Is it possible to clear £10,000 in one year?

onegirl · 22 August 2005 at 8:58PM

Was very excited to find this website - it's exactly what I've been looking for!

For one reason or another, I have got myself into lots of debt over a few years.... But now I've made a bet that I can clear it in 365 days, finishing 14/08/06. Maybe a very foolish bet.
I've tried to set up a website - https://www.onegirloneyear.co.uk and am really going to try and go for it this year. If anyone has any suggestions, ideas, tips etc please, please do e-mail me or look at the site for more details.

It may be a stupid idea, but it's worth a go surely?!
girl@onegirloneyear.co.uk
x

tinalives · 22 August 2005 at 9:06PM

.............................

mountainofdebt · 22 August 2005 at 9:09PM

Wow...what a challenge - welcome to MSE by the way.

Is it possible....don't know the answer to that one although I guess if you are really determined anything is possible.

Firstly I would look at this website - https://www.whatsthecost.com/snowballing - by using the calculator it will help you prioritise the debts.

Also look at your budget - is there anything you don't really need, can live without for a year? Also have a look around this site...you save ££££s all of which you can throw at your debt.

Also if your credit rating is good why not become a tart for a year - if you're not paying interest you are clearing that debt with every £ you pay!

Edit: having had a quick look at your web site don't put it in a savings account, put it towards the debt! If you have internet banking you can make payments on an as and when basis so the interest you will be accuring each month will be less in itself. If you want to know where you are on a monthly basis, create an excel spreadsheet and up date it every month when you get your statement(s).

Edit #2 : Unless your life coach is free, sack him - MSE will offer you the same support and give great advice for free!

VEE_2 · 22 August 2005 at 9:33PM

Not sure if your website is like a lot of the so called cyber begging sites like Savekaryn.com but it seems that you aren't asking for money just ideas?
Whatever works and helps you clear your debt, you are using your initiative and who knows.. i think you stand a good chance of paying off your debt. Just look at the girl from Savekaryn.com, a bookdeal and all her debt gone!
Seems like a good idea to me, a good take on the cyber begging craze without the begging. You should generate some good publicty from it if you choose to and i think the fact that you are doing something a little different and not asking for cash is a good thing and should set you apart.

I reckon you will get lots of suggestions and help and offers of work and all sorts! Best of luck.

onegirl · 22 August 2005 at 9:37PM

Thanks for the advice... I thought I'd be better off putting it in a savings account? Obviously not! Will re-think.
Become a tart for a year? What do you mean by that?!

The life coach has offered himself for free....so no extra costs there x

pug_in_a_bed · 22 August 2005 at 9:38PM

Hello Onegirl
Welcome to Mse:)
I just have a question, please don't take offence, I'm just looking for an answer as its not too clear on the site (nice by the way): are you looking for people to donate to your debt instead of using your salary? Really sorry if thats not what the idea is, it just seems to come across that way in your site although I may have misunderstood

I can't really understand why you're not using what you can of your salary to be honest? I know its a bet but at the end of the day don't you want to get the debt paid off? Just a bit confused.

Anyway, best of luck - my advice would be to empty the house on ebay.

Pug

EDIT: Just seen the above post on 'cyber begging', not heard that phrase before, but I kind of know what it is now.

mountainofdebt · 22 August 2005 at 10:04PM

Banks have to make money. They do this primarily by charging a higher rate of interest on the money people borrow from them than the money that they pay to savers. Hence it makes sense to pay any money you raise directly to the debt (also you won't be tempted to spend it on anything else!)

As for tarting it means playing the credit card companies at their own game but the trick is not for them to win!

Basically, credit card companies usually offer a 0% introductory period for new clients usually between 6 & 9 months. Tarts transfer their balances from their existing cards to these new cards but once the introductory period has finished, they move the balance to another new card, closing the card that they have moved away from.

There are a couple of rules that you MUST understand AND obey for this to work....see Martin's articles for further advice ...http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,

Midas · 22 August 2005 at 10:17PM

If you look around this site you will find ways to make/save money - as have already been suggested, 'tarting' with Credit Cards, selling stuff on Ebay, Amazon etc.
The OldStyle board has lots of good advice on how to save money by cutting down expenses - but I aren't quite sure if this would count towards your challenge, as surely that would just be your salary that you would be saving (which you say you can't use

)

All sounds very confusing to me.

The answer to your question (can you clear £10k of debt in a year) is possibly, it depends on your income!

ms_london · 23 August 2005 at 9:46AM

Hello OneGirl.

I think its such a fab idea!!! You can clear £10,000 debt in one year - not wanting to blow my own whistle (so to speak!!) :0) - but Ive (almost done it) this year.

I started with £10,000 debt remaining in January & thought, "I know I'll make it my New Years Resolution to clear the debt by end of 2005" - similiar to you, and I have September, October & November's repayments left (if you see my signature, thats the balance of my loan now).

It has been tough, but ive been determined. Ive also managed to save for a holiday too & bring my DFD (debt free date) forward from December to November. Ive sold things on ebay, worked all the hours at my p/t job (which ive now given up), just watched my budget - but it will definately be worth it.

I knew how much money I had to repay each month in order to clear the debt, and I had to find that money, i.e. work x amount of hours each month at my part time job to bring in x amount of money I needed.

Is your debt in the form of a loan? Can you repay over the minimum amount each month or does it have to be in one lump sum? Mine is one lump sum, so I have been saving my money in an ISA which i'll withdraw in November to pay off my loan in one foul swoop, but otherwise just pay off it directly off your loan each month.

Whats your monthly budget like? Is paying off £10,000 the impossible or realistic (with a bit of blood, sweat and tears)?

I think its a fab idea, and have looked at your website & think its fab too.

Have you read SaveKaryn? I really enjoyed the book, thats motivating in itself.

Let me know how you get on.

Ms_London

angela110660 · 23 August 2005 at 9:56AM

Hello and good luck to you. Will look at your website. Just want to say that if you are looking to find an extra £10000 to do this then the above tv show works just the same. I have watched several of them and they show people how to make "extra" money in one month to achieve a room makeover or holiday or something. If you can - watch it as some of it might be useful. Just think every week if you are working a 35 hour week you still have over 70 Free hours allowing sleep in which you could do an extra few hours work to bring that debt down.

ms_london · 23 August 2005 at 10:14AM

Is this something that is on every day? I must record it whilst im at work - i LOVE shows like that - as well as Bank of Mum and Dad (gutted thats finished).

These programmes definately keep me on the straight & narrow.

xx

Is it possible to clear £10,000 in one year?

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