Hi all
I am looking for others input as to what to do with the debts that i have wracked up due to my gambling. I have the following outstanding
£11000 - loan
£7500 - loan
£5600 - credit card
£2500 - credit card
£1500 - mixture of small credit and store cards
£5000 - family loan
I am paying back around £750 a month, which is managable and leaves me enough money to add to the household account and have a little spending money left each month
The thing that i would ideally like to do is get a large loan, £30000 to consolidate all of these above figures and be left with a similar monthly out going (potentially even less having done a little research). With my gambling and extensive amount of money owing i take it that my credit rating is really poor as the couple of loans i have applied for have been rejected. Does anyone have any suggestions of companies that i could speak to who might offer me a loan of this nature even with my poor credit rating? I have done a rough enquiry with a loan broker with regards to a secured loan against my house and there are offers in place there. To go down this route it would have to be a joint application with my partner but i dont wish to do that. Even though she is aware of my gambling problem i dont wish to start to offically have loans in her name and potenially cause her issues down the line
I know that i can manage these repayments (as i have to know)
What would you guys suggest? How have others dealt with a debt of this size
Thanks for reading and good luck to everyone that is fighting this problem everyday
Thanks again
No mention of how you plan to deal with your ongoing gambling issue here unknown?!?
What makes you think it will be different this time. Last post you wrote on the subject you took out a consolidation loan & gambled it!
My advice is to stay well away from any additional borrowing especially secured loans, because I have walked in your shoes! I have lost count of the times I have been 'bailed out': remortgages, consolidation loans, inheritances! You have something way bigger than your financial situation that needs addressing 1st & until you do that, you will struggle to stabilise your finances. There are debt strategies available but I don't think any of the advice would be to do what you are asking about as it just makes you more vulnerable in the long run.
You are absolutely right not to drag your partner into this, it's just not fair & will allow you to continue to bury your head in the sand with regards to understanding the true value of the mess gambling has allowed you to create.
Stopping gambling stops us racking up more debt, focus on that & the finances will settle down! You can do it - ODAAT
How much does your partner really know of your gambling and the debts? Does she think that you have the odd flutter here and there or does she understand that the roof over her head is not secure?
To remortgage and gamble it means that eventually both of you will be out on the streets.
Your problem isn't the debt, it's your compulsion to gamble.
CW
Hi Unknown1122
Unfortunately with a poor credit rating you are unlikely to get a good rate on a loan if at all. You may be surprised though, have you checked your score using credit expert, clearscore, noodle (all free) to give you a better indication? My own credit rating has always been pretty good and recently it moved up to excellent so I managed to move a large chunk of the debt from a loan @9.9% to a new credit card @2.99% which saves me around 1k in interest. I must say I only did this after 6 months gamble free and even then I was considering whether or not to do it. In the end it made financial sense and the loan is now settled and I should be debt free 4-6 months sooner than anticipated!
I do echo the advice you have received also. No point even looking for another loan until you're in recovery as ODAAT has already mentioned what can happen.
All the best
Hi unknown
Just a reminder that no one here is an expert on financial or debt advice and can only speak from their personal experience. You might want to contact one of the agencies we mention on our page Finance and Debt Management.
If you'd like any support with your gambling problem, please do give us a call on 0808 8020 133 or chat to us on the Netline.
Best wishes
Forum Admin.
Hi Unknown.
Gamcare are right in that we can only suggest that you get financial advice where everything is laid out on the table.
You need to face this full on and you have work to do. I dont know what you earn but it would have to be substantial to absorb debts at that level.
I dont want to over worry you but Im equally not going to soft soap you. Those debts look high. Ive been bankrupt over large debts with multiple creditors but there is a point where your mental health has to be a factor under consideration. Life does go on.
All I will say is that you need to reduce the number of creditors down to one if possible because that will be easier to deal with. You cant live by racking up debts and you must have stopped the gambling.
You know you cant live like that so you have some big decisions. Consolidation loans need collateral so it would be putting your house on the line. The CAB are helpful and companies can freeze interest if you declare a problem you are seeking financial help with
People out here will help you and youve also got to be getting some focus on what debt like credit cards are all about. I used to live way beyond my means and all the goodies didnt make me happy when I was in debt.
This is what gambling does and I hope you are focused on all the blocks, and management /monitoring of your money
With focus and a new way of living you can get through this
Best wishes from everyone on the forum
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