If you have several years’ worth of old technology hiding away in drawers and cupboards you might want to dig it all out, as one major UK tech company says it could be worth a lot more than you think.

Virgin Media O2 says its O2 Recycle scheme, which will pay you for your old tech and then repair or refurbish it to be sold on, could pay Brits nearly £450 in cash based on the forgotten devices UK households harbour.

The firm conducted research that found the average UK home has four unused devices sitting idle and then compared this against the average amount O2 Recycle pays out for those types of device. When added together, the value of the average household’s unused tech was £466.

“Brits are sitting on a treasure trove of unused tech worth almost £450 which could earn them much needed extra cash in time for Christmas while also reducing e-waste,” said Nicola Green, Chief Communications & Corporate Affairs Officer at Virgin Media O2.

It comes ahead of International E-waste Day on 14 October, which is designed to raise awareness of electrical appliance waste and waste management.

Virgin Media O2’s research also showed 49 percent of Britons expect Christmas spending to increase this year, with 70 percent planning on cutting back on gifts for friends.

You don’t have to be an O2 customer to use O2 Recycle. You can head to its website and enter the details of the device you want to donate, and O2 will estimate how much it’s worth. Once you’ve posted it to the firm and it receives it, it’ll pay the amount into your bank account within three to five days.

The scheme accepts smartphones, tablets, wearables, earbuds, laptops and games consoles.

You can also claim the funds in credit towards purchasing a new phone, tablet or other device from O2. If your trade-in device is no longer working, O2 says it will recycle it rather than refurbish it for the second-hand market.

Virgin Media O2 said O2 Recycle pays people on average the below amounts:

• £80.16 for consoles
• £53.52 for earbuds
• £205.17 for laptops or MacBooks
• £136.46 for smartphones
• £144.52 for tablets
• £81.36 for wearables/smartwatches

The firm said those keen to trade in old tech for possible cash payouts should act now in order to get paid before the festive period.

“With our O2 Recycle service, anyone can send in their unwanted devices – from phones to laptops and consoles – and boost their festive finances,” Green said. “Meanwhile their old tech can be given a second life or recycled – with zero parts going to landfill.”

O2 Recycle is not the only company or scheme that will pay Brits for their old tech. Major competitors include MusicMagpie, Backmarket and high street chain CeX. It’s best to check with different companies to see which will offer the best price, but you should also be vigilant that the scheme you’re planning on using is legitimate.