40k of debt and no options

Con1489

Hi,

Feeling stuck at the moment I've racked up nearly 40k of debt due to gambling. I don't feel I have any options.

I have a home with my partner which we pay a mortgage on we don't earn a great deal of money between us. My partner is aware that I'm in debt due to gambling but not the amounts.

Ideally I need to remortgage my home but we have only been in here 6 months so I doubt we have any equity and we got the house on a help to buy scheme.

My gambling has recently spun out of control. Around 3 years ago I admitted I had a problem started seeing someone for help. I managed to sort myself out and not gambling for a whole year. My addiction crept back up resently after a holiday where there was a casino in our hotel rather than admit to family I'm recovering from a gambling problem when they asked if would be playing in the casino I gambled. now I'm in trouble again but it's 4 times worse this time.

Not gambling I can do I just need a option as to how I can tackle this debt then I will hand over all my money to my partner n take the risk of gambling out of my hands.

Any advice greatly appreciated

Con

Caz3121

you would be best to post on the Debt Free Wannabe board with a SOA and you should get some helpful advice there on debt charities etc

Pixie5740

Every debt problem has a solution.

Talk to your partner. Talk to your family and admit your gambling problem so that you won't end up in a similar situation again. That conversation won't be half as bad as you think.

Are you attending GA meetings for support?

As for the £40k debt I think it would be worth contacting one of the debt charities such as CAP UK or Step Change to discuss your options. There will be a light at the end of the tunnel.

dancingfairy

Borrowing your way out of the debt is not going to help and nor is putting your house at risk (even if someone would lend to you).
I suggest that you seek help from a debt charity someone like Stepchange, National Debtline or your local CAB. They will be able to go through your options with you (and yes there are options!).
It may trash your credit rating and it may take a long time to pay back but it can be done, and also hopefully stops you getting in a mess again (I don't mean that in a nasty way, but sometimes I think the only way to recover is to hit rock bottom and go through the tough stuff ).
Give the debt charities a call and get the ball rolling.
Oh, you'll also find lots of help and support if you hop on over to the debt free wannabe board and there are even support threads from others suffering from gambling issues as well.
Regards
df

andyfromotley

Hi Con,

been there, done that. I konw exactly how you are feeling just now.

There is no magic nullet for your debt. Its highly unlikely that you will be able to borrow your way out of this. Follow the advice above and call National debt line, stepchange or cap. to discuss your options. There are debt relief options that can help you, you will be able to sort this but it wont be easy or painless i'm afraid.

Sadly i think you are wrong about the gambling. You say 'not gambling i can do'. I dont agree. you had a period of abstinance and then have gambled agin, to an even worse extent. The path you have followed hasnt worked, unsurprisingly if you follow the same path again, it wont work, again with the same results.

You have a serious progressive illness. I believe with all my heart that the only real solution for the vast majority of compulsive gamblers is regular attendance at GA and embracing the 12 step programme that they teach. Please get yourself to a meeting where you will find a sympathetic ear and a warm welcome. You can recover from this illness, real recovery, not abstinance. Otherwise no matter what you do about your debt it wont matter as you will almost cetainly gamble again.

I wish you well in your current situation and hope you find a way through it.