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Single income, AuDHD, £29k debt, no savings...turning the ship as of 2025!
Comments
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Oops! For energy, it's EONMFWannabe said:Who are you with? Are you in a fixed deal?You could make money by switchingDebt as of Feb 2025
Zopa loan @ 9.9%:
£18637
MBNA CC @ 0% 31 months from Jan 25:
£6,270
Tesco CC @ 0% 27 months from Sept 24:
£4,356
TOTAL: £29,263
Emergency Fund: £85/£1000
Car Repair Fund: £700/£1000
Pet Emergency Fund: £20/£7500 -
£70 balance with a £100+ DD and in the middle of winter still isn't the right time to be asking for that credit back - every chance it would be swallowed in the next couple of months bills anyway and then the OP would be left trying to find additional funds to make up a debit balance.MFWannabe said:
Request the money back from energy supplier, that £70 is better off in your emergency account right nowpuffintail said:
Thanks.MFWannabe said:
Hipuffintail 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]
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?
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)
Similarly with the water bills - in my experience the water companies usually just balance things out over the next 6 months - so the OP may see that DD figure reducing a bit when they get their bill next.
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her2 -
Thank you. I'll leave the credit as is for now. A few things on eBay and Vinted are going well, which is great for the impending car bill 😬 I do need to be mindful of going too hard on selling things and burning myself out, as well as making ill-thought decisions about what to sell (saying this here for *my* benefit to remind me)EssexHebridean said:
£70 balance with a £100+ DD and in the middle of winter still isn't the right time to be asking for that credit back - every chance it would be swallowed in the next couple of months bills anyway and then the OP would be left trying to find additional funds to make up a debit balance.MFWannabe said:
Request the money back from energy supplier, that £70 is better off in your emergency account right nowpuffintail said:
Thanks.MFWannabe said:
Hipuffintail 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]
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?
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)
Similarly with the water bills - in my experience the water companies usually just balance things out over the next 6 months - so the OP may see that DD figure reducing a bit when they get their bill next.Debt as of Feb 2025
Zopa loan @ 9.9%:
£18637
MBNA CC @ 0% 31 months from Jan 25:
£6,270
Tesco CC @ 0% 27 months from Sept 24:
£4,356
TOTAL: £29,263
Emergency Fund: £85/£1000
Car Repair Fund: £700/£1000
Pet Emergency Fund: £20/£7501 -
Car fund selling updates:
Another couple of bits sold on Vinted, so, as soon as they are delivered and accepted by the buyers, that's £40 for the car fund.
I've been checking in on a friend's birds while they are away on holiday, so that will also bring in a little bit of money.
eBay is going fairly well, I have a sought after cuddly toy that is already at £31 with 31 watchers and 2.5 days to go. The smart watch is only on £2.20 but 3.5 days to go and 24 watchers.
I always start bidding low for things that I'm confident will sell well, and end them between 7:30-8:30pm so they are most likely to get a bid flurry at the end.
The clothing bits aren't shifting, but they're low value, so will just keep them rolling. I do have a tablet that I don't really need, so I've listed that, too, and it's on £190 with 3.5 days to go!
Bids can always be retracted, of course, and buyers need to actually pay...but I'm hopeful. All being well, come car bill time in mid Feb, I could have nearly half of the cost built up 🤞🏻Debt as of Feb 2025
Zopa loan @ 9.9%:
£18637
MBNA CC @ 0% 31 months from Jan 25:
£6,270
Tesco CC @ 0% 27 months from Sept 24:
£4,356
TOTAL: £29,263
Emergency Fund: £85/£1000
Car Repair Fund: £700/£1000
Pet Emergency Fund: £20/£7500 -
Balance transfer to MBNA from Lloyds and NatWest CC are officially done. Still waiting for the MBNA card so I can set the 'just above minimum' payment - that's 31 months of lower worry with it now being 1) a consolidated payment from 2 to 1 and 2) at 0%
I've closed the NatWest, I can't close the Lloyds just yet, as I am awaiting some expense claims to be paid to the card (which is the remaining balance on there currently)
Debt as of Feb 2025
Zopa loan @ 9.9%:
£18637
MBNA CC @ 0% 31 months from Jan 25:
£6,270
Tesco CC @ 0% 27 months from Sept 24:
£4,356
TOTAL: £29,263
Emergency Fund: £85/£1000
Car Repair Fund: £700/£1000
Pet Emergency Fund: £20/£7501 -
Well done on sorting the 0% card and reducing the number of creditors - I totally get you on the worry on making sure you don't miss one, I'm down from 7 to 6 payees this month and after January payday will be another one gone.July 2024 £12,150 Aug 2025 B/Card £6,300, N/West £1,770, Halifax £1,182, Klarna £568, Sports Trip £335, Very £122 & HMRC GONE!!!! Total £10,2761
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Oh that's brilliant! What a way to start a year 👏🏻biggerpickle said:Well done on sorting the 0% card and reducing the number of creditors - I totally get you on the worry on making sure you don't miss one, I'm down from 7 to 6 payees this month and after January payday will be another one gone.Debt as of Feb 2025
Zopa loan @ 9.9%:
£18637
MBNA CC @ 0% 31 months from Jan 25:
£6,270
Tesco CC @ 0% 27 months from Sept 24:
£4,356
TOTAL: £29,263
Emergency Fund: £85/£1000
Car Repair Fund: £700/£1000
Pet Emergency Fund: £20/£7500 -
Hi Puffin,
Just to wish you look on the debt free journey! Also feel your pain on expensive curly hair cuts!!
14.05.2014 Total unsecured debt £15,360.99
20.06.2024 Total unsecured debt £15,087.29
29.07.24 Total - £15,681
12.09.24 - £16,187 oops…..
Oct 24 - £18,325
Nov 24 - £18,185
Dec 24 - £18,131
Jan 25 -£18,3471 -
Thank you so much, and here's to your journey, toobirdsfoottrefoil said:Hi Puffin,
Just to wish you look on the debt free journey! Also feel your pain on expensive curly hair cuts!!
less so, to the shared pain of curly hair expenses 
but at least we are in good company! Debt as of Feb 2025
Zopa loan @ 9.9%:
£18637
MBNA CC @ 0% 31 months from Jan 25:
£6,270
Tesco CC @ 0% 27 months from Sept 24:
£4,356
TOTAL: £29,263
Emergency Fund: £85/£1000
Car Repair Fund: £700/£1000
Pet Emergency Fund: £20/£7501 -
Car fund:
Some good sales on eBay last night. I managed to get them packaged and dropped off today at the Post Office before it closed, too, which is a win. I always find the packing and sending part stressful.
I have £380 in the car fund, now. It goes in on Thurs 13th Feb, so I'll scrabble around to try and sell some more things before then, it'll only be bits and pieces, but anything is more than nothing.
I got a £30 credit for an issue I recently had with Zopa, and they're paying it into my bank account, so that'll go in the fund, too.
I'm waiting for some money from the bird care I've been doing, too, I'm not sure how much it'll be, but whatever it is will go straight to the car fund.
Emergency fund:
I am using the credit union account to build this, because:
1) it gets taken from payroll before it hits my bank. I'm only building it at £35 per month currently, but will periodically add bits more when I can.
2) It's not "visible" because I don't have an app for the account, I have to manually log in from a website. So I think this will help me to leave it alone.
Savings pots:
I've got the following pots set up with Starling. It'll be sad seeing the pots empty fairly soon, but it's about building the saving habit.
Car fund: £380 (£1k bill likely, as of 13th Feb)
Hair: £51.50 (hair cut planned on 31st Jan)
Animals: £15 (food/meds/vets)Debt as of Feb 2025
Zopa loan @ 9.9%:
£18637
MBNA CC @ 0% 31 months from Jan 25:
£6,270
Tesco CC @ 0% 27 months from Sept 24:
£4,356
TOTAL: £29,263
Emergency Fund: £85/£1000
Car Repair Fund: £700/£1000
Pet Emergency Fund: £20/£7501
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