Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Daily Mirror
Daily Mirror
Business
Levi Winchester

Dad pays off £12,000 debt in two years despite not having a full time job

A dad-of-three paid off £12,000 of debt by reselling goods from car boot sales, charity shops and auctions over 24 months.

George Ross, who lives in Essex with his wife Amy, started flogging second-hand products after spending years struggling to pay his bills and find full-time work.

He now sells clothes, furniture and toys for a living, earning around £35,000 each year from his Retro Reselling business.

The 30-year-old told The Sun he began by selling old junk around the house in 2014, including his Power Range and Ninja Turtle toy collection on eBay for £600.

After realising he could make a profit, George then expanded his remit to car boot sales, buying retro toys for just 50p and selling them for up to £30.

How have you managed to find out your way out of debt? Get in touch: mirror.money.saving@mirror.co.uk

In 2016, he married Amy and as a wedding present, his new wife lent him £500 so he had enough cash to set up his venture.

By the summer of 2018 - just over two years later - George had cleared his debts completely.

George said he started selling his unwanted possessions while he was looking after their children as Amy worked full-time, and said your home is a good place to start if you're thinking about making extra cash from flogging.

He said: “Any DVDs, toys or trainers could be sold on eBay or Facebook Marketplace, for example.”

But he warned you shouldn’t rush into buying loads of stock if you’re planning on hitting the car boots and auctions, as you could risk being stuck with unwanted goods that you can’t sell.

His other tips include keeping an eye out for big brand names such as Nike trainers and electronics like Bose.

Retro items that aren’t on sale anymore, such as old mobile phones and game consoles, could also end up being valuable for collectors.

It’s always worth doing your research first and checking what price items are selling for online before you go investing in a purchase.

Finally, if you’re selling online, George says you should be aware of selling fees.

For example, eBay charges 12.8% and a 30p transaction charge on every item you sell, while on Etsy there is a $0.20 (£0.14) fee to list your item and a 5% transaction charge.

You can use sites like Facebook Marketplace and Instagram to sell your hauls without any charges.

George also pays £350 in rent per month for his 175sq ft storage unit which stores all his bits in.

If you're setting up your own business selling second-hand goods, you'll need to let HMRC know you're self-employed as soon as possible.

There is also tax to consider as you'll be classed as a trader if you make or buy goods with the intention of selling them.

HMRC has a guide to work out if you need to tell it about income made from online sales.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.