Gambling debt. Using which broker?

sharon5cc

I have credit card debt and a lot of it is through gambling. Do they look at what you have spent it on when remortgaging? Has anyone used 'which?' Mortgage broker? Never gambling again. Husband controls everything now and am disgusted with myself. Will not even buy a lottery ticket.

Landofwood

I've not heard any reviews of that broker.

There are many lenders that are unlikely to request credit card statements. Your general management of the balance will be reviewed from your credit file.

Do you have any gambling transactions on your bank statements (debit card?)

amnblog

Lenders do not look at credit card statements.

If there are gambling transactions regularly on your bank statements it will need careful handling.

Landofwood

amnblog wrote: »

Lenders do not look at credit card statements.

If there are gambling transactions regularly on your bank statements it will need careful handling.

Natwest asked me to submit my credit card statements after I stated that much of the monthly expense is work expenses.

It's unlikely, but not impossible.

itsdagal

While they may not look at the credit card statement any deposit to a gambling site will be treated as a cash advance by the credit card company.


I would assume that this would also show on a credit report as cash advances which would not look good.


Presumabley this means that if you still have the debt the interest is very high. I would concentrate on clearing this through the savings and let time heal the cash advances that this will show on your credit report.

Landofwood

itsdagal wrote: »

While they may not look at the credit card statement any deposit to a gambling site will be treated as a cash advance by the credit card company.


I would assume that this would also show on a credit report as cash advances which would not look good.


Presumabley this means that if you still have the debt the interest is very high. I would concentrate on clearing this through the savings and let time heal the cash advances that this will show on your credit report.

Withdrawing cash from a credit card shows up on a credit report? And lenders consider this as part of their lending criteria do they?

itsdagal

The number of cash advances taken per month is flagged on a credit report and if I were a lender I would certainly take this information on board when ascertaining a persons affordability

HappyMJ

Landofwood wrote: »

Withdrawing cash from a credit card shows up on a credit report? And lenders consider this as part of their lending criteria do they?

Yes...I must ask why you are considering securing your unsecured debt. That is not a very good idea.

How much income (take home) do you have? What essential expenses do you have?

How much debt do you have in your own personal name and how much joint debt are you responsible for?

Can you really afford to repay your unsecured debt or would a DMP in your name only be a god idea? You may be able to get the interest rate frozen on all your unsecured debt and a fair and reasonable repayment plan negotiated. There are other options available to you if this isn't appropriate/

ACG

Its not necessarily a bad idea.
OK yes it secures it, but if you can comfortably afford it and it costs you less then surely thats a good thing?

Dont get me wrong, I would not suggest it for everyone but I do not think its necessarily a bad thing.