Selling something to clear debt

Richard_S

morlandbanks wrote:

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.

Well done for being debt free morland but I think you may well see things differently should you ever find yourself with yr back against the wall.

Sinkingindebt_2

I will regret it cos it was made especially and its unusual (marquis cut)

However it makes me sick thinknig how much money we have wasted.

I could get £2k im sure for its its platinum and almost a carat and very very lovely...Hmmm

So its a catch 22 situation, I knew you lot would be 50-50 split LOL!!!

Thanks x

newlywed

See, unique, special, specially made - keep it, keep thinking about it though. Don't to anything hasty.

5 years into your debt management plan, you'll still have it if you want to sell it and clear some more debt - or you'll still have it if you decide you can't part with it.

PercyPig

Sorry I'm not helping the 50-50 split either but I say don't sell it. An engagement ring is a very special piece of jewellery and your ring sounds very precious. You have said you would regret - so don't sell it. I am also £25,000 in debt so believe me I know how desperate you feel.

Sending you a big virtual hug (((sinkingindebt)))

Tustastic

Others have given good advice about having your engagement ring valued. The money you might get for it might be so much less than the insurance value that you will happily keep the ring and keep wearing it, knowing that it wouldn't make enough of a difference to your debt to justifying selling it.
PS I am in agreement with the posters who would get rid of items of sentimental value if they had to.

Sinkingindebt_2

Cheers everyone, Ok so maybe when you are really low you will go to extremes and consider all options. I dont think im in a rational mind either way, so I might do what antoehr poster suggested and take it off for a bit to see if i miss it.

Apart from selling my soul, selling my body or selling my ring, Im pretty stumped at how I can raise extra cash LOL at least I have my sanity....






*double checked to find sanity is not intact and never was* oops :rotfl:

Richard_S

Sinkingindebt wrote:

I will regret it cos it was made especially and its unusual (marquis cut)

However it makes me sick thinknig how much money we have wasted.

I could get £2k im sure for its its platinum and almost a carat and very very lovely...Hmmm

So its a catch 22 situation, I knew you lot would be 50-50 split LOL!!!

Thanks x

SID,

We're not split 50/50, look at the people with the biggest debts and those that have fought the most difficult circumstances and I'll bet they're the ones saying don't do it - they've all been where you are and know how skewed yr thinking can become.

When you see how the financial institutions increase the amount you owe them with their extra charges, collection costs, legal fees etc etc you'll look back and think that it just wasn't a sacrifice worth making. We owed over £200k and my only regret is that it wasn't twice as much.

We have been in business of one sort or another for almost 30years, always borrowd responsibly, repaid debt, enjoyed a good standard of living and then you get it wrong for a time and the parasites can't wait to devour your carcass.

Please don't do it,

Rich

Serialdieter

Hi

Personally I'd say keep it. It was specially made and has sentimental value, you'll regret selling it.

I know that I'll never sell my engagement or wedding rings.

Jx

immoral_angeluk

I used to work for Ernest Jones and from a professional point of view I can tell you you'd be VERY lucky to get even half of it's valuation for it. Jewellery depreciates very quickly after it's bought unfortunately and the 'valuation' you've been given is an insurance valuation, basically what it would cost NOW to replace it completely, not to sell it. Valuations should never be relied on for actual selling price. For example I once sold a tanzanite (Very rare) ring with the valuation I had done (It was valued at £120), and I got £20 for it. My engagement ring is 'valued' at £565 but I would be lucky to fetch £200 for it if I sold it.
Without knowing the quality of the diamond (Which effects value a lot.) as it's platinum and nearly a carat of diamond weight I'd say you'd probably get around the £1000 mark if you sold it on DEPENDING on how and where you sold it. Private buyers tend to pay less and jewellery dealers are in it for the profit so you've be EXTREMELY fortunate to find someone who would pay £2000 for it.

In short, please don't sell it. You engagement ring is one of those things that can't be replaced. As long as you have food on the table and are working things out it really isn't worth the heartache I guarantee you'll feel if you sold it.

Callisto

Sinkingindebt wrote:

I will regret it cos it was made especially and its unusual (marquis cut)

You said yourself you will regret it, so DON'T sell it! Especially as it's custom made, you wouldn't be able to replace it. My engagement ring cost a lot less than yours, but is my most prized possession. Myself and my partner are in debt, but we would sell off everything else in the house, rather than sell our sentimental items.