Gambling debt

enthusiasticsaver

You are best off writing to your creditors asking for breathing space while you sort this out and default on the payments asap. They drop off your file after 6 years so the sooner the better. Save the repayments instead as you need an emergency savings account and hopefully you will be able to pay the car insurance from that too. The lender who gave you the loan recently could be accused of lending irresponsibly as clearly you are over committed. Which lender was it?

dan_wise

Thanks for the detailed advice. Everything seems to be moving so slowly at the moment, was hoping to hear from Nationwide about my new current account today but instead the only mail I had was a statement from Capital One.

enthusiasticsaver wrote: »

You are best off writing to your creditors asking for breathing space while you sort this out and default on the payments asap. They drop off your file after 6 years so the sooner the better. Save the repayments instead as you need an emergency savings account and hopefully you will be able to pay the car insurance from that too. The lender who gave you the loan recently could be accused of lending irresponsibly as clearly you are over committed. Which lender was it?

Ferratum.

Of all the payday lenders I have used, they have to be the worst. And their affordability checks are obviously not robust enough as nobody else would touch me.

I expect of all the creditors they will be the most difficult to deal with, and I very much doubt they will freeze interest and charges.

But I have brought this on myself and I accept that, I just wish more was being done to protect potential problem gamblers from taking out credit for this purpose, whether it be checking of online bank statements as some providers now do or something else.