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Selling personal possessions to contribute toward debt settlement

In a nutshell If you have debt problems that are significant, or where you’re facing spiralling charges and interest, it may make sense to sell your assets to repay your debts – whether in part or in full.

Assets that may be of value, and that are easy and fast to sell, include: jewellery, watches, antiques and tech items. Other assets that may be of value, but that could take longer to sell, may include: property, land and vehicles. Assets could also include money.

What debt problems is Selling assets debt help suitable for?

Those who own assets of a value that would make a significant difference to the total amount owed.

Our debt expert’s opinion on the pros and cons…

Advantages of Selling assets debt solution

  • Selling your assets could provide a fast resolution to part or all your financial problems.

Disadvantages of Selling assets debt solution

  • You can’t sell financed vehicles until you’ve completed all repayments.
  • You’ll need to consider any additional selling fees/costs.
  • You will almost certainly receive lower value for your items than you paid.
  • You may need to make the difficult choice between parting with a sentimental item or repaying your debts.

Worried about debts that won't go away?

FAQs – Selling Assets

  1. How much debt should I owe before selling my assets?

  2. There’s no lower or upper limit, however selling some assets may be suitable for you if you’re unable to repay your debts through your regular income.

  3. Should I sell my home to repay my debts?

  4. Selling property is a big decision and there’s no right or wrong answer as to whether it is the best debt solution – it very much depends on your circumstances.

    Something that you will need to consider is the fees involved in the process. For many who are in debt, the numerous charges involved in the process rule this option out as they have no current means to pay the fees.

  5. What is the best medium to sell my items?

  6. It depends on what the items are. Popular mediums might include:
    • Advertising in the local paper
    • Selling an item on eBay
    • Listing the item on a public online ‘board’, such as Gumtree
    • Attending a car boot
    • Selling technology or jewellery at a pawn broker shop

  7. If I don’t sell my assets can an enforcement agent/bailiff remove them?

  8. An enforcement agent/bailiff has certain legal powers to collect on a debt. They collect against CCJs, council tax arrears, parking fines and other types of debt.

    Bailiffs don’t have a right to enter you home by force, but they can make ‘peaceful entry’ – such as walking through an open door.

    Once inside, they can take goods from your property to contribute towards the debt. There are exceptions to what they can take however, including basic household items:

    • Whitegoods/appliances – such as a cooker or microwave, a fridge and a washing machine
    • Items to heat and light your house
    • A landline or mobile phone
    • Beds and bedding for everyone in the house
    • A dining table and enough chairs to seat everyone in the house
    • Medical or care equipment

    As well as other goods, including:

    • Goods owned by someone else (although they can take goods that are jointly owned by you and another person)
    • Pets and assistance dogs
    • Tools, books or other equipment that are essential for your job/study
    • Goods still on hire purchase agreement
    • Fixtures – such as kitchen units or fitted wardrobes

*An Individual Voluntary Arrangement (‘IVA’) is subject to the customer meeting qualifying criteria and gaining creditor acceptance. Monthly IVA payments include fees and may differ to the example provided, based on the assessment made of your own personal circumstances – these fees will be clearly explained to you in writing by your IVA company. Debt write off amounts are subject to creditor acceptance and vary by individual customer based on their own financial circumstances, and are applied upon successful IVA completion.

Substantiation example, Someone owes £60,000, they pay £100 over 60 months which equals £6000, write off amount would be £54,000 which is 90% of total debt level. Upon submitting your details on this website we will pass your details to one of our approved partners as this website does not give any advice.

Free debt counseling, debt adjusting and credit information services are available from the Money Advice Service.

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