40k debt 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

fatbelly

Con1489 wrote: »

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.

1. Debt Management Plan
2. IVA
3. Bankruptcy (if no equity in house)

There's three.

sourcrates

Hi,
What is the nature of these debts, credit cards, loans etc, I'm assuming ?

Fatbelly has given you three of the most common debt solutions available, there is always an option for you, saying you have no options just isn't true.

National_Debtline

There are always options to deal with the debts, it can feel harder to tackle if you are struggling to stay in control of your budget (but a good and consistent budget each month will be a key part to dealing with these debts).


Work out a SOA, seek help with your gambling (don't put more pressure on yourself by trying to tackle it alone) and see how much money you could spare for these debts each month....that will help you decide whether to informally negotiate yourself, use a DMP or whether you would need to consider bigger options like an IVA and/or bankruptcy. Be careful with insolvency options if you have a mortgage property - they could put your home at risk.

Laura
@natdebtline

peteuk

Hi

I'm with the three above, there is always an option, it might not be an easy way to sort things out but never say never....

Although sorting your debts out is the main reason for posting on here, I would also advise you to go back to speak to whoever you had the support from in the first place. A year of not gambling is a good start, but I fear that this is an addiction so you need to abstain from gambling for life, if you ever want to be and stay debt free.

I hope you get sorted, call either National Debtline or Step Change who can help with the debt (or CAB if its easier) also there are other facilities that can help with the gambling.