What is the best/cheap thing to do with a water damaged iPhone 5?

I dropped my iPhone 5 in a bucket of water. It still works but the screen flickers on and off. Sometimes going off for days and then coming back again.

How do I fix/where do I send it too and how much will it cost me?

FYI I've been to Apple and don't have £200 odd to replace it and it's not insured, stupid I know but that's my own fault.

Added (1). Thanks for that but what if my contract is not up?

If your contract is up, then I would upgrade to a newer version by trading it in. They now take trade-ins and you can get a new contract, so it may be just like getting a cheap upgrade. Thats better then putting money into fixing an older version.

Put it in your *** until its dry

Of you don't want it anymore try selling it on mazumamobile they buy faulty mobile phones.

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