Will My Hire Purchase Scheme Work? 23 March 2022 at 8:38PM in Ebay, auctions, car boot sales, post & parcels 11 replies 332 views

Conan1Sett

Ok I don't earn enough to stay ahead of the onslaught of credit card balance interest that is about to ensue. 

At work my mood is low because the men at the bread window are always whinging about being overworked. 

I plan on upgrading my mobile phone and selling the new handset on eBay. Then replacing my phone with a bog standard handset and using the money to pay off my credit balance some. 

I also plan on selling my Smart Watch, my Water Distiller and my Electronic Juicer. Possibly an old TV as well. 

[Deleted User]

The buying and selling phones strategy has never worked out for anyone. It's just a way of increasing your debt without even gaining any new stuff.

Just sell the things you have to put towards your debt and then visit the DFW board.

Conan1Sett

Deleted_User said:

The buying and selling phones strategy has never worked out for anyone.

Just sell the things you have to put towards your debt and then visit the DFW board.

What usually is the outcome of buying and selling phones?

soolin

I’m not entirely sure I follow your reasoning. So you sign up for a very expensive monthly contract, sell the phone and then spend the next 2 or 3 years paying off a bill on a phone you don’t even own?

Better to do just your other suggestion and sell off things you have around the house. Also as suggested head over to the DFW board and get some tips. 

Emmia

Conan1Sett said:

Deleted_User said:

The buying and selling phones strategy has never worked out for anyone.

Just sell the things you have to put towards your debt and then visit the DFW board.

What usually is the outcome of buying and selling phones?

More debt... 

[Deleted User]

Conan1Sett said:

Deleted_User said:

The buying and selling phones strategy has never worked out for anyone.

Just sell the things you have to put towards your debt and then visit the DFW board.

What usually is the outcome of buying and selling phones?

The outcome is that you increase your debt, as you sell for less than paid.

It's a good strategy if you have too much money and want to get rid of some.

Conan1Sett

Deleted_User said:

Conan1Sett said:

Deleted_User said:

The buying and selling phones strategy has never worked out for anyone.

Just sell the things you have to put towards your debt and then visit the DFW board.

What usually is the outcome of buying and selling phones?

The outcome is that you increase your debt, as you sell for less than paid.

It's a good strategy if you have too much money and want to get rid of some.

But I already have a contract with the company. They have offered me an upgrade for trading in my current phone. The cash injection from the sale would reduce the interest I have to pay on my credit card. 

Emmia

You could sell your current phone, switch to sim only, and buy the cheapo handset. That would reduce monthly outgoings on the contract payments... 

[Deleted User]

Conan1Sett said:

Deleted_User said:

Conan1Sett said:

Deleted_User said:

The buying and selling phones strategy has never worked out for anyone.

Just sell the things you have to put towards your debt and then visit the DFW board.

What usually is the outcome of buying and selling phones?

The outcome is that you increase your debt, as you sell for less than paid.

It's a good strategy if you have too much money and want to get rid of some.

But I already have a contract with the company. They have offered me an upgrade for trading in my current phone. The cash injection from the sale would reduce the interest I have to pay on my credit card. 

And increase what you pay for your phone contract.  

Look to reduce your debts, not increase them.

soolin

Conan1Sett said:

Deleted_User said:

Conan1Sett said:

Deleted_User said:

The buying and selling phones strategy has never worked out for anyone.

Just sell the things you have to put towards your debt and then visit the DFW board.

What usually is the outcome of buying and selling phones?

The outcome is that you increase your debt, as you sell for less than paid.

It's a good strategy if you have too much money and want to get rid of some.

But I already have a contract with the company. They have offered me an upgrade for trading in my current phone. The cash injection from the sale would reduce the interest I have to pay on my credit card. 

All you are doing is spreading  your debt over 2 or 3 years- how is that beneficial? 

If you are looking at a phone worth selling then your contact costs will increase , so you sell a phone for say £400 and you pay an extra £25 a month for 2 or 3 years to pay for it. In the early days phone selling worked, I did it myself. I never wanted a fancy phone but I signed up for a cash back deal (these were brilliant in the old days) got the phone and sold it and just kept my old phone . The reason it worked 20+ years ago though was that after cash back my contact cost very little as I basically just paid for calls- and being on a budget I rarely made a call ever. 

Your scheme though gives you immediate cash but then a commitment for months and months to come. Surely better to do as has been suggested , go for a sim only deal or a PAYG, severely decrease your monthly outgoings and instead save that money every month in a dedicated savings pot and start paying off debts.

custardy

It can work out on the right deal.
Ive done it with redemption cashback deals previously. However they are much thinner on the ground these days.
Last decent deal I got was on the Mate 20 pro on release to give a date.
Sold the phone,kept the contract with an old phone and cashback deal gave me a sub £25 monthly phone cost with 60gb data,free spotify and unlimited calls/texts.