky that my parents have a farm so free livery and hay, so its just insurance for 3 of them (mum pays for the 4th) and I'm onsidering cancelling insurance for one of them as he's old and we've agreed that if anything happens to him he'll be put to sleep (not being cruel just realistic!). I have put advrets up to part loan 2 of them with a financial contribution so this should cover at least their insurance and hopefully some food. I'm very lucky to have lots of friends who are vets, one in particular has already offered to help out with anything I need.

How far are they prepared to go with the help? Just wondering if there is still a need for the insurance at all?

Alibi_2

TurnaroundSue wrote: »

How far are they prepared to go with the help? Just wondering if there is still a need for the insurance at all?

I don't think it would be fair to cancel insurances, i.e. if a horse gets really bad colic, has to go in for surgery you won't get much change out of £2000. Its more the BIG stuff i worry about, if one of the dogs got out on to the road, or got diabetes (like my old dog did - he's not with us now). Its maybe something to think about if exOH won't contribute to the animals costs (though I can't see that he won't).

misspoppy

Hi

I am an animal lover so I know where you are coming from but can't your ex have a few of the dogs? with the best will in the world is he really going to be tied to you for 10 years contributing to the animals - its quite unlikely.

I also suspect the legal advice will be you need to financially split and your plan isn't a good one, if he is happy to go ahead and do this there is nothing stopping him but if things get nasty in the future when he wants to be bought out you might have to pay him the value at that time which could be more than it is now.

Theres a lot to think about, in fairness my ex wasn't taken off our mortgage for a couple of years after he left but it did turn nasty at the end and I had to pay all his fee's and mine and he didn't even want any money out of the house.

rayday2

I had a diplomatic split and its all OK but if one of you gets a partner in the next 3 years believe me you will be stuffed!

How can you work so many hours and keep so many animals? I really think you need to be realistic and actually make some sacrifices because I suspect once OH has moved out and found things to spend on with his money contributing to animals he says occasionally etc won't last long!

Alibi_2

misspoppy wrote: »

Hi

I am an animal lover so I know where you are coming from but can't your ex have a few of the dogs?

He can't he's moving back in with his mum for a while and she doesn't like dogs. 3 of the dogs live at my parents farm.

Rayday2 - I have a good routine! and don't sleep much, I've always lived this way, working full time with so many animals plus I actually have more time now as I don't compete with the horses anymore (broken too many bones!).

Apart from leaving his name on the mortgage, the only other option is to sell, the house is probably only worth about £85 - 90k, we have £107,500 outstanding so would both be left with a large chunk of debt and won't be able to afford another house for donkey's years!