Don't know what to do!

sweetlips2010

I recently re-mortgaged to consolidate my debts, however i have made a major stuff up. Due to circumstances in my personal and home life i have been gambling online and now owe around £15,000 on my credit cards as well as my mortgage of £152,000. At the moment i can just about manage the minimum payments on my cards, but this will take years to clear and if my mortgage goes up in the meantime i won't be able to pay my cards at all. I can't take out a deb management scheme as i may not get another mortgage in the future if i do that and also as my sons names are on the mortgage i don't want it to cause them any problems in the future. I just don't know what to do anymore. I have vowed never to gamble again but i now have a long haul ahead of me. Can you help with any adivce?

Tixy

Hi and welcome to MSE

Firstly have you done something to tackle the gambling? excluded yourself from the gambling sites or something similar? I know you are resolute now but its not uncommon to slip back so it would be good to get something in place before you are tempted - you might find some ideas on this on this thread - ex and would be ex-gamblers support thread

In terms of what to do, it might be difficult if you are so set against a debt management plan but I think the first thing would be to write out a detailed statement of affairs, this should show how easily you are making your repayments and how much spare you have each month, which then should lead on to what options may be suitable.
This is the link http://www.makesenseofcards.com/soacalc.html and better still would be if you can post on here when complete to get others ideas and opinions.

stoocake

Looking forward to an SOA and want to wish you luck in tackling your debt. I hope you manage to stay away from gambling too.