Selling items to pay off debt

DFB35

Would you sell designer items for a lot less what they are worth to pay off some debt?

For example a bag worth 1,600 but only being offered 850, I feel like being ripped off

I have about 3k on credit cards with interest and 13k on 0% cards, plus two loans. Cannot get another 0% card so wondering if to sell some of my items to pay off interest bearing cards? 

Finding myself heavily in debt again, at the moment l am able to make repayments.  However not being able to get 0% card has come as a shock as now I’m worried when my other 0% deals expire I won’t be able to shift them as I normally would. 

Thank you 

stu12345_2

can you pay your priority debts comfortably.
can you easily make at least min payments on credit cards. are you behind with anything.
I found myself sell 2 cars I didn't need at a loss.
I have also sold dvds.wedding ring. to raise money to get my debts levels down.
doing so reduced my debt by over £20.000.
I still owe £12000. but now on a debt management plan to clear them slowly.

cymruchris

When it comes to selling things, it can be tough when you realise the value you're being offered compared to what you'd paid, when the likelihood is that you haven't used the items much, if at all. But that's the reality. For me - I'd rather have money off the debts rather than stuff in the cupboard. Stuff in the cupboard can be replaced when you're in a better position (and realistically you probably don't need to replace these things as they're luxuries rather than essentials). So I say  - sell what you can for whatever you can get for it - don't think too much about what you're losing, but more what you're gaining. The debt pile will reduce - the potential interest will reduce - and for every pound less on the debt that's a few pennies less interest your card providers are going to make.

badmemory

Why do you think it is worth £1600.  It is only worth what someone is prepared to pay for it & it isn't new any more.  That may sound harsh but it is reality.  If you don't want to accept £850 then wait to see if someone offers more.

theoretica

If you did not own the bag and had £850 less debt, would you now spend £850 on your interest paying card to buy the bag?

Martico

It's kind of telling that your mindset is one of "shifting" debt, rather than paying it off. Seriously, that needs to change - if you have debt, it's not something you can shift forever, it catches up with you and the cleanest route is to pay it off rather than shift it.
So yes, sell the bag for the best price you can get - it's just a thing. And then get a budget in place that allows you to pay off the debt and remove that millstone from your life. I hope you can

DFB35

Thank you everyone. I know my mindset is wrong, I need to change and have a reality check.

Keep_pedalling

The rip off happened when you purchased your designer tat at a massive mark up on its production cost. Its value will only continue to fall while you continue to pay interest  payments, just sell it and stop loosing more money on it.

MattMattMattUK

Buying something new at a hugely inflated cost does not establish it's long term value, it is worth what someone will pay for it, if that is £850 then that is what it is worth. 

[Deleted User]

£850 is still a mad price to pay for a bag. I’d have taken that gladly. The bag itself is probably only worth a tiny percentage of that, without the inflated designer ego attached. If you sell it for £850, then you’ve only wasted £750 and not £1600, as presently. Wasted, not lost, because the bag isn’t worth £1600.

Take it as a hard lesson in why not to buy designer nonsense. You were mugged!

‘Underselling’ might feel tough, at first, but it can also be liberating. Once the items are gone you won’t have to see them everyday and suffer any regret in having bought them in the first place.

Brenster

Just to repeat what has previously been said, spending £1600 on a bag, and being £16k in debt tells you all you need to know.  There will be people who are millionnaires who could not justify spending £1600 on a bag.  I am not saying it not something people shouldnt have if they can afford it, but is an insane luxury for the average person, and the even more ludicrous for someone with £16k of debt.

However you are certainly taking the right steps in selling, but need to learn a lesson from this.

Good Luck.