Ellie Titmus, a 32-year-old mother from Birmingham, has successfully repaid nearly £20,000 of her £23,000 debt in just five months by selling hundreds of household items online. Her debt had accumulated after becoming a single mother in 2022, leading her to take out an HSBC loan of £15,000 and a TSB loan of £8,000.
Over four years, Titmus's spending on non-essential items, including approximately £230 per month on takeaways and £1,000 in one month on online shopping across three credit cards, contributed to her financial strain. By April of the current year, her total debt had reached £23,114.22.
In an effort to manage her finances, Titmus began selling items on platforms such as Vinted, Facebook Marketplace, and eBay. She reported earning up to £3,700 by selling 410 items, including children's toys, clothing, kitchen gadgets, and home decor. These sales have contributed to an estimated repayment of £19,733.80, although she still has £8,700 outstanding due to rising interest rates.
Titmus described her initial approach as sitting down to analyze her weekly spending, which she found embarrassing but necessary. She then systematically cleared out her home, listing unused items. She became particularly stringent, prioritizing debt repayment over accumulated possessions.
Her financial assessment intensified as her maternity leave approached and she anticipated a reduction in income. Realizing that fixed loan payments were unchangeable and that discretionary spending like food could be budgeted, she decided to address her debt proactively. At the time of her assessment in April, she had £8,404.78 in credit card debt, £7,713.13 remaining on her HSBC loan, and £5,896.31 on her TSB loan, in addition to a £1,100 debt to a family member for nursery fees.
In August, Titmus utilized matured stocks and shares investments, selling £13,000 worth and applying £11,333.30 towards her debt. The remaining £2,000 was allocated to savings and nursery bills. She prioritized paying off her American Express card, which incurred the most interest and was used for most household expenses.
Titmus is now in a new relationship and has a child with her partner, Lee, 36. She noted that her partner's support has helped her manage her debt by allowing her to split costs and providing emotional support. She also shares her journey on TikTok, which she finds keeps her accountable and has fostered a sense of community with others managing their spending habits.
To cut costs, Titmus has reduced spending on takeaways by batch cooking meals in advance and has adopted a strategy of delaying online purchases by leaving items in her basket for a week before deciding to buy. She is currently allocating £600 per month from her £1,900 take-home wage toward debt repayment, having put £4,205.03 toward her debts in the past five months.