cashing in on my material things???

webbo1981

I am roughly 10k in debt......however I do have material things which I could sell to clear my debts....but am in two minds as the material things I have are the only things I enjoy.......would you get rid or keep???

for example my car is worth 5k.....I have stacks of dvds.....x box360.....plasma tv.....would any of you advise of getting rid to clear my debts?

Regards

Older_but_not_wiser_2

If you can live without them - YES

Or downgrade to a smaller/cheaper car.
Do you really need a plasma telly?

wifeforlife

I personally would get a cheaper car or use those companies that pay you to have ads on them I'll find the link later for you. I would sell the dvds as you can hire them so cheaply now or they're bound to be repeated on tv, I would sell the tv for a cheaper one and definately keep the xbox360, well only if you use it!

I think we should cut back when we can but not be left depressed with no enjoyment in our homes either

Goodluck! Oh try even selling your old clothes on ebay on a more regular basis

Cath

Tedrick_2

Webbo,

Being of a similar age, and in the same predicament money-wise, i would strongly suggest doing all you can to clear the debt! I have a child and it became almost impossible to cover all my debtors!

I now use a Debt Management company called All Clear Finance who have cut down my outgoings dramatically! That would be worth looking into also!

The XBox360? Keep it! You can spend your Friday and Saturday nights sat in front of that instead of blowing money out on the town!

Astaroth

The second hand market value for the things you have mentioned is exceptionally low - especially when you deduct advertising fees.

Other than the car I wouldnt imagine that they would make any massive dent in your level of debt, especially if you have to buy replacements.

If things are exceptionally tight then it may be worth doing it but if things arent that bad at the moment but it is simply a case of prefering to have less debt then I think that cutting down on your current expenditure rather than making the loss by selling items already bought - I have known people to do similiar to what you are suggesting after running up £10,000+ of debts buying it and then even after selling it all they still had 2/3 of the debt to pay back but "nothing to show for it", they found it very depressing.

Glad

I am moving your thread to the Debt free wannabe board to ensure you receive the maximum help:)
please take a look at the blue bar at the top of the board for links to Martin's articles and help with your debt for free

Thefunkygibbons

Regardless of the money, there is a powerful motivation in getting back in control and feeling that you are doing something

Besides every penny helps

woohoo_postingid

The other way of looking at it is this:

These things helped to get you into the debt in the first place, now they can help to get you out of it.

[Deleted User]

Would selling these things make a decent dent in your debt? Would selling them make you unhappy?

Do you play you xbox360 often enough to warrant keeping it?
Can you sell your DVDs using playtrade on play.com?

Rough ests could be 200 pounds for xbox360, 200 selling lots of old DVDs, 500 from selling plasma and replacing with cheapo supermarket TV. 3k from selling car and buying cheaper replacement. So my guess is you might be able to knock 4k off your debt.

Personally I'd keep the Xbox360 so you've got some cheap weekend entertainment, and sell the rest.

tyllwyd

If you have debts then the things that you have bought with that money will end up costing you far more than the original purchase price once you have added on all the interest. So anything that you no longer use, you may as well sell it - out of your boxes of DVDs and games, there must be at least some that you wouldn't miss in the slightest.

Before you rush to sell off everything, have you looked at your current budget and lifestyle to see if there are any savings you can make so you can make a plan to pay back the debt without doing anything too painful? If you post an SOA, we might be able to help you recognise where you might be wasting money. (This thread is a good place to start
http://forums.moneysavingexpert.com/showthread.html?t=107280)