New Challenge - Double Your Money!

fairyclicks

LarLar wrote: »

What exactly would happen if there was a non payment would you lose out on your money? Also how can you minimize the risk of non payment.

How much would you suggest i start out with and could you maybe suggest/ help with interest rates?

Thankyou for all your help

If there was a non payment then zopa do chase that on your behalf but ultimately there is a risk of not getting it back and you do need to be aware of that.

To minimise the risk what i do is lend a maximum of £10 to each person so if i was lending £100 in total i would lend to 10 different people rather than 1 therefore spreading the risk. The chances of 10 people all not paying is much less than just 1 person. I hope that makes sense ok?

I started with either £10 or £20 i can't remember now. I honestly can't suggest an amount for you to start with, that has to be what you are happy to work with - i would say though you should make sure you understand it all fully before you add any money. The interest rates are easier to figure out as zopa tell you what rates are being accepted in each group. I assume you have an account? or have looked at the lending sections at least?

I will PM you a link to the info i put together (though it may be a little out of date now) it will explain how to choose lending options (interest rates etc)

if you aren't sure of anything just shout

Annie021063

following thread, might just join, have used referral to fab bingo but no email yet to link for joining up, how long did yours take fairy?

Badsaver

Well car boot was awful. Weather was rubbish and nobody really wanted anything that wasn't 20p. I made 37.20 though after my 'stall money' so I suppose it could have been worse! I've added that total to my 2013 for 2013 total but out of the items I bought to take part in the Double your Money challenge... I made 20p... Woo..... I'm.clearly buying the wrong things! Ah well I might just stick a load of stuff on ebay today

Sorry - moan over.....I'm sleep deprived

fairyclicks

Annie021063 wrote: »

following thread, might just join, have used referral to fab bingo but no email yet to link for joining up, how long did yours take fairy?

Think it was straight away Annie - you can usually join with a username as well which is instant

fairyclicks

Badsaver wrote: »

Well car boot was awful. Weather was rubbish and nobody really wanted anything that wasn't 20p. I made 37.20 though after my 'stall money' so I suppose it could have been worse! I've added that total to my 2013 for 2013 total but out of the items I bought to take part in the Double your Money challenge... I made 20p... Woo..... I'm.clearly buying the wrong things! Ah well I might just stick a load of stuff on ebay today

Sorry - moan over.....I'm sleep deprived

You so need to read my blog post about my boot sale yesterday - it will either make you laugh or cry LOL!

Annie021063

fairyclicks wrote: »

Think it was straight away Annie - you can usually join with a username as well which is instant

does that mean I will get less money as per your post number 38 in this thread?
just spoke to online chat with site and they have confirmed it with me, thanks anyway

kendall17

Badsaver wrote: »

Thanks Kendall. I know I can't expect miracles overnight :-)
If you dont mind me asking - what sort of items have you done it with? I keep looking out for cheap bits and bobs when im out and about but the things I have got are sat collecting virtual dust on Ebay!

No worries, you'll get there.

My biggest sellers were 15 printers I picked up for £12, all untested. 9 of them worked and I got £20 each for them. I have been to auctions and bought all sorts, from pan sets to pouffes. I've said it a few times on here try www.i-bidder.com for an auction house near you.
Items from Tesco have been Inks reduced to ridiculously low prices, toothpastes, mouth sprays, AA 'P' plates and the like.

I paid £2 yesterday for some Lexmark ink, that had the tattiest box you'll ever see. Just sold it for £20.99 as we speak.

At auction yesterday I spent c£40 on car things, wiper blades, gear stick knobs & pedal covers. All on eBay set to make me around £200 profit.

If selling via eBay, I do my research at pricing things, I always try to be 50p cheaper than the cheapest incl. p&p. I think that has been a big positive in my sales as I should be the first item the people see.

Badsaver

fairyclicks wrote: »

You so need to read my blog post about my boot sale yesterday - it will either make you laugh or cry LOL!

I will a read.... How do I get to it? I'm having to do all my 'internetting' on my horrible phone at the minute which is a pain as just to top things.off at the minute... My laptop has passed away Grrrr

Badsaver

fairyclicks wrote: »

thats the hard bit! and sometimes things are cheap for a reason!

I would advise going with something you know about or you know is popular/or used by a lot of households and you can get hold of cheap.

I have been concentrating on clothes, shoes, books, & some jewellery. I have also been trying to learn about collectables but all that takes time.

What sort of things have you bought so far? maybe its the way its listed on ebay rather than the item itself - we might be able to advise.

Also some things i have bought just haven't sold well - sometimes its about cutting your losses and starting again (though that is hard at the start of the DM challenge). I now have a few things listed on ebay at 99p start which is less than i paid for them, but i have made money on other things so it balances out.

I have to stop buying on impulse and start to do some more researching before i make the purchases. That definitely helps reduce the risk!

My first buy was some brand New books. They were ridiculously cheap.... Probably owing to the fact that nobody actually wants them! Lol! I think 1 personlooked at one of them today at the boot sale but after reading the back, she put it back down... I also have some of these listed.on Ebay with he generic description using the barcode. They hardly have any views but this.could.be down to postage.
I have listed some novelty candles I bought quite cheaply and a couple of Moshi bits and pieces that aren't really doing anything either!
I bought some Boots soap dishes.aswell quite cheap. But after 10th days they still.haven't.arrived
Any advice would be greatly appreciated.

I also apologise for the seemingly random full stops mid sentence. This phone is stupid and just likes to throw one in every so often

J x

kendall17

Do you want to buy a new phone

I always check on eBay to see what has sold before I buy it. The completed listing is superb. I think its very important to buy something that has sold.

Tesco has been great lately, they've rebranded a lot of their tools etc. I picked up 3x 3 BBQ tool sets today, 31p each because they had 'Tesco Value' packaging. Worth a punt with very small risk. Put them on for £1.99 and targetting throw-away BBQ/Festival Go-ers