Posted on June 2, 2009 at 3:27 am i'm in $50,000 worth of debt because of this terrible habit called gambling. my husband has asked me to seek help but in all honestly i don't knw where to go. i don't have a job and he's paid on commission. i'm hounded by debt collectors and they have also said they will put me in jail. pls help,

Posted on June 2, 2009 at 3:49 am Debt collectors can't threaten you and can't put you in jail. I know that for sure. The FDCPA or the Fair Debt Collection Practice Act made sure of that. The next time they call tell them that you are going to report them.

Posted on June 2, 2009 at 4:17 am You may want to fill out that form on top of this thread to get a professional assessment of your financial situation. It is for free. The $50k debt, I assume came from different sources, and if you feel uncomfortable disclosing those sources, then let the debt relief experts help you instead. In the meantime, it is good that your husband at least is expecting some money from his commission work. What you can do is look for a job too, any job that would help sustain your everyday needs and prevent your other bills from adding up to that $50k.While you are trying to pay off the debt, your husband must be prevented from gambling again, and you can do this by getting his addiction help.Call the gamblers addiction hot line (Gamblers Anonymous) at 213-386-8789.or the National Council on Problem Gambling at 1-800-522-4700

Posted on June 2, 2009 at 4:26 am I am wondering how much of it is unsecured debt or credit card debts because that big of an amount is candidate for either a settlement or a bankruptcy (repayment plan). Of course I would not recommend filing bankruptcy right away so that would lead us to credit counseling or debt settlement.Most credit counseling agencies and debt settlement companies deal only with credit card debts.

Posted on June 2, 2009 at 5:10 am rough estimates:$25k on credit cards$15k on our house$10k on the carat this point I want to file for bankruptcy but my husband is against it, he says we can still do something abouut this.

Posted on June 2, 2009 at 5:37 am UnluckyStrike, it is a good thing that you're able to acknowledge your problem. It also helps that you and your husband are seeking out ways to take care of theseTo clarify with what doubleickey24 said, debt consolidation firms typically deal with unsecured debts. I agree with what he says, you still can do something. Since a large chunk of your debt deals with credit cards, I suggest that you hire the services of a debt counseling company. . . Debt counselors may not be able to help you cope with the stress and anxiety because of the gambling problem, but they are authorized and more than willing to help you in creating a budget and a personalized debt management system. If they advise you to enroll in a debt management program, that will enable you to pay off your debts a little each month, in amounts you can afford, at a minimal interest rate.Good luck!

Posted on June 2, 2009 at 5:46 am ms unluckystrike, I would also suggest to make the secured debts, such as your home and your car, a priority. Your home and your car are considered as essential debts, and if these are left unpaid, these may cause serious consequences on your end. Missing your mortgage payments puts your home at very high risk for foreclosure, and as a result, you;d be losing the roof on top of your head.Do you have any assets or items that you can sell just to help relieve those debts? They may be meager amounts but doing a little each time can go a long way.

Posted on June 2, 2009 at 5:50 am another option would be to negotiate wiht your mortgage lender, so you can at least pay for a lesser amt that you usually would. i mean, it's just going to be a temporary solution to your problem anyway. Lenders typically have "mportgage workouts" which act like payment plans in the event that you aren't able to fulfill your monthly obligations. I hope you were able to inform your lender abt this in the soonest possible time.

Posted on June 2, 2009 at 6:07 am Just to add, defaulting on your car payment may result in your lender repossessing the car. When the car's been repossessed, the lender will have to sell it to others--such as car dealers or other people who are simply looking for a car--for a mere fraction of the amount that it originally cost. What's more, you'll still be obliged to pay for certain fees and at the same time pay for the difference between the original amount and the amount  for it was sold.

Posted on June 2, 2009 at 6:14 am I'd also assume that since you have a car, you have also had to maintain the vehicle. . . It's also absolutely necessary for you to keep your car payments up-to-date, as defaulting on your car insurance payments are also grounds for repossession. Lenders may consider this fact as "an event of default." You have the obligation to be responsible to pay for the premiums that the car has.