really bad debts!!!

android_2

I am really desperate for advice and help.i am married with two children,i have a really beautiful and understanding wife,who is sticking by me but need to tell her about my debts through gambling.we live in a house worth £250 000,mortgage of £157 000.our income per month is £3500.
I have stopped gambling altogether,i was gambling on betfair.i have closed accounts and told them i want to be banned for life,which they have done.
these are my debts loan owe £21000
loan owe £17000
then i have credit cards a and l £1000,halifax £12000,tsb£5000,barclays£7000,mint £3500,natwest £5500,citi card £3500,natwest overdraft £8500
Please advise me on what i can do i am reallly,really,really,desperate.i cannot make minumum payments now on these cards and loans HELP HELP HELP!!!!!

msmicawber

Hi Android,

Try not to panic. The best place to start is with a Statement of Affairs, which sets out your income, outgoings, debts, minimum payments and APRs (I'm sorry, there's a sticky somewhere with instructions, but I can't find it at the moment - someone else will post a link, I'm sure).

Once you've set out all that information, we'll be able to give specific advice. You've made an excellent start, why not go and get a cuppa and your paperwork and start setting it all out.

Best wishes.

Lemon_Tree

welcome here, you are in the right place and you will get lots of help and advice. As Msmicawber says post a SOA and all these lovely folks can start helping you.

Trying_hard_5

Hi Android - you're def making the right start towards sorting things, you have been brave enough to face up to what you owe (something I can't bring myself to do yet)
There is so much help, support and good advice on these boards that you will never be alone.

android_2

loan 1= £595 loan 2 =£224 all the credit cards about £1000 per month.
I cannot afford to pay them anymore and i dont want to lose the house or my family.my mortgage payments are £1400 per month also

msmicawber

Hi Android,

Sorry, that's not enough information to give useful advice. I realise you're beside yourself with worry, but I've found the link to the post for first time posters. Please look at this, work out all your figures, then post them and we'll be able to help: http://forums.moneysavingexpert.com/showthread.html?t=107280

doodledo_2

Hi and welcome to the forum.

As the others have said try and compile and post a full SOA and you will be amazed at what help comes along.

JennyRob

Hi Android,

Well done for facing up to the fact that you have a problem - it's very brave of you. Are you getting other help for your gambling addiction - GA etc?

I think you need to sit your wife down and explain the situation to her - it'll probably be the hardest thing you have ever had to do but she needs to know the score. Then the two of you can work together to deal with the problem.

Your mortgage payments sound high for the amount of mortgage you have (we have a much higher mortgage but pay a little bit less than that) so it might be worth shopping around for a new mortgage provider.

As you have so much equity in your house it's also worth thinking about increasing your mortgage to pay off some of your debts. It means that you'll be stuck with the debt for much longer but the rate of interest you pay will be a lot less.

Whether you can though will depend on your credit rating as that may have been messed up by all your other debts.

You have a good income but is there any way you can increase it? Maybe by getting an evening job a few days a week so you don't have childcare issues?

tealady

Hi Android. A statement of Affairs (SOA) is the best place to start for you. Even if you don't want to post it up and decide to go to a debt advisor (see the stick for people to approach) the advisor will want to see it to give you the best advice.
Good luck.

natanddan1

you could try http://www.capuk.org/ who can help, work with you and support you through this stressful time.

hope this helps

Justin_GB

Hi OP,
Just to say welcome from another guy who is struggling with a big debt and well done for making the first move,
Justin