The start of my get out of debt journey

Andrew

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Hi all.

New member here and pleased to be part of the community. Long story short, I have run up a large amount of debt and am so about to enter a Debt Management Plan (DMP). I'm keen to get my debts down as quickly as possible so have already started on a few different avenues to help out. I've taken in a lodger, am due to have an exam for a role with lionbridge shortly and have been hammering the online surveys. I've also been doing a bit of use testing through what users do and usertesting.com. Finally I've downloaded bemyeye and already started earning money through that (I have an android phone).

Next steps I'm considering are getting a cheap iPhone from eBay so I can start doing field agent tasks. Gonna look at getting a pay-as-you-go sim for this. Do people think this is a good idea? I am also doing a bit of selling via Facebook of stuff that's in my house/garage that I don't need anymore.

Unfortunately one problem I have is that part of the debt I owe (about 2.5k) is to paypal. So i think i'm going to quickly bw in the position that anything that I earn that goes into my PayPal account will go straight to them. Which is good in that it helps with my debt but bad in terms of the fact that when that debt goes into my DMP they could quite rightly say that I'm getting extra income, which could affect my DMP. Do I have any options here? I'm assuming I can't just set up a different paypal Account? One piece of good news is that prolific academic now offer an alternative to paypal!

Finally does anyone have any suggestions for any other avenues I can explore. To be clear matched betting is not an option for me for personal reasons although I recognise and am gladdened by the fact that is helped many others.

Thanks for taking the time to read my first post and I wish you all the best :)
 

katykicker

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Most of the time there is now an alternative to Paypal. For example, get an Amazon voucher and sell it on Zeek (See my post here: https://katykicker.com/zeek-buy-and-sell-gift-cards/)

Otherwise you could see if someone in your family would be willing to add your email to their account?

There might be some links in my signature that help you, besides the matched betting like you say. Sounds to me like you're already exploring lots of avenues so well done.
 

Jon

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I would also recommend taking part in the monthly earnings challenge @Andrew to help keep you motivated!
 

mikecmr

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can you earn vouchers and sell in local selling groups on facebook? I have seen people sell at a slight discount but it is in turn cash in your hand
 

Andrew

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Thanks all - some good suggestions there - I shall give it a try! I will certainly give the monthly earnings challenge a try as well @Jon
 

Jon

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Thanks all - some good suggestions there - I shall give it a try! I will certainly give the monthly earnings challenge a try as well @Jon

Great stuff Andrew!

There's load of great stuff and even more amazing people on here who will all help you get where you want to be financially!
 
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Jon

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I was only thinking yesterday that it would be great if there was a giftcard exchange site, and you've posted about one! I shall take a look :)

Yeah i've bought on zeek before and it's an excellent site to use!
 
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Andrew

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Gotta be worth a try - although I am thinking that I might earn some amazon vouchers and spend them on treats for myself...with red dead redemption 2 coming out this year I'd love to get it and pay nothing for the privilege! (apart of course from giving some of my time to help out these market research companies!).
 
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Jon

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Gotta be worth a try - although I am thinking that I might earn some amazon vouchers and spend them on treats for myself...with red dead redemption 2 coming out this year I'd love to get it and pay nothing for the privilege! (apart of course from giving some of my time to help out these market research companies!).

I played the first game INTO THE GROUND so can't wait for this new one!
 
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Andrew

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Looks like it's hugely anticipated. My only concern is that while I'm locked in a room playing it I won't be earning any money! I might wait until I've gotten my emergency fund up to at least £500. Should keep me motivated!
 

Xorro

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It's my birthday tomorrow and I will be getting a present of Horizon Zero Dawn :)
 
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Lizziew24

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Hi all.

New member here and pleased to be part of the community. Long story short, I have run up a large amount of debt and am so about to enter a Debt Management Plan (DMP). I'm keen to get my debts down as quickly as possible so have already started on a few different avenues to help out. I've taken in a lodger, am due to have an exam for a role with lionbridge shortly and have been hammering the online surveys. I've also been doing a bit of use testing through what users do and usertesting.com. Finally I've downloaded bemyeye and already started earning money through that (I have an android phone).

Next steps I'm considering are getting a cheap iPhone from eBay so I can start doing field agent tasks. Gonna look at getting a pay-as-you-go sim for this. Do people think this is a good idea? I am also doing a bit of selling via Facebook of stuff that's in my house/garage that I don't need anymore.

Unfortunately one problem I have is that part of the debt I owe (about 2.5k) is to paypal. So i think i'm going to quickly bw in the position that anything that I earn that goes into my PayPal account will go straight to them. Which is good in that it helps with my debt but bad in terms of the fact that when that debt goes into my DMP they could quite rightly say that I'm getting extra income, which could affect my DMP. Do I have any options here? I'm assuming I can't just set up a different paypal Account? One piece of good news is that prolific academic now offer an alternative to paypal!

Finally does anyone have any suggestions for any other avenues I can explore. To be clear matched betting is not an option for me for personal reasons although I recognise and am gladdened by the fact that is helped many others.

Thanks for taking the time to read my first post and I wish you all the best :)
Hi @Andrew i just found this post whilst doing a search for debt management plans and wondered how you were getting on with it? Did you consider any other options such as IVA? And if so, why was DMP the better option? I’m trying to work out a plan for my credit card debt and just don’t know what to do.
 

Andrew

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Hi @Andrew i just found this post whilst doing a search for debt management plans and wondered how you were getting on with it? Did you consider any other options such as IVA? And if so, why was DMP the better option? I’m trying to work out a plan for my credit card debt and just don’t know what to do.

Hi. So the big question is can you afford to make your minimum repayments each month. If you can then I’d advise against either a DMP or IVA. Both are the last resort. I went for the DMP route because I have a mortgage so wanted to protect my assets. With an Iva there was a risk that my debtors could have put a control order against my house and therefore helped themselves to the proceeds from any sale. With the DMP they were less inclined to do this as I’ve committed to paying them back every penny I owe them. So far since being on it I’ve made every payment (despite my gambling addiction rearing it’s head more than once - including today :-( ) and because of that it’s all been good. Nearly a year in and no issues so far. With ivas you can say goodbye to any future borrowing or hopes of a mortgage for a good few years but you have to pay less money back. I always think though if you’ve spent the money it’s only fair to pay it back, just maybe without the ridiculous interest rates...does that help?
 
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Andrew

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Hi @Andrew i just found this post whilst doing a search for debt management plans and wondered how you were getting on with it? Did you consider any other options such as IVA? And if so, why was DMP the better option? I’m trying to work out a plan for my credit card debt and just don’t know what to do.

P.s I do genuinely think that with everything you’re doing and what you’ve achieved so far that you don’t need either. I know being in debt is a huge worry but I think yours is going down and if I’m right than my best advice would just able carry on as you are. DMPs and IVAs are really the last resort
 

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