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Debt problems - Any Ideas

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  • Debt problems - Any Ideas

    Hi, hope everyone is well

    Any advice thought on the below would be much appreciated and I know I'm in the right place to receive it

    Basically I'm still going through a UE journey now 5 years on and all is quiet with this, but now find myself in a new predicament

    My latest issue is as follows, I bought a house with my partner 3 years ago, recently we have carried out extensive improvements and an extension which i funded though personal loans and credit cards

    State of play pre work was was mortgage 105k and house value 205k
    after work mortgage 100k and house value approx 260k
    loans and zero% credit cards have been used to fund 45k worth of improvements as opposed to a remortage etc

    The 40k worth of debt was affordable and all going well until I've blown another 20k gambling (a fool I know, but a win one day at the races with my friends was the worst thing to happen to me as I got grand ideas of paying my debts of early and got greedy, obviously didnt win and stupidly blew 20k on 2 credit cards in no time. So now with this extra 20k at 18.9% interest as its classed as cash means I cant afford all my repayments and if i can the new credit card payments are paying interest only so id be struggling and getting nowhere with these.

    I dont want to shirk and want to repay what i borrow so have looked into other options.

    1- Remortgage was my first thought but cant remortgage due to high levels of personal debt and gambling on my bank statements
    2- Secured loan, and have been offered a secured loan against my house to cover all my debts but the negative is the interest rate is higher than 2/3 of my borrowing and im putting my house against it, why secure unsecured debt for no reason!
    3- Debt management plan - not securing unsecured debt against my house but credit file trashed again

    Id happily carry on paying the 40k as i am now as its affordable but cant cope with this extra 20k, this has tipped me over the edge, the thing that really riles me with this is i that i have nothing to show for it, gambling really is the work of the devil

    All the debt is from the last 2 years

    Any suggestions?! Ive looked at charging orders etc and as far as i see is as the debts are in my name but the house joint names so that puts me in a good position here

    Many thanks for your time


  • #2
    Re: Debt problems - Any Ideas

    I'm not sure what is the best way forward for you but I was wondering how you managed to get loans and 0% credit cards with your debt history?
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    • #3
      Re: Debt problems - Any Ideas

      I lost my job many moons ago and struggled with debt so entered a dmp. Paid it for many years then stopped and explored ue after originally coming on here asking for help regarding full and final payments. The debts were so old and defaulted that they no longer show on credit file and as such I was able to rebuild my credit status as none of the debts from years ago are now visible on my credit file.


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