Gambling and Debt Management.

Allworknoplay

Hi all. 

Long story short. I have had a gambling problem for many many years. Previously never borrowed to gamble and always paid my bills. However recently I have made a mess. Current debts £36k personal loans. One loans provided by current account provider that was aware I had a gambling problem for months and years prior and my transactions and spending was an issue. I had taken a loan out from different lenders for each of the previous 4 months too and used one to pay off another etc. 

I have split with my partner due to the lies which I understand. We share a property on a joint mortgage. Not much equity in the home and current rate runs until 2027. 

I had previous blocked all gambling transactions via support channels and also my bank directly however I had found a way around this. 

I have now blocked all aspects of the ability to gamble and spoken to support networks again and have an appointment with my GP for mental health reasons.

I have just signed up with Stepchange and the DMP is going to be in place soon. Hope to pay it off quicker but understand it's not an over night thing and is looking at 18 years.

I hope this works out and wanted to thank the community on here for their stories and information to help me to this point.

Any advice or support would be welcomed.

powerspowers

Hi,
I’ve asked for your post to be moved to the debt board as you will more likely get some helpful responses. 

Edit- I just reread your post, if you are wanting specific advice on your home and what to do next maybe here is a good place? 

Well done on taking control of your situation and hope that you get some support with your mental health. I do wonder if DMP is the best plan as it will take so long to repay. Also if your bank knew about the gambling, surely a loan is not responsible lending under the consumer duty. I’m sure others will have some advice. 

All the best, PP

Allworknoplay

Thank you for putting it in the right place. The iva is an option but needs to show no gambling for 3 consecutive months. I was also worried about the IVA and the mortgage ending. I'm hopeful of sum inheritance end of the year. ( I understand how awful that sounded waiting for it. It's been an ongoing process since 2021 with miss management and issues regarding the Pension again another long story) that is a great point on the loan and I thought the same and have logged a complaint but my mortgage is with them too and worried as much as they say it's separate is it actually? Thanks again for your help on here.

ACG

An IVA would really hammer your ability to obtain a mortgage, much more than a DMP. 
That being said, do you need to enter a DMP? Is it possible to set up payment plans with the creditors directly? Then you do not even have to a DMP, it will just end up being 3 defaults probably. 

But at the same time, I appreciate you probably do not need the added stress and step change can help with that. 

Best of luck. 

Mr.Generous

Well done on taking control of your situation and hope that you get some support with your mental health. I do wonder if DMP is the best plan as it will take so long to repay. Also if your bank knew about the gambling, surely a loan is not responsible lending under the consumer duty. I’m sure others will have some advice

I'd agree if when you applied for the loan and they asked the reason EG Car purchase, home improvement etc

you put "Gambling"

Otherwise I think you have to take personal responsibility.

powerspowers

Mr.Generous said:

Well done on taking control of your situation and hope that you get some support with your mental health. I do wonder if DMP is the best plan as it will take so long to repay. Also if your bank knew about the gambling, surely a loan is not responsible lending under the consumer duty. I’m sure others will have some advice

I'd agree if when you applied for the loan and they asked the reason EG Car purchase, home improvement etc

you put "Gambling"

Otherwise I think you have to take personal responsibility.

If the bank were aware of the gambling and that it was a problem  then they have to follow the consumer duty- that’s the regulations and your opinion doesn’t come in to it. 

However I wasn’t very clear inmy prev post, the amount borrowed is likely to still have be repaid, it’s the interest that can be refunded when lenders don’t follow the consumer duty.