Debt time to face up

Caperboy

The story you have all heard a thousand times.

Gambling debt. Good news is I am now 30 days and counting clean and have never felt better. Bad news. The total debt is now at £45k !!!

I am a husband and a father.

I have a mortgage with 17 years to go and cannot remortgage until 2 years time. I have never missed a payment to anything ever but am now at a stretched point.

There’s no where to turn for financial help. I have the following loans

Credit union loan £23k
Credit Card £6k
Personal loan £10k
Overdrafts £6k
(All settlement figures above)

There is no family to ask for help and these loans and payments are now taking £1200 off me every month.

Is there a way out.

Is there companies who give large loans to consolidate all of this. This is my issue I want to pay every penny back a want to break the bones of this.

The bank has said no. I even mailed the head of Royal bank of Scotland believe it or not to plead my case - but he wasn’t interested (am sure he has heard it all before) How do I tackle this.

I work, wife works. Bringing in an income of £45k per year combined.

Is there a solution. I appreciate ANY advise or info

Caperboy

Not a single reply. Am I in the wrong section

CanadianDream

Congrats on getting help and becoming clean.


I highly doubt you will get a huge loan to cover all your debts and may be a bad idea as you would just be moving the debt with more interest added.


There is help out there, have you tried contacting step change?

MovingForwards

Best off posting on the debt free wanna be sub-forum, with a statement of affairs.

Highly doubtful you will get a loan for £45k when that is your joint income.

Caperboy

Tried Step change. There advise was to get rid of virgin media WiFi in the house at a saving of £12. Family need WiFi.

They also said to cut back on food by £6 a month.

I was in shock that someone is paid to tell me this. Ended up thanking them for there time and hanging up.

Serious question - does debt die with you? I have a life insurance policy to cover the mortgage and leave the family money. Would my personal unsecured loans die with me or would the family need to pick up the bill should the worst happen

Willing2Learn

Welcome to the forum Caperboy


You have started your thread in the wrong section of the boards. That is why you have had so few responses.

I recommend you make another thread in the Debt-Free Wannabe board (DFW). I also recommend you complete a Statement of Affairs (SOA), so that we can see your full financial circumstances and advise accordingly.

(And there are always options and solutions to every problem.)

And well done on taking the first baby-steps toward your goal of becoming debt-free.

Caperboy

Can a moderator move it

Willing2Learn

I've just asked one of the board guides to move it for you.

sourcrates

Thread moved, thank you.

Willing2Learn

Thanks sourcrates

@Caperboy - Please complete your SOA and then paste it up into this thread (don't forget to format for MSE). The link for the SOA is in post #6.

I don't think another loan would be the correct option. From your posts, it appears as though you have already tried to borrow your way out of trouble with a few loans. Consolidation is not a viable solution if you both don't have a workable monthly budget...

Jami74

Caperboy wrote: »

Serious question - does debt die with you? I have a life insurance policy to cover the mortgage and leave the family money.

I don't know the exact answer, but I've got a feeling that life insurance does not automatically pay out for suicide.

You are in the right place for non-judgmental support. Hang in there, and follow the advice that is given to you in this thread.