Can I remortgage with large debts already and gambling transactions too?!

Adviceneeded15

I have gotten myself into a huge hole and I can’t see a way out. I just want to know if it is a possibility to remortgage adding credit card debt when I already have large debts (2 unsecured loans totalling £ ).

My current mortgage is £76K and the house is worth approx. £120K.I am looking at remortgaging the credit card debt only so remortgaging £93K.As I have a lot of debts already are there any lenders out there who will help?!

Current mortgage £76K @ 2.6% £475 per month

House value £115K approx

Household income £42K

Credit card debt £16K

Loan 1 outstanding £28972 £402 per month
Loan 2 outstanding £16500 £332 per month

There’s also the gambling transactions which have been the cause of the credit card debt. I am totally ashamed and disgusted at myself and can’t believe I have done this. I am not sleeping and i feel sick with guilt. My husband will divorce me as soon as I tell him so not even sure if there’s any point in my thread as I won’t be able to remortgage without him anyway. What started as a few deposits here and there and winning big as turned around and I’ve lost the winnings and money I didn’t have in the first place. I feel physically sick at what I have done.!

So far I have managed to meet monthly repayments on my cc debts but this last month has been so difficult especially as hubby is unaware of my debt and i know it’s only a matter of time before I am going to start missing payments which I don’t want to do because I want to pay my debts off. I want to get this sorted out, if I can.

I don’t know any other way out of my mess except to sell the house before I lose it but then I’ll still be over £20K in debt.

I have been on the debt wannabe forum and I have cut all out bills down and I have cancelled Sky etc. I have put everything I own what we don’t use on ebay but it’s not helping much.

If anyone can offer any advice re mortgages I’d really appreciate it.:o

ACG

This can be done BUT I would suggest trying to get 3 months worth of bank statements without any gambling transactions on there.

Who do you bank with? There is only 1 lender I have ever done this with and I did struggle to find lenders for it so just hoping you do not bank with them.

Speak to a broker.

Also be honest with yourself, is this a cycle you have broken? Because you would definitely not have enough equity to remortgage again.

Personally I think I would leave those debts in place so you HAVE to work and do overtime or take on a second job to clear them.

amnblog

This is not an uncommon scenario.


We have a client last year who was gambling online when he husband was out - without his knowledge.


There will be lending options - but whether securing debt against your home if you have a gambling problem is the right move is another idea.


Start here for help from someone who understands


http://gamblersanonymous.org.uk/

audigex

Also talk to your husband, now. He's going to find out anyway, better it comes out voluntarily rather then when he starts questioning what the hell you're doing with all this money each month and why you're acting shifty

Better to give him the real scenario, rather than let him possibly work out another, worse, one.

He may choose to leave you, he may support you, we have no idea: but it's happening either way.

You may be surprised, most people are more annoyed at the secrecy than the problem: if you don't trust him, though, how can you expect him to help you?

Do you own the house together? Does hubby know about the unsecured loans? How does the joint income break down?

Thrugelmir

Give the National Debtline a call it's a free Government service.

https://www.nationaldebtline.org/

With that level of debt you'd be better looking for a fresh start completely.

National_Debtline

Thrugelmir wrote: »

Give the National Debtline a call it's a free Government service.

https://www.nationaldebtline.org/

With that level of debt you'd be better looking for a fresh start completely.

Hi Thrugelmir


Many thanks for the recommendation but in the interests of accuracy, I should point out that we are an independent charity and not a Government service.


OP - I would certainly agree that you would benefit from some impartial debt advice, whether from us or another of the free services. All calls are treated in the strictest confidence and you don't have to identify yourself if you don't want to.


Dennis
@natdebtline

andyfromotley

You must contact GA. You are not alone, there are friends there waiting to help you. Good luck.

Thrugelmir

National_Debtline wrote: »

Hi Thrugelmir


Many thanks for the recommendation but in the interests of accuracy, I should point out that we are an independent charity and not a Government service.

Charities require funding. Correct me if I'm wrong. But the Government (i.e. the UK taxpayer) does chip in.

nubbins

Have you stopped gambling?

Go to gamblerstherapy.org, there is a forum on there with people in the same situation and people that can help you.
You need to own up, you are trying to think of every option you can to hide it from your husband, you cannot hide this and the longer this snowball lie continues the worse it will get. You will not be able to do this without support for either your addiction or debt, you will need your husband. If he chooses to walk out on you at this stage he definately will if the lender repossesses the house.

1+1=4

Having just been on the other side of this( my stupid gambling husband). I can give you 2 good bits of advice . 1 tell your husband that was what made it worse for me was the fact that he tried to hide it.
2 get some help. There are a lot of meetings out there and you need some kind of support. This is not something you can deal with on your own. Xx

TrickyDicky101

You have total debt of c.£137k and assets (house) only worth between £115k and £120k and you are a self-confessed gambler?

Brokers, if any financial lender would extend further debt to the OP then I would suggest that would be the definition of irresponsible lending, surely?