Consolidation Loans - How long?

SoundTraveler

Hi,

My husband has run us alot of gambling debt, looking at around £20,000 on credit cards.

We both have ok credit ratings, not fantastic though, but are looking into taking out a consolidation loan, as paying the extra back at the end does not bother us.

The CC companies are asking for £500 at a time, so paying them all off and just paying £300 per month is alot more beneficial.

However, I was just wondering how long it actually takes to receive the loan after applying, anyone ever taken one before?

thanks x

dealer_wins

Until your husband manages to completely stop his addiction I would say dont consolidate. Otherwise you will find yourselves with £40000 of debt when the cards get used again for more gambling.

If you havnt already check out http://www.gamcare.org.uk/

A lot of good advise there including a forum.

barbarawright

There's also a thread about support for gambling addiction in the Debt Free Diaries section I think - someone will post a link. Please don't make any rash decision about finances until you know the problem is kicked. You'll probably get better advice in the DFW section as a loan won't solve your problems. As you've already found

https://forums.moneysavingexpert.com/discussion/comment/48458825#Comment_48458825

opinions4u

Many lenders can approve and release funds within 10 or 15 minutes. Getting approved is going to be the big problem.

But you really need to know he's sorted his problem out before you commit to this debt. No point borrowing £20k and then watching him rack up a similar amount with a new set of stupid bets.

Good advice above.

skintandscared_2

To take a consolidation loan to cover £20k of debt would mean you need to have an income of at least £80K. Lenders do not assume you will pay off the existing debt with the new loan and your TOTAL commitment must not exceed half your income. So unless your income is £80k+, you have no chance. I'd say the best course is to deal with the gambling issue and contact a free debt counselling service like CCCS who can help if you need to come to an arrangement with your credit card companies.

Emmzi

Is the debt in just his name? If so, don't even think about making it joint names. We have so many gambling stories on this board.. then he runs off... then you are up the creek.

The very fact that it is you asking for help, not him, suggests he has yet to take accountabikity for the situation he has created.

Very very good luck. First and foremost, look after your own interests.

Emmzi

Hold up - SoundTraveller, aren't you the "it's Friday I need a payday loan" poster?

And now you are the wife?
I am confused.

[Deleted User]

Good spot Emmzi!

I LOVE this place. It's full of nutters, liars and schizophrenics, but it's home, dammit.

LovelyLeeds

Deleted_User wrote: »

Good spot Emmzi!

I LOVE this place. It's full of nutters, liars and schizophrenics, but it's home, dammit.

I'll make myself comfy... :beer:

The OP must persuade her husband to have his 'gambling light bulb moment' and seek serious help for that before a doomed consolidation loan is considered. It would be be a better outcome if the application for such a loan is royally turned down - they will be doing you a big favour in the long term.

Peelerfart

Excellent! Brightened up a cruddy Wednesday no end.

Anybody tell Richgold to get his underpants ready ?

barbarawright

Deleted_User wrote: »

Good spot Emmzi!

I LOVE this place. It's full of nutters, liars and schizophrenics, but it's home, dammit.

Ahem. Post 3.