I'm just about to put my favourite teddy bear up for sale....tell me if I should

deli_ellie

Hi guys

I need some advice.

My overdraft has slowly crept up to £2000 and I need to reduce it now. I have sat through the Alvin Hall programmes and some of Martin's but need some inspiration as to what to do next.

I am single and live in a Housing Association House 50% share - i.e. pay 50% rent and 50% mortgage. Chose a house because I wanted a garden. Didn't want to sit in an office all day & then sit in an apartment. I love gardening - one of my passions.

Anyway, moved in 6 years ago. Haven't done any work on house apart from paint the bathroom (only because couldn't stand colour), and a new fire & fireplace (didn't like the old one). I have changed the garden from lawn to a patio with hedges, shrubs & flowers. I am pretty useless at DIY but need some basic maintenance doing to the house. The problem is I have no money. Cannot borrow more against the mortgage unless it is to buy another share of the property (told this 4 years ago by my Building society).

The root cause of the problem is that for the first 4 years of moving in, I spent as if I was still at home with my parents - i.e. on clothes, books, dvd's(bought some over 4 years ago and still not watched them), music, going out, plants for the garden, homeware "stuff" (I live near an Ikea), etc. Looking at the last 3 months spending I am still doing it too!


My mom pays for my season ticket for football - I want to be able to pay for myself. She calls it my birthday present, but last year I had £1k from her for Xmas - she gave it to me - I didn't ask for it. I don't want to ask either.

The lightbulb has finally come on. I need to look after the house and not me!

Here are the figures:

Take home salary (after tax and £40 AVC for non-contributary pension)
£1136

Outgoings:
Mortgage £157.34
Rent £118.06
Gas £26
Electric £10
Water £10 (meter)
Council Tax £64.70
Home Contents Ins £7.23
Commuting Costs £39.25 (metro) (to Birmingham)
Petrol £58 (mainly home to metro)
Car Ins £21.25
Other Car costs £21.67 (Tax/AA/MOT)
TV license £11
Phone (landline) £13
Phone (mobile) £24
Internet(broadband) £15
Ins on Mtg & loans £34.49
Loan repayments £185.94

The above are what I call my essential outgoings.

Over the last 3 months the average spend on food has been £174 a month and house & garden £105. I keep spreadsheets on what I spend so if you need more info let me know.

Debt:

A&L moneyback unsecured Personal Loan - borrowed £3300 @5.6% over 48 months - 13 months ago Repayment £76.82. Current balance £2688.70

Northern Rock unsecured Personal Loan - borrowed £5700 @ 5.7% over 60 months 13 months ago Repayment £109.12. balance £5128.64

I consolidated credit card & overdraft & a car loan into the above, but my spending has carried on.....

Overdraft
Cahoot £2000 - 9.8% - nearly reached limit. Salary goes into this account

Have £2k limit on Cahoot Flexi but that is about 9.8% APR - £2k available but really do not want to use it.

Have 3 Credit Cards that I use for spending - 1 for food, 1 for petrol & 1 for other stuff (zero balance). Do not owe anything apart from this months spend which will be paid from current account.

I know I need to cut down on food bill & spending on home/garden (mainly garden). Have had an allotment for a year but my dad has looked after it. I will definitely start next year as I only want to buy (and do buy) organic fruit & veg (and as much other stuff as possible like rice & frozen peas). Am not prepared to compromise on that - I don't do chemicals.

Have applied for Intelligent Finance BT (accepted at £4000 lifetime balance @ 4.95%0 and Barclaycard BT (accepted at £2000 lifetime balance 4.9%). Nearly took up offer as was going to pay off my loans, but is this a good idea. I worked out I will only be saving about £15-20 a month compared to current deal.

I am on the eve of doing a car boot sale - I have a spare bedroom full of stuff I have decided I can do without. I also dabble with ebay. I am about to put a cute cuddly panda bear on as I could get about £75 but it is one of my favourites and I am selling practically all of the other cuddly toys (I feel I am too old for them now & they just gather dust). Has it come to this? Should I sell or is there an alternative?

Thanx for taking the time to read & I look forward to reading your responses.

spud30

Hi love.

If the teddy had sentimental value, I wouldnt sell it. I have a small teddy bought by my late parents, that I wouldn't sell at any price.

If its just a nice teddy, with no sentiment attached to it, then yes I would sell it.

I suppose it depends on you. Some people dont hold on to stuff for emotional reasons. For me, it's all I have except for memories, so it's priceless.

Hope the car boot goes well, whatever you decide to do with the panda.

x

bobsa1

Sell it, it is a stuffed bear. Use the money to pay off some debt!

ehallett

I agree with Spud30. I have got a snowman crystal that my dad bought me at Christmas last year and he passed away in February. I could probably get around £60 for this snowman but I wouldn't dream of parting with it.

However I also have a really flashy phone that I won recently and I was going to keep it but have now decided to sell it on to help with my debts. I will just go back to using my old but nice phone.

I suppose the point is that yes I do like the phone a lot but it won't make a massive difference to my life if I were to sell it. On the other hand I would be devastated if anything ever happened to my 'daddy snowman' (as I like to call it!!).

Just think about what the panda means to you.

Good luck and well done on you lightbulb moment :T

Emily x

Biffa

I'm with Spud and Hallett on this one - if the teddy has sentimental value, then keep it. In years to come you'll hate yourself for having to sell it. If it's a just a nice bear with no sentimental value, then yes, sell it. Where do you live in the country to have such small rent and mortgage to pay??? Our rent is £380 a month for a 2 bed terrace that we rent off a friend - normal rent is £450 around here!

earwig

noooo you will only regret it keep it somethings are more important than money

spud30

I'm glad to see I'm not the only sentimental old fool on here !!!

I also have a large jewellery box full of gold and diamond rings that I am unable to wear. They were my mum's and she had the tiniest little hands and fingers (I must take after my dad's side of the family). Let's just say my 11 year old DD can wear the rings, and they fit her perfectly.

I can't sell them either. If I did sell them, they would probably pay off most of my debt, I am talking quite large diamonds. It would never cross my mind to sell them.

cathybird

my immediate response is "nooooooooooooo!!!!!!"

If you love it, keep it. These things take on huge value to people. Don't sell the panda!!! You've sold all the others. Keep the panda. If you let go of something that really has value for you you'll be forever wondering who has it and what they've done with it. You would regret it. Well, that's what I think, anyway.

GreyPilgrim

Keep it. The fact you've taken the trouble to post is evidence enough that you shouldn't.

And how would the bear feel, huh? No-one ever thinks of the bear in these situations.

GP

cathybird

GreyPilgrim wrote:

And how would the bear feel, huh? No-one ever thinks of the bear in these situations.

GP

EXACTLY....

piglet6

Yep, I'm sorry but I feel the panda has to stay...

Lots of things are just that - "things" and they can be sold as necessary and replaced at a later date if you have excess cash (I'm thinking books, electrical items, CDs/DVDs, etc:p). However, occasionally you get special things (like teddies or jewellery or Emily's daddy snowman) and its just not worth trying to put a price on them - you'll regret getting rid of them and you'll never be able to replace them:o. At the end of the day, how much is the price you would get going to bring your DFD forward by...a month, 2 months? Its just not worth the trade off...

Vote Panda to stay!!!:j :rotfl: :j

Piglet