Help - DMP & Default Question

DebtFreeGoal20

Hi, 

I am a gambling addict and have recently very quickly been able to gamble a significant sum of money by getting loans and credit cards and an overdraft within weeks of one another. 

I own my house with husband who I am needing to speak to about it, however before I do I need to understand my
plan of action. 

I have today cancelled the direct debits for the unsecured debt; opened a new account with an independent bank to move my general banking to; complained to my bank as I had gambling block in place yet was able to gamble, and accepting the MCC wasn’t flagged as gambling so they’ll not be found at fault I was still flagged as a vulnerable customer yet they didn’t question my continued requests to extend my overdraft into £4800 and the £500 deposits within minutes of one another .. (please note I by no means am not accepting my actions are my own)

Anyway - I have a couple of questions if anyone can help:
1. If I wanted to complain about irresponsible lending given the situation to each creditor should I do this once I have defaulted? Or before?
2. If my husband chooses to stay with me, how will my defaults affect him as we have a joint mortgage (all fine not an issue with that)? 

Thank you! 

DebtFreeGoal20

Sorry to note I was in recovery for years, unfortunately have had a rather bad relapse. I had in place already:
- bank blocking gambling 
- gamstop

have been in contact with Gamcare and now have Gamban downloaded so I cannot use any apps now thankfully! 

I will also be looking to get counselling - just to clarify I am completely aware of the gambling addiction and steps taking for that 

RAS

There may be some impact on his credit record, but you massively reduce this if you avoid any shared consumer accounts.

You can renew with your current mortgage provider without a credit check, 3-6 months before the fix runs out. Don't attempt a whole of market re-mortgage. 

DebtFreeGoal20

Thank you! 

ManyWays

Why did your bank know you were a vulnerable customer, was that from the previous gambling episode? 

Gamban is good and will hopefully stop the loophole that lets you gamble this time. But you need to plan for the worst and convince your husband that this time will be different. One thing is to offer to get your wages paid into his account each month, and he can then transfer you pocket money, its not the relationship you want as an adult with your partner, but it may convince him that you are serious.

fatbelly

Answering your questions...

1. You might as well start the complaints now

2. You have a joint financial product so your defaults will affect him

DebtFreeGoal20

@ManyWays yes I have had the gambling block for years on my bank, so it is my understanding it’s flagged as vulnerable. 

I have told him tonight, I wasn’t able to say much he walked out and has said I have !!!!!! him over so need to figure out what is going to happen.. if we divorce and how it affects him with the house but we do have a joint mortgage 

RAS

Sorry his reaction is so strong. Give him space and try to get him to clarify what he means by you what is going to happen." Does he want to see a financial plan, you to work on your addiction tendency or to sort out marriage issues?

We don't know the specifics of your marriage but the starting point for financial settlements is 50:50.

Re-building trust will take a lot of effort on your part, including almost total surrender of access to money and absolute financial transparency. And on his part, if he has space for it.

DebtFreeGoal20

He has come around to the idea that we are not going to have bailiffs knocking the door tomorrow and understands I am working towards a plan. 

I have spoken to National Debtline today and they recommended (I explained the whole situation) that I write to each creditor and request a write off based on my vulnerabilities, evidence of the steps I have taken and continue to take regarding the addiction but also the sudden spike in credit requests within a one month period going from nothing to tens of thousands all being allowed to be processed. I am in the process of doing this. 

However, does anyone know if I default and/or request a write off for a credit card with Barclays and my mortgage is with Barclays could this impact my mortgage? 

Grumpelstiltskin

No your mortgage won't be affected.

When you need to renew it you must stay with Barclays as there will be no credit check, don't try and move it anywhere else.