With Christmas come and gone and gifts unwrapped by now, perhaps it is time to re-asssess your finances and also think of a way to find use for those discarded mobile phones that were ruthlessly displaced by the finer range of smartphones.

As usual, there's always someone out there to do your homework for you. Creative people with creative ideas now come to the resucue of people, who are looking to make that extra buck. An independent price comparison website has come forward with an 'Exchange your old mobiles for Cash' scheme that is bound to attract people.

 The recently launched mobile phone price comparison site, sellmyoldmobilephone.co.uk, the most comprehensive mobile phone comparison site in the U.K. is offering to pay people in return for their discarded mobile phones.

Considering the fact that Britons on an average will have spent more than $500 on Christmas presents in 2010, many of them could benefit from a little extra money in January. The website offers customers good deals for their old phones.

As the site compares the prices from 23 leading mobile phone recycling companies, customers have the option of settling for the best deal.

Apart from comparing prices, the site even offers a unique historic tracking device that allows consumers to see how much they would have received for their phone weeks earlier. Prices are updated daily and customers can make up to £180 for their old phones.

Trading in is very simple, for visitors have to just note the make of their mobile, select the best deal and free-post their phones then receive cash.

So, what happens to the old phones? Well, these are recycled and the recycled phones are stripped for metals, plastic, and the proceeds go to charities. Many recycled phones land up in developing countries and people from rural areas get these phones cheap.

This unique website has been set up by Edward Robertson Ltd, a Web development company based in the North East of England. It has previously launched its online shopping directory shopsafe.co.uk, providing customers with a database of over 4,000 retailers.

In a statement, Graham Miller, director of Edward Robertson, said, “The New Year probably meant a new phone for many in the U.K. and we really want to help consumers to make money from their unwanted phones. Instead of letting old mobile phones gather dust in drawers, we are encouraging people to get the best deals on their phone whilst helping the environment.”