Single income, AuDHD, £29k debt, no savings...turning the ship as of 2025!

puffintail

sourcrates said:

Moved to debt free diaries as requested, thanks.

Really appreciate this, thanks @sourcrates

EssexHebridean

Definitely explore the survey option - Prolific Academic is great and you can earn reasonable sums on it in just odd moments. (I cashed out £60 in December!) OnePoll takes a bit offer but again if you keep your eye on it and do whatever is available you can get to the £25 cash out level reasonably often.

puffintail

EssexHebridean said:

Definitely explore the survey option - Prolific Academic is great and you can earn reasonable sums on it in just odd moments. (I cashed out £60 in December!) OnePoll takes a bit offer but again if you keep your eye on it and do whatever is available you can get to the £25 cash out level reasonably often.

I've signed up to Prolific, and am on a waitlist. I've also signed up with Ipsos Isay and AngelFish 🤞🏻

MFWannabe

puffintail said:

I just checked Severn Trent, and I'm on a water meter. £26.99 per month, £40.71 in credit...is there anything I can do to reduce that cost? I have energy efficient appliances, and only put the dishwasher on when it's full. I do, unfortunately, have a fair bit of washing to do for the dogs, but always do that on eco mode. I don't use a hosepipe but do have a bath once per week (I otherwise have very quick 'showers', where I stand in the bath, fill a large plastic measuring jug with water and wash & rinse using that).

If your bills are up to date and you are in credit call them and request the money be refunded to you 

MFWannabe

puffintail said:

MFWannabe said:

puffintail said:

I’m trying to decide what to do, between instigating the process towards a self-managed DMP, or ‘just’ continuing to try and pay debts each month until it is clear (likely in around 4-5 years…)
I would really value the thoughts of those in this forum – I don’t have any family to discuss this with, and live on my own (with the dogs) so bouncing ideas around with you all will be a great help.

Some additional context:

Single (full-time, public sector) income household, mortgage (in yr 1 of a 3 yr fixed term deal) in my name only. Since buying the house, debts have escalated, between poor car choices, to private diagnosis costs and vet bills not paid by insurances. No missed or late payments, no defaults – essentially, I have a ‘clean’ credit file, albeit low on scoring for my credit utilisation.

I don’t have any emergency funds, and I am in a perpetual loop where I pay money off debt each month, but then I’ll have costs (e.g. I have an upcoming car bill for a new cam belt and brake discs + pads for  c.£1k) which just add on to the debt.

I run (and am a named Trustee and Founder) for a small charity.

Main concerns:

1) having no emergency funds (especially with no family/other backup)

2) debt with 4 different creditors
I’d like to have a single payment for all, as I feel stressed having multiple creditor payments – which may sound ridiculous, it’s owing to Autistic issues and OCD ‘neatness’.
I could get a loan for the majority, leaving the Tesco CC alone as it’s 0%, but that loan would be at 15.6% with Admiral. Good for the NatWest and Lloyds debt, but the Zopa debt is on 9.9% currently.

I could get a loan just for the NatWest and Lloyds debt, this would be 13.5% APR. That still leaves me with 3 creditors, which my mind (annoyingly) still finds stressful.

3) If I brave the stress of defaulting, I could build myself up an emergency fund, and I am comfortable staying with my current lender when the mortgage fixed rate is up (2028) but I’m (probably irrationally) scared to take that leap because I have no family/friends/inheritance etc as last resort back up (and foolishly used credit historically as this ‘backup’)

4) I am not sure as to what impact a self-managed DMP would have on my position within the Charity

SOA:

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

 

Household Information[/b]

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

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

Number of cars owned.................... 1[b]

 

Monthly Income Details[/b]

Monthly income after tax................ 2592

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

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

Other income............................ 0[b]

Total monthly income.................... 2592[/b][b]

 

Monthly Expense Details[/b]

Mortgage................................ 665

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

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

Management charge (leasehold property).. 0

Council tax............................. 110

Electricity............................. 70 - This seems high, are you in credit at all? 

Gas..................................... 30

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

Water rates............................. 25 - Are you on a meter? 

Telephone (land line)................... 0

Mobile phone............................ 32 - When does your contract end?

TV Licence.............................. 0

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

Internet Services....................... 35 - This is high, are you in contract? If not check what deals are available in your area

Groceries etc. ......................... 350 (this includes cleaning products/dog food & meds) - Could you shave some off here? £50 maybe? 

Clothing................................ 20

Petrol/diesel........................... 150

Road tax................................ 3

Car Insurance........................... 46

Car maintenance (including MOT)......... 21

Car parking............................. 10

Other travel............................ 0

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

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

Medical (prescriptions, dentist etc).... 20

Pet insurance/vet bills................. 45

Buildings insurance..................... 16 - This is high, shop around for combined buildings and contents when renewal due as should be able to get both combined for this amount 

Contents insurance...................... 16 - See above 

Life assurance ......................... 7  - Don’t think you need this if you’re on your own

Other insurance......................... 0

Presents (birthday, christmas etc)...... 30

Haircuts................................ 20  - Is this correct? Seems high 

Entertainment........................... 30 (this includes Spotify and Amazon Prime)  - Do you really need all these? Do you watch / use them all?

Holiday................................. 0

Emergency fund.......................... 0 - Need to start building this up, if you have the £100 left over every month then start putting it into this 

Fitness................................. 35[b]  - Gym membership? Can you get this any cheaper? Do you use it? If you don’t use it then cancel if you can. If you do use it then I would say keep it as I believe fitness / exercise is good for us 

Total monthly expenses.................. 1786[/b]

[b]

 

Assets[/b]

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

House value (Gross)..................... 200000

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

Car(s).................................. 1500

Other assets............................ 0[b]

Total Assets............................ 201500[/b]

[b]

 

Secured & HP Debts[/b]

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

Mortgage...................... 128020...(665)......4.74[b]

Total secured & HP debts...... 128020....-.........-   [/b]

 

[b]Unsecured Debts[/b]

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

NatWest CC.....................5092......65........22.9 (0% until March 25)

Tesco CC.......................4400......55........0 (0% until June 26)

Zopa Loan......................19063.....560.......9.9

Lloyds CC......................900.......20........29.9 (0% until March 25) [b]

Total unsecured debts..........29455.....700.......-  [/b]

 

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,592

Expenses (including HP & secured debts). 1,786

Available for debt repayments........... 806

Monthly UNsecured debt repayments....... 700[b]

Amount left after debt repayments....... 106[/b]

 

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 201,500

Total HP & Secured debt................. -128,020

Total Unsecured debt.................... -29,455[b]

Net Assets.............................. 44,025[/b]

 

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Hi
i have made some comments above in your soa. 

Have you checked the eligibility calculator to see if you can get a new balance transfer card to move all (or as much as possible) of the March 25 cards to? 

Thanks.

Gas and Electric: energy supplier recently upped this fuel fuel cost from £89 to £103. I'm in credit by about £70

Water: not on a meter

Mobile phone: contract ends in Feb next year

Internet: I have FTTP, contract runs until June 2026

Buildings & Contents: this is up in April, I'll look around.

Haircuts: I have long curly hair, so getting it cut always costs more than I'd like, ideally, and I try to go as little as I can.

Entertainment: I use Spotify daily, and Amazon Prime is a significant help when I'm ill and can't get out for things I need and/or have forgotten things (being AuDHD) and need them quickly.

Groceries: I have one disabled dog, and two small rescues, the meds are for allergy and arthritis treatment. I also have more regular bedding washes to do (so laundry costs/electric/water usage are impacted). I shop at Aldi as much as possible and rarely go out for food. I don't drink any alcohol, nor smoke.

Emergency fund: this is the concern for me, because every time I build a little up, it goes because I've had a car related issue, boiler service, vet bill etc

Fitness: this is a bulk package of classes I buy (so it's as cheap as possible) 

Request the money back from energy supplier, that £70 is better off in your emergency account right now 

RAS

How would you feel about switching your primary bank account? Up to £175 for a bit of hassle?

puffintail

RAS said:

How would you feel about switching your primary bank account? Up to £175 for a bit of hassle?

I've got my mortgage with my primary bank account, and I have had great service with them, so I'd rather stick with them.

puffintail

MFWannabe said:

puffintail said:

MFWannabe said:

puffintail said:

I’m trying to decide what to do, between instigating the process towards a self-managed DMP, or ‘just’ continuing to try and pay debts each month until it is clear (likely in around 4-5 years…)
I would really value the thoughts of those in this forum – I don’t have any family to discuss this with, and live on my own (with the dogs) so bouncing ideas around with you all will be a great help.

Some additional context:

Single (full-time, public sector) income household, mortgage (in yr 1 of a 3 yr fixed term deal) in my name only. Since buying the house, debts have escalated, between poor car choices, to private diagnosis costs and vet bills not paid by insurances. No missed or late payments, no defaults – essentially, I have a ‘clean’ credit file, albeit low on scoring for my credit utilisation.

I don’t have any emergency funds, and I am in a perpetual loop where I pay money off debt each month, but then I’ll have costs (e.g. I have an upcoming car bill for a new cam belt and brake discs + pads for  c.£1k) which just add on to the debt.

I run (and am a named Trustee and Founder) for a small charity.

Main concerns:

1) having no emergency funds (especially with no family/other backup)

2) debt with 4 different creditors
I’d like to have a single payment for all, as I feel stressed having multiple creditor payments – which may sound ridiculous, it’s owing to Autistic issues and OCD ‘neatness’.
I could get a loan for the majority, leaving the Tesco CC alone as it’s 0%, but that loan would be at 15.6% with Admiral. Good for the NatWest and Lloyds debt, but the Zopa debt is on 9.9% currently.

I could get a loan just for the NatWest and Lloyds debt, this would be 13.5% APR. That still leaves me with 3 creditors, which my mind (annoyingly) still finds stressful.

3) If I brave the stress of defaulting, I could build myself up an emergency fund, and I am comfortable staying with my current lender when the mortgage fixed rate is up (2028) but I’m (probably irrationally) scared to take that leap because I have no family/friends/inheritance etc as last resort back up (and foolishly used credit historically as this ‘backup’)

4) I am not sure as to what impact a self-managed DMP would have on my position within the Charity

SOA:

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

 

Household Information[/b]

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

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

Number of cars owned.................... 1[b]

 

Monthly Income Details[/b]

Monthly income after tax................ 2592

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

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

Other income............................ 0[b]

Total monthly income.................... 2592[/b][b]

 

Monthly Expense Details[/b]

Mortgage................................ 665

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

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

Management charge (leasehold property).. 0

Council tax............................. 110

Electricity............................. 70 - This seems high, are you in credit at all? 

Gas..................................... 30

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

Water rates............................. 25 - Are you on a meter? 

Telephone (land line)................... 0

Mobile phone............................ 32 - When does your contract end?

TV Licence.............................. 0

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

Internet Services....................... 35 - This is high, are you in contract? If not check what deals are available in your area

Groceries etc. ......................... 350 (this includes cleaning products/dog food & meds) - Could you shave some off here? £50 maybe? 

Clothing................................ 20

Petrol/diesel........................... 150

Road tax................................ 3

Car Insurance........................... 46

Car maintenance (including MOT)......... 21

Car parking............................. 10

Other travel............................ 0

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

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

Medical (prescriptions, dentist etc).... 20

Pet insurance/vet bills................. 45

Buildings insurance..................... 16 - This is high, shop around for combined buildings and contents when renewal due as should be able to get both combined for this amount 

Contents insurance...................... 16 - See above 

Life assurance ......................... 7  - Don’t think you need this if you’re on your own

Other insurance......................... 0

Presents (birthday, christmas etc)...... 30

Haircuts................................ 20  - Is this correct? Seems high 

Entertainment........................... 30 (this includes Spotify and Amazon Prime)  - Do you really need all these? Do you watch / use them all?

Holiday................................. 0

Emergency fund.......................... 0 - Need to start building this up, if you have the £100 left over every month then start putting it into this 

Fitness................................. 35[b]  - Gym membership? Can you get this any cheaper? Do you use it? If you don’t use it then cancel if you can. If you do use it then I would say keep it as I believe fitness / exercise is good for us 

Total monthly expenses.................. 1786[/b]

[b]

 

Assets[/b]

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

House value (Gross)..................... 200000

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

Car(s).................................. 1500

Other assets............................ 0[b]

Total Assets............................ 201500[/b]

[b]

 

Secured & HP Debts[/b]

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

Mortgage...................... 128020...(665)......4.74[b]

Total secured & HP debts...... 128020....-.........-   [/b]

 

[b]Unsecured Debts[/b]

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

NatWest CC.....................5092......65........22.9 (0% until March 25)

Tesco CC.......................4400......55........0 (0% until June 26)

Zopa Loan......................19063.....560.......9.9

Lloyds CC......................900.......20........29.9 (0% until March 25) [b]

Total unsecured debts..........29455.....700.......-  [/b]

 

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,592

Expenses (including HP & secured debts). 1,786

Available for debt repayments........... 806

Monthly UNsecured debt repayments....... 700[b]

Amount left after debt repayments....... 106[/b]

 

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 201,500

Total HP & Secured debt................. -128,020

Total Unsecured debt.................... -29,455[b]

Net Assets.............................. 44,025[/b]

 

[i]Created using the SOA calculator at www.LemonFool.co.uk.

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

Hi
i have made some comments above in your soa. 

Have you checked the eligibility calculator to see if you can get a new balance transfer card to move all (or as much as possible) of the March 25 cards to? 

Thanks.

Gas and Electric: energy supplier recently upped this fuel fuel cost from £89 to £103. I'm in credit by about £70

Water: not on a meter

Mobile phone: contract ends in Feb next year

Internet: I have FTTP, contract runs until June 2026

Buildings & Contents: this is up in April, I'll look around.

Haircuts: I have long curly hair, so getting it cut always costs more than I'd like, ideally, and I try to go as little as I can.

Entertainment: I use Spotify daily, and Amazon Prime is a significant help when I'm ill and can't get out for things I need and/or have forgotten things (being AuDHD) and need them quickly.

Groceries: I have one disabled dog, and two small rescues, the meds are for allergy and arthritis treatment. I also have more regular bedding washes to do (so laundry costs/electric/water usage are impacted). I shop at Aldi as much as possible and rarely go out for food. I don't drink any alcohol, nor smoke.

Emergency fund: this is the concern for me, because every time I build a little up, it goes because I've had a car related issue, boiler service, vet bill etc

Fitness: this is a bulk package of classes I buy (so it's as cheap as possible) 

Request the money back from energy supplier, that £70 is better off in your emergency account right now 

When I ask to withdraw, they will only allow £26 to be withdrawn and say my energy monthly bill will increase 🥴

MFWannabe

Who are you with? Are you in a fixed deal? 

You could make money by switching 

puffintail

MFWannabe said:

Who are you with? Are you in a fixed deal? 

You could make money by switching 

First Direct