Hello,
My first ever post on gamcare but came here 296 days ago because I had enough and wanted to put a stop to the terrible addiction. Reading everyone’s diaries and posts help massivley so thank you very much.
My last bet was July 31st 2017. I got myself in £13k credit card debt and had more pay days loans than hot dinners! I went from having an excellent credit score to the lowest possible. I managed to clear all the pay day loans (about 8 months ago) and rebuild my score to a fair one and it’s on the rise thankfully! I’m repaying the credit card debt slowly but surely.
So, my question is, has anyone managed to get a mortgage after gambling and after my credit took such a hammering? I’ve done a few online quotes and been accepted for quite a high amount (lucky to earn a decent salary). My only worry would be once I go to see a mortgage advisor and they start looking at my file. Will they laugh me out of the bank? I’m hoping to buy in the next 2 years so maybe by that time a few of the payday loans might have disappeared etc!
Has anyone managed to gain a mortgage after gambling? Thanks!
I can't answer your query Reformed but would like to congratulate you on staying gamble free for almost 300 days.
That means a lot. Thank you Stephen. Keep fighting!
Hi caughtup,
That’s very kind of you to say, thank you!
Yes I literally went through every payday loan and complained about them. Debtcamel was a fantastic site that helped and the people of the Financial Ombudsman Service were brilliant. They didn’t judge me for one second.
I managed to very nearly get them all overturned and the vast majority removed from my file, any also received some nice refunds! There’s still quite a few on my file but nowhere near the amount before.
Good luck with your refunds, payday loans are no better than loan sharks who preyed on me when I was at rock bottom. I had a lot of joy when the FOS found them to be irresponsible as it was me chasing them for money rather than the other way round! Keep at it and get what you deserve!
All the best 🙂
Hi Reformed,
I think the answer to that depends on whether you missed any payments on any of your loans or credit cards? I think these can stay on your file for up to 6 years.
I built up a whole load of debt 2 1/2 years ago but I managed to get a mortgage recently. However I always made all the payments and that actually helped my score over time.
The bank will want to see a few months worth of statements and as long as there are no gambling transactions on them you would be ok.
I am only speaking from personal experience though.
Damo
Appreciate the help Damo.
From what I can see there is a missed payment on a credit card so I suspect this will go against me. (I’ve pretty much convinced myself it will be miracle if I get one after all this anyway).
Hi Reformed9, I was in an awful mess with credit card debt through gambling and had the same worries as you. My credit rating was really bad as I was withdrawing money on the CC to play roulette amongst other betting activity. I did always make the payments though and after about 8 months of regular payments as well as a few overpayments my credit score increased really quickly. I then managed to get a mortgage without any issues. I think the key is not missing any payments and then reducing the debt and increasing your available credit. I think if you only have one failed payment and you want a mortgage in the next 2 years you will be fine. Good luck and all the best.
Congratulations on your achievements G100, really pleased for you. Thank you for the advice, it has eased my mind a little! All the best!
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