Mortgage arrears Gambling

M

mario123

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Hello
just wondering if anyone can help me, over the last number of years i was very heavily gambling I have now addressed this in the current weeks.
I am at the situation where i am assessing my debts and arranging to get myself and my finances back in order. I have arrears presently on my mortgage of approximately 3.8 months.
I had written to the bank to request a repayment plan over the next few months of the arrears and today I had a phone call discussion.
I have a meeting set up a phone meeting scheduled for the 24th of October to discuss with the relevant team how to address the arrrears.By this point with the way I am repaying the arrears and the Mortgage the arrears will be down to approximately 2.8 months and about 2.5K

My question is really does anyone have any experience of this and what kind of re-action am I likely to get. I will provide whatever they need however my bank statements are nothing short of attrocious.
I have a good Job and Salary and my Mortgage is fully sustainable going forward , I owe approximately 182K and the value of the property is circa 330K , I am really embarrassed and ashamed and nervous about this to give you an idea when I had the call today with the arrears team I was in floods of tears , thanks for the advice.
 
Well done Mario on tacking your problem. I'm guessing that you have an online account and that the outgoings to a gambling company can be seen clearly there. I think being frank with the bank is your best option. You've great Equity to loan and you've able to pay your mortgage and your arrears. So don't be embarrassed and ashamed, but do deal with the issue and get yourself financially back on track.

Your tears are probably more of a frustration of where you've ended up but that's not a bad thing in itself, what's important is that you are sorting everything out.

If you have a spouse, it might be an idea for that person to take over your finances.
 
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Thank you Bronte its my full intention yes there was an online account with horrendous deposit history.
 
Your arrears are really very small and very manageable. Sounds like you stopped gambling before it really became an irreversible financial problem.
So well done on doing that.
No idea on practical experience but I would think the bank deal with this type of thing all the time and you are co-operative and willing to fix it. So don't stress, it will work out fine.
 
Hi Mario

Contrary to the impression given by commentators, the lenders are human and deal with these problems all the time.

As Aristotle pointed out, your arrears are comparatively small and they will have no problem rescheduling them.

From a practical point of view, do try to clear them sooner rather than later so that your credit record starts improving.

Are you kicking the gambling addiction on your own? It might be no harm to talk to Gamblers Anonymous to increase the chances that you stay away.

Brendan
 
thanks Aristotle/Brendan , I am left with a financial problem but i can work through it
I will engage with the agencies to stay away but I for the first time in years have addressed this properly and have started engaging with my creditors and have basically no option but to do it .
thanks all again
 
Mario, well done on kicking the habit. Lived with someone hooked on gambling before and it is horrendously destructive. It's natural to feel shame but don't let it overwhelm you. Every day is the first day of the rest of your life. It'll work out ok.
 
Best of luck with it Mario. At least you have decent equity. Might be no harm to have somebody with you for the phone meeting, a financial adviser, solicitor, a trusted family member or friend.
 
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