yes - if nothing else pay the £140 and then sell the refurbed one you get back..it will be like brand new and you'll get at least £200 - probably more like £250 for it looking at current prices. Sell it to CEX if you don't like ebay - they will pay you around that much.
I did something similar with my first iPhone (1G) - i smashed the screen on a night out (NB. falling onto broken concrete when drunk, iphone first = broken iPhone!), but as my contract was up I just replaced it with my HTC Touch Pro..I wanted 3G back
Apple gave me a refurbed iPhone for £140 and then I proceeded to sell that for £250 at the time..so £110 profit
