Mobile Phone Contract Question

Studentcase

Hi

So I gave into the lure of an all singing and dancing iPhone 8 phone contract and now I really wish I hadn't.

Its too expensive and not too mention the amount of time I waste on the device and on the internet, it makes me really wanna divorce it.

What are the ways out of the contract, especially because I cant afford it?

Thanks

[Deleted User]

If you are outwith the period of time in which you can change your mind then your only option is to pay for it.

Dxxx

Studentcase

Pay what I owe to them?

[Deleted User]

Yup, you could sell the phone to get extra cash now to pay it off quicker.

Dxxx

CakeCrusader

How long have you had it, and who's the mobile phone provider? There's usually a cooling off period of about a month (you'd need to check your contract though). I'm assuming it's not a data/call contract but you have a contract for the phone too? What you could do is sell the phone and use the cash to settle the loan for the phone. It might not cover all of it though, second hand phones don't sell for their full cost. O2 can change data packages, if this is any use. If you have less data you'll use it less (in theory).

sourcrates

Hi,

Once the cooling off period has ended, one option is if you can find someone willing to take over the contract, and they pass a credit check with the network, if they do, you can sometimes get the contract, and phone, signed over to them.

Other than that you are stuck with the debt I’m afraid.

If you were to default, this would have a negative effect on your credit file, however it would allow you to repay the debt at an affordable amount, one it had gone to collections.

This would effect your credit worthiness for up to 6 years though so is only to be considered as a last resort.

Selling the phone is probably your best bet, but I doubt it will cover the full outstanding cost.

Studentcase

Yeah its a contract with a phone as well. Have had it for 3 months. I guess I will have to sell the phone and go from there on. Thanks guys

Studentcase

My credit score is all over the place at the moment anyway. I'm 20 years old and realising I should not be aloud to take on debt of any kind :')