Gambling Debt! CC 7k, OD 6k, BL 15k and remortgaged house.

[abrokelad]

Very briefly.
34/male/no dependents
income 40000 (ish)
financially inept at the best of times
currently not the best of times

I am not looking for sympathy or emotional support, that's a different issue. I want to tackle my financial problems. So I have come here looking for clear, concise and good advice!

Basically gambling was the issue. Lost money. (Before anyone dismissively suggests that it is my own fault - I know that already!)

Credit card debts of 7 grand, overdraft of 6 grand, bank loan 15 grand. Have a house that has been remortgaged. (God, even writing this is a bit gut churning)

I can sell my house and basically cover all those debts and have to start my financial life again.

Is this a wise decision?

Any other suggestions?

I reiterate, it is financial advice I require!

Sincerely,

abrokelad

 

[bagoftricks]

Re: Gambling Debt!

Lad

If you post your montly outgoings people will be able to help you more as they will know what you are capable of paying back per month.

Obviously it goes without saying you pay as much as you can back off the debt that has the highest interest rate.

There are lots of people that are willing to lend you sound advice here once you provide them with the details.

Have you thought about selling your house and downgrading to an apartment?

Regards
Bag

 

[Sue Ellen]

Re: Gambling Debt!

Hi,

Welcome to AAM.

Sorry to hear of your debts and hope with help here that you might be able to tackle the problem. This previous thread might give you some good advice as the situation sounds similar. [broken link removed] and www.mabs.ie immediately spring to mind as two organisations who should be able to offer help/advice.

Hope you can sort the situation out and keep us updated with your progress because as you will see there are quite a few others in the same situation.

Hope things work out for you in the long term.

Best wishes,

Sueellen.