Can I clear a debt a month??

Peppa_Pig_5

Well done Emily, keep up the good work.

Kevicho

Cool, i just wanted to warn of any "pay early" fees, but it looks like you wont have to pay any

LoLo

Hi, just wanted to say you have inspired me to try and clear my debts too. I have credit cards and a loan. I have no chance of clearing my loan this year as I only took it out last year but I have £5000 to clear on my credit cards which I am hoping I can clear by the end of this year. I am just managing to make overpayments on my credit cards but not enough to clear them fast. Just out of curiosity what kind of things were you selling on ebay?
I hope you achieve your set target.

fonefather

Be aware of the 5p listing day on eBay tomorrow - it's time to sell sell sell and fingers crossed you'll do well

ehallett

Hi LoLo

I'm so pleased that I have inspired you start clearing your debts. Keep posting on here as I find that it keeps me motivated.

I enter loads of competitions so a lot of the stuff I sell on Ebay are prizes that I don't want. I also sold my PS2 and games as I just never seem to have time to play it. I have also sold some other things that I just don't need or use. I'm sure if you take a look around your home then you should be able to decide that there are some things you no longer need and can therefore sell.

I find that it clears some much needed space too!!

I wish you the best of luck with clearing your credit cards before the end of the year - keep going!! :j

Emily

Conor_3

Heh-heh...been there, done that. The kids tend not to be too impressed but as it pays for a week away at Haven or Butlins for them, they come around in the end.

Just a word of warning so you can be prepared...HM Revenue and Customs have been keeping an eye on people selling on Ebay. My mate got a letter a few months ago from them.

sparkle84

Heh-heh...been there, done that. The kids tend not to be too impressed but as it pays for a week away at Haven or Butlins for them, they come around in the end.

Just a word of warning so you can be prepared...HM Revenue and Customs have been keeping an eye on people selling on Ebay. My mate got a letter a few months ago from them.

You are allowed sell your own belonging on ebay or anywhere else for that matter without any tax implications

ehallett

Hello everyone.

I'm afraid I haven't done much money raising to clear my Alliance and Leicester loan recently, my dad has been very ill in hospital so everything has kind of gone on hold.

I have kind of found a way to raise the money though. Basically, I recently have been awarded with the higher rate mobility allowance which is £160 a month. I have got the option of giving up this money for a brand new car every 3 years.

I have decided to go with this as in the long run is would save me a lot of money. I currently pay £171 a month on my car loan (which is my December target to pay off!!) which has still got 3 years to go. So I would be £11 a month better off straight away. In the mobility scheme you also get free servicing which would save £100 - £200 a year, free breakdown cover and free insurance (which I currently pay £35 a month) not to mention free car tax and free repairs for reasonable wear and tear, the only thing I would need to pay for is petrol.

The problem I have got is that I still owe roughly £4,000 - £5,000 on my current car, I am going to phone Toyota on Monday to find out the exact figure. My car is currently worth approximately £7,500 so I have got some equity in my car.

Therefore, I need to raise roughly £5,000 to pay the car off before I can sell it but I would then be able to pay back the £5,000 and have approximately £2,500 left over to pay some more debts off and obviously pay my Alliance and Leicester loan off.

Phew!! I wouldn't be able to get a loan for £5,000 as my credit rating is not that good so how on earth do I get the £5,000?? I am trying to see if anyone from my family would be able to lend it to me as I know if would only be for a maximum of about a month and then I could pay them straight back.

Anyway, I will eventually have some money to pay off this loan and hopefully the debts I am planning to pay off for March and April!!

Sorry this was a bit long winded but I had to write it all down to sort it out in my own head!!

I hope you are all having a great weekend

Emily x

mummytofour

Take it the garage and ask them how much they will give you for it, they will settle the finace on it for you! Failing that do you have 5k spare on a cc that you can use?

Sounds like you are sorting things our even if they are not going to your original plan!

I hope your dad gets better soon.

Vxx

ehallett

Hello again.

I called Toyota Finance yesterday and by the time I make my next payment I will owe approximately £5,200 (the guy is going to send me a more accurate figure after the beginning of next month.

I then called Toyota themselves and they would offer me £6,000 if I sold the car to them now - he said that if I took it back next month then it wouldn't be worth as much.

I can't sell the car now as I would be left without transport for well over a month maybe more, I haven't even decided what other car to get yet.

To sell it privately, I would need about £5,500 to pay off the car, get 2 new front tyres and put it through it's next service so it would sell for the best possible price (which would be approximately £7,000 - £7,500).

The onlt problem is getting this kind of money. It would only be for 2 months at the most but my credit rating is a little bit messed up at the moment and I have already tried at my 2 main banks and have been turned down.

Has anyone got any ideas?

Thanks for all of your help so far.

Emily x