Are gambling transactions always bad?

onwards&upwards

***I have also put this on the debt free board in case anybody there has any insight, sorry for the duplication if anybody frequents both***

Hi there, first post but been lurking for a bit, hope somebody can give some advice even though Im planning something I know Martin doesn't like!

Background, I have just shy of £24,000 of credit cart debt. About £10,000 is from home improvememts on 0% until early next year. The rest is due to a gambling issue that I have now completely got on top of (I know a lot of people say that, but I really have, thanks to CBT which I can't recommend highly enough.)

I earn a reasonable wage and can afford to pay a bit more than the minimum payments each month, but this is costing me £650 out of a take home of around £1800 and not leaving me with very much for food, fun stuff or the unexpected! It will also take a depressingly long time to clear these balances and in the meantime I would struggle if for example I needed a new roof or boiler.

I want to borrow more on my mortgage to pay off these cards. I know this is usually frowned on but I will cancel them all and have no problems living within my means as the extra cost on my mortgage will only be about £100 leaving me with £550 more to play with each month, I don't have high living costs or expensive tastes so I will have more than enough!

I plan to apply for this in about 6 months as the lender have told me that they can't do this while I have 0% on some balances as they need to be able to offer me a better rate than I'm getting. My question is how much it will matter if I have gambling transactions on my bank statements when the time comes? Like I said, I have totally kicked the habit and the compulsion of the gambling, but I still sometimes take advantages of offers that basically give free money. I deposit the required amount to get the bonus, then immediately withdraw that amount again and only play with the free money. I am very very strict on this and never risk my own funds anymore. It seems a shame not to do this as over the last year or so since I stopped playing compulsively and adopted this approach, I would say I have got close to a grand's worth of completely free cash.

However, if any gambling transactions could risk my application to finally be rid of these cards, I will stop today so I have 6 months clear!

Thanks, appreciate any advice, apart from 'don't do it' of course!

AnotherJoe

So, you are totally on top of your gambling problem?
And yet, you aren't even contemplating stopping until you have to ?

Pull the other one.

TrickyDicky101

Are you so sure you will be able to remortgage for a higher amount?

robatwork

Yes, they're bad.

And you seem to be deluding yourself regarding your addiction.

You probably didn't come here for some judgmental advice, but hey, this is a forum so it's what we do best.

Substitute drinking for gambling in your OP.

Do you think, if you totally kicked the drinking habit, but just took advantage of free drinks offered by your friends because "it would be a shame not to" that anyone would think you were cured of your addiction? Sounds ridiculous huh?

I'm afraid teetotal is teetotal with any addiction, and you still need some guidance and support to see that.

FTBNow

You don't seem clear of your gambling addiction to me: it's like someone who has given up cigarettes except a free one from their friend.

Tallaght

Contact the gambling sites you used and ask then to self-exclude you for life.A lot of banks and building societies look closely now at gambling debit transactions when someone is applying for a loan or mortgage.

anfieldred

Go through a broker - explain everything upfront, they'll try and find you one that might consider your case. Might have to go with a non high street lender for a fixed period till you're back on track