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Over 100k in debt due to Gambling Addiction.
Comments
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The regulators technical definition of a payday loan is one charging over 100% APR where the term of the loan is a year or less. Drafty is a ultra-expensive rolling line of credit with an APR of 96%... but to all intents and purposes it functions as a payday loan that borrowers keep rolling over as they cant clear it.
This https://debtcamel.co.uk/gambling-refunds-loans-cards-overdrafts/ looks at gambling and affordability complaints and there will be links from there to templates for loans and credit cards.
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I would say look into doing a pair of interlocking IVA`s as fatbelly suggests, a DMP would take a very long time and a lot can happen whilst you are repaying such a large amount of money.
The IVA route would see your property legally protected from any further action, and it appears you may be one of the rare cases where such a strategy will work for you.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
It’s been over 1 year since I posted here and we went through with a joint DMP.(Stepchange)
We are down to 77k from 107k .
It’s not been easy but I’m happy we make progress…we kept our house and still a family. Gambling is under control and I feel pretty strong I won’t gamble even again.
Just here to say to anyone else struggling with debt…keep going. You’ve already shown the strength it takes to turn things around. One day soon, you’ll look back and see this time as the moment your comeback truly began.20 -
Excellent and thanks for updating. Glad you did not go down the using your equity route.
Two things you should never do when dealing with debts. Debt consolidation and converting unsecured into secured lending.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
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