Livery, hard feed, hay, bedding, rugs, injections are just a start to the financial side of owning and keeping a horse.
All of the above results in huge bills which if you are a home owner you cannot afford to pay as well as your mortgage and as the title says, horses can cause bankruptcy!
I have 5 horses which I keep at my dad’s house, 4 of which I show county level. The cost of keeping and showing horses and ponies is quite an expensive hobby and can cause financial difficulties.
Then if you want to compete at shows there’s the membership fees, to join all the different societies, Ponies UK, NCPA, BSPA to enable you to compete all over the country in HOYS and Olympia qualifiers, however that’s where the interest free credit cards come in handy. Buying tack from saddlers and show gear is another expense.
You then need to get to the shows, so you buy a horsebox from a company that later goes bust owing you warranties and failing to do work as promised! So where does that leave you? – In debt with a broken horsebox!
The insurance can also go on a credit card, ‘I’ll pay it off through the year’ you think. The next thing the MOT is due, and of course your lorry fails the test and is going to cost a small fortune to fix. Again, the credit card comes into play.
A dream comes true when you qualify to ride at Horse of The Year Show held at the NEC in Birmingham, but the cost to get there is unbearable. You take out a loan to pay towards the bill as this was not in your original budget.
Sadly at the end of the season your horse becomes very poorly and you receive an unexpected vets bill, one which the insurance won’t cover as you didn’t take any out!! You then need to take out more credit to pay this bill.
Selling one of your horses could help you wipe some of this debt, but due to the credit crunch when you advertise one of your horses for sale, no one is interested. As the cost of keeping them is rising your salary doesn’t seem to increase to match, making you even more out of pocket.
All of the above results in huge bills which if you are a home owner you cannot afford to pay as well as your mortgage and as the title says, horses can cause bankruptcy! Luckily for me, I still live with my dad…. But, if this sounds familiar, the company I work for, Wilson Field may be able to help you, they deal with all types of insolvency, bankruptcy, IVA’s CVA’s and lots more.
Author: Katie Goulding