The Fight For Financial Freedom

FrugleMeFr33

Soooooo...It's been a long time coming (time in which I have buried my head & staved off in all manner of insensible ways), but thanks to Covid 19 & the crisis that has currently gripped the world, the poo has hit the proverbial fan. This has forced me to properly acknowledge the fact that not only have I racked up a shed load of debt (while having a great time I'll admit to my shame), but the repayments of this debt are now totally unsustainable & could have been dealt with much better at the time I had the money & means rather than continuing to spend that money, not save and end up at today.

A Bit Of Background (about me & my debt)

Hi! I'm FrugleMeFr33, 33 as of today (another catalyst to sorting this). Single cat mum to 2 furry devils. Living with anxiety & depression. Lover of travel, hotels, food, knickknacks & all things quirky. AND a serial debtor!
Over the years I have had a great times, no point in lying, spending all my money & more, receiving bailouts/ways of managing as well as spending crazily when I'm in a low phase. All while never really addressing the ever-mounting pile of debt or the base cause of it.
I think a diary like this would really help me - hold me accountable while not being too embarrassed or ashamed take control of my debt, help & support me while i'm paying it off and offer advice so I can live my best full but frugal life to a financially free future.
Since I left home at 18 to go to university through moving home & working full time while pay nothing to my parents, moving out and having to pay rent for the first time, buying my flat and having flatmates to being a student with a student loan in my own flat with flatmates as income and a full time job to where I am today; I have been lucky enough to have had parents who could bail me out, inheritances, multiple jobs/income streams or higher wages to help me manage.
Until I am where I am today - on my own in my own flat with a mortgage & bills to pay as well as a pile of debt, no more hopes of any bailouts, on one low wage (which is going to drop to 80% when I am furloughed) and no clue what the heck to do to climb out of this pit.

Please Find Below My SOA

If you think anything is missing please let me know.

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 1

Number of children in household......... 0

Number of cars owned.................... 0

Monthly Income Details

Monthly income after tax................ 1210

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 15

Total monthly income.................... 1225

Monthly Expense Details

Mortgage................................ 136.3

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (Factors Fee)... 11.44

Council tax............................. 122

Electricity............................. 18

Gas..................................... 37

Oil..................................... 0

Water rates............................. included in council tax

Telephone (land line)................... included in internet services

Mobile phone............................ 65

TV Licence.............................. 13.2

Satellite/Cable TV...................... 0

Internet Services....................... 24.99

Groceries etc. ......................... 150 for me & the kitties

Clothing................................ 40

Petrol/diesel........................... 0

Road tax................................ 0

Car Insurance........................... 0

Car maintenance (including MOT)......... 0

Car parking............................. 0

Other travel............................ 50

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 15.5

Pet insurance/vet bills................. 35.41

Buildings insurance..................... 91 (through factor as we are a tenement block)

Contents insurance...................... 24.42

Life assurance ......................... 20.18

Other insurance......................... 53.74 (mortgage & boiler insurances)

Bank Overdraft fees.......... 20

Personal Pension.....100
Kindle Unlimited ......7.99

Savings....50

Emergency fund - factors repairs... 23

Total monthly expenses.................. 1109.17

Assets

Cash.................................... 0

House value (Gross)..................... 90000

Shares and bonds........................ 0

Car(s).................................. 0

Other assets............................ 0

Total Assets............................ 90000

Secured & HP Debts

Description....................Debt......Monthly...APR

Mortgage...................... 21667.7..(136.3)....4.99

Total secured & HP debts...... 21667.7...-.........-   

Unsecured Debts

Description....................Debt......Monthly...APR

BOI/POST OFFICE LOAN...........5482......152.3.....7.4

CREATION LOAN..................9025.7....209.9.....16.1

DREAMS FINANCE LOAN............349.95....69.99.....0

OVERDRAFT......................1400......0.........0

MBNA2..........................8249.36...183.7.....23.93

MBNA1..........................1975.17...55.07.....20.93

RBS CC.........................8595.92...157.1.....12.19

Any advice, pointers, ideas, anything that anyone has I would be very grateful to hear.
It's taken me a wee while to get this far, even with taking the no1. piece of advice i have been given, deep breathe and calm down.vice i have been given, deep breathe and calm down.
Thank you if you've also made it this far.

Sarahwithlove

Have you done any checks to see you are entitled to any 0% or low interest credit cards you could move some of the MBNA too? Is your mortgage rate fixed, if so when to because that's a high rate for the amount of equity you have. 

Karonher

Can you cut down on the food even by £20 - you have time to cook from scratch. Insurances seem high so it may help to shop around. No more clothes buying for a while. Try to reduce the mobile bill. Why life insurance - you don't mention dependants. Can you sell any of the things that you have bought? Will travel be cut as you probably wont be going out? Is there a way you can increase your income - online work? It would take a month or so for payment to come through but it will be a help.  

FrugleMeFr33

Hi Sarahwithlove & Karonher,
I think with the amount of debt I am in i'm highly unlikely to be approved for a balance transfer - would be nice though
The mortgage currently is on the variable rate as we were in preliminary talks to consolidate the debt into the mortgage but it may be as well to fix it again - even for a year.
I can try to cut down on my food costs - £50 of that is for the 2 crazy cats I have - I have tried them on cheaper/own brand food but they will only eat Whiskas. I do use own brand cat litter though. Over this month i'm going to try to use up as much as what's in my cupboards as possible - hopefully then that'll give me a clearer idea of what I actually need for eating & what just sits about in cupboards cause I bought it thinking that sounds nice and then promptly forgot about.
No clothes for sure - i'm living in jammies and my work pays for my uniform when i'm there.
I've not bought anything that I can sell - my debt was mostly accumulated by property renovations and their underlying issues - so I can't really sell the kitchen or some cupboards That coupled with a reduction in earnings has sent this off the charts.
Travel just now will be minimal as i'll only use the bus to go to buy food.
I have applied for jobs that are available right now that i'm qualified for, they're mostly for retail/essential admin. Not sure where i'd look to find solely online work but if you have any ideas i'm open to them!