FOR Fais Chaudry, a 39-year-old from Windsor, financial freedom seemed like a distant dream.
Saddled with over £20,000 in debt from credit cards and payday loans since his university days, he felt trapped in a relentless cycle.
But today, he’s celebrating a remarkable turnaround and is now debt-free after quitting his corporate job and using the increasingly popular “sharing economy” as his new main source of income.
The father-of-one began doing odd jobs for people through an online marketplace and managed to clear his debt with the side-gig.
“I had debts of over £20,000 on credit cards and through payday loans, which I was using every month for about 10 years to make ends meet,” Fais said.
“I was in a constant, vicious cycle and felt like I had no way out, too embarrassed to admit to my family and friends the financial trouble that I was in.”
Over the years, Fais has taken on several different roles.
He worked at JD Sports at university, earning about £4.66 per hour.
He later spent five years in digital marketing at NCP car parks, followed by a marketing position at Yellow Pages and a role at a logistics software company, where he earned no more than £2,500 a month – or around £30,000 a year.
Unfortunately, his salary couldn’t cover the rising costs of his rental payments and other household bills while looking after his child, and mounting debt ballooned to £20,000.
However, a simple career change ten years later has meant that Fais cleared his outstanding debts in 12 months and is now earning up to £7,000 a month.
THE sharing economy, also known as the peer-to-peer economy or the gig economy, refers to a system built around the sharing of resources.
When we think of the “gig economy” low-paid, flexible work comes to mind.
It can involve running errands via sites like TaskRabbit, giving lifts via Uber or delivering food through Deliveroo or UberEats.
A recent analysis by the Chartered Institute of Personnel and Development showed the gig economy in the UK was estimated at just under half a million people (463,583).
This means that, in a labour force of over 32.5 million, workers in the gig economy make up just 1.4% of total employment.
However, not everyone in the gig economy is working on low pay.
Those offering skilled manual work, creative, and other professional services could earn more than those in full-time employment.
There are a number of methods and tricks to help clear debt – whether you cut down on all your outgoings or make small monthly repayments to help bring down your balances.
But for Fais, this wasn’t an option as every penny was going on living costs and he’d already cut back.
So, the soon to be dad took to the gig economy in 2018 to boost his monthly earnings instead.
Fais initially enlisted his services in moving, painting, decorating and carpentry on a local online marketplace, called Airtasker.
Airtasker connects people with skills to those who need help. You simply complete the tasks to earn money.
Competing websites offering the same type of services include Taskrabbit and Handy.
Within just 12 months, the extra earnings Fais received from his Airtasker work helped clear all his debts.
At this point, Fais quit his full-time job to focus his efforts on generating his sole income via the sharing economy.
His earnings from these jobs, combined with word-of-mouth referrals, typically range from £4,000 to £4,500 per month before tax.
However, when he takes on larger projects or has a packed schedule, he can earn up to £7,000 a month.
And if he needs to increase his income, he simply works additional hours and days.
SOME of the best paid Airtasker jobs involve helping people moving property.
This could include helping customers with painting, assembling furniture, plastering, carpentry, DIY and removals.
Here’s how much you can expect to earn by completing the following jobs through Airtasker:
Now that his debts are settled, Fais’ financial worries are behind him.
He is also now in the process of getting his foot on the property ladder having recently completed on his first home with his wife.
In his first year, he made over £30K working full-time through Airtasker, but he’s now earning up to £50,000 a year as of 2024.
Fais said: “My confidence has changed dramatically, especially around finances – I give advice to my friends about finances and vice versa because I’m finally in a strong financial position and I feel proud of what I’ve achieved.
“I wish I was in this position 15 years ago, but I made a few bad decisions that got me into debt.
“Using the sharing economy and becoming my own boss has given me financial stability for the first time ever.”
There are several groups which can help you with your problem debts for free.
You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting MoneyHelper.org.uk or Gov.UK.
Speak to one of these organisations – don’t be tempted to use a claims management firm.
They say they can write off lots of your debt in return for a large upfront fee.
But there are other options where you don’t need to pay.
