Deep in trouble, looking into releasing equity on mortgage?

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Hi all, long story short, I am a recovering gambling addict (Sports and crypto). I have, in the past year alone, lost over £30,000, destroying my savings and turning me to loans. I have borrowed loans worth £24,000 and I have a few months of money left before I have absolutely no cash left.
I have requested a pay rise from work of 30%, I am a good valued worker. They are "looking into it" (3 weeks now).
I have 2 months left before I can no longer pay my loans or other bills. I have heard about releasing equity from my house. I have about £50K of equity. I need £20,000, but I have absolutely no idea if this is the best thing to do, how to do it, or if it's even a thing.
Any help is much appreciated, I am almost done and can't seem to improve my position. Thank you.
I have requested a pay rise from work of 30%, I am a good valued worker. They are "looking into it" (3 weeks now).
I have 2 months left before I can no longer pay my loans or other bills. I have heard about releasing equity from my house. I have about £50K of equity. I need £20,000, but I have absolutely no idea if this is the best thing to do, how to do it, or if it's even a thing.
Any help is much appreciated, I am almost done and can't seem to improve my position. Thank you.
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However, it's a terrible idea to secure your loans on your home. You'd be better off defaulting on your loans and repaying at an easier rate.
If your that close to running out of money, then I suggest you stop paying your non essential debts straight away.
Get in touch with one of the debt charities and look at debt management options, and please get help with the gambling, as a matter of urgency.
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
There are plenty of options for you as things stand - talk to one of the charities in sourcrates' signature and get some support with the gambling issue.
I mostly finished a step change application before changing my mind. But won't that destroy my credit rating? My mortgage rate ends in 3 years and I am worried about getting a new one down the line, especially with % rates.
I won't go thr mortgage route then. I am waiting on this pay increase which will balance the books... If it's coming.
The gambling has gone (always does when you lose everything), but now I need to survive.
So is step change the best way forward? What about just cancelling the DD on the loans? I bought my house in 2019 (new build) and my priority over everything is to bit lose that.
I would advise you to go through your expenditure very carefully, and get as accurate a budget as you can live on in reality and then get in touch with Stepchange or one of the other free charities.
Home improvement secured loans 30,130/41,000 and 23,156/28,000 End 2027 and 2029
Mortgage 64,513/100,000 End Nov 2035
2022 all rolling into new mortgage + extra to finish house. 125,000 End 2036
https://www.nhs.uk/live-well/addiction-support/gambling-addiction/
You are in deep trouble and yes, your credit reports will be damaged in the short term, if and when you try to rectify your financial situation but that's not important in the long term and if you can get out of trouble, it's worth it to weather the storm.
Why don't you phone someone at StepChange, they will talk you through the whole thing and then you can decide what is the best course of action for you.
https://www.stepchange.org/
They will help you. I say this because I know and I credit them with helping me to turn my life around. Nine years ago I thought my life was over and I was in terrible debt.. For me they recommended a DRO and I thought that was a terrible and drastic thing to do - which you aren't eligible for since you own (or will) your own home. However, it really was the best thing.
Stepchange are experts at this kind of thing. If you look at the end of sourcrates' comment above, it lists three free debt help agencies to contact. One free phone call though - and you can either take their advice or not. But it's worth a try, don't you think?