Selling something to clear debt

Sinkingindebt_2

Im considering selling my engagement ring to help clear the debt, its valued at £3000 (ish), what do people think?

I really dont want to, but equally I dont want to be on my DMP for 10 years and 10 months which I would if I only paid the min every month to CCCS.

Has anyone considered doing such a drastic thing?

skylight

Its not really in the same league as selling your CDs and UNWANTED stuff on Ebay.

Is it sentimental?? Are you still with the guy who bought it (Cos I don't know!) Do you have a daughter you intend to pass it onto? Are you likely to regret it????????? Cos once its gone ...................

You wont be on the DMP for 10 years - things change! Circumstances improve and are bound to in the long run - you are looking at a short term fix.

Not that I am trying to put you off! Many will suggest that a £3k ring helped get you in debt in the first place and they are probably right (not knowing the circumstances surrounding the ring).

Can you not get a 2nd job? Bar work in the evenings or anything?????????

Sinkingindebt_2

Yes its very sentimental, I would miss it, but we got into this debt, we gotta get out of it, and every time I look at my finger I think, god its ridiculous that i have this rock on my finger and im in £25000 of debt!

I cant work as I have manic depression (hence why alot of debt got accrued) my partner lost his job last week and that was when we realised oh carp we need help. He is temping till xmas on £6.5ph. whilest looking for better work.

Anyone else done something this drastic?

newlywed

No, sorry. I always said there are two items of jewelery I will never sell - wedding ring and engagement ring.

All other stuff could easily be replaced with something different but nothing would replace the sentimental attachment to those.

Then again, mine isn't worth as much as that and is an unusual design chosen by OH. if it's a simple design that you could replace later or go and buy a similar, cheaper version then maybe. But would you regret it and resent the new ring for all your days?

skylight

And another thing, just cos its worth £3k, does not mean that that amount is what you would get for it if you sold it?

Have you actually taken it to a jewellers for a valuation and possible purchase by them?? You may be in for a shock when they offer 40% of its value. Selling it privately may be better, but you still wont get what its worth.

whatatwit

Whilst it may be valued at £3000, what would it fetch if you were to sell it?

Insurance values and seconhand values are often poles apart.

whatatwit

charlotte664 wrote:

And another thing, just cos its worth £3k, does not mean that that amount is what you would get for it if you sold it?

Have you actually taken it to a jewellers for a valuation and possible purchase by them?? You may be in for a shock when they offer 40% of its value. Selling it privately may be better, but you still wont get what its worth.

Snap.....:rotfl:

morlandbanks

I'ts only the ring, not the relationship. You're right - rather have no rock on your finger and no debt than a big rock and a big debt. You'll have more chance of buying yourself another one later down the line if you're not paying interest on your debts. I think it's a very sensible person that's willing to put financial stability ahead of sentimentality. Good for you.
I'm not in the same position. I don't have any debts, but I would sell my engagement ring if it would clear a big debt. I'd sell my wedding ring too...but my husband is for keeps. That's the main thing.

AMILLIONDOLLARS

Don't Do It:eek: :eek: :eek:

A year from now, things won't look as bad and you will have regretted such action. If it bothers you that much, put it away in a safe place and not wear it for a while, then you'll see how much you miss it. There has been many a time that I had thought of selling/pawing my engagement ring over 25 years of marriage and in the end never having too, mind you its not worth £3000, but means the world to me.

Don't panic, the worse has already happened fiance losing his job, it can only get better for the new year. At least you still have some money coming so that's a start.

Now get onto Ebay and sell something else:D

AMD

Richard_S

Sinkingindebt,

No, No, No, No - you'll regret it for the rest of yr life and it won't make a dent in what you owe.

This is the pernicious side of debt, it drives people to consider extreme, ill advised actions - and that's talking personally, it scares me to death some of the things I was considering doing during our darkest moments.

You'll get over the debts, you'll never get over selling something that carries an emotional attachment.

Rich

Lucie_2

I don't get sentimental over these things, to me it's only a ring & you can get another one. If raising £3K by selling it would give you peace of mind & help you sleep a little easier at night, then it's worth doing. Once your debts are cleared then you can save up for a new one, which will mean something to you as it will represent the significance of taking charge of your life again & dealing with your debts. Just make sure you consult your OH before doing it, it must be a joint decision. It doesn't mean you're loved any less by getting rid of it. My husbands wedding ring cost £30 (because he wasn't sure he'd wear it), that doesn't make us any "less married" than a couple who have spent thousands on rings. He knows how much I love him, and doesn't need a costly lump of metal on his finger to prove it.