50k gambling debt

Money_drain
Money_drain Posts: 2 Newbie
in Debt-free wannabe
I need help
OK job 33k a year , had a few problems at Christmas and ended up getting in debt to the tune of 50K (gambling) in a few months in loans overdrafts and credit cards.I simply can't afford the repayments and still live !
If I go bankrupt I'll lose my job .
I'm single , 4 kids who I see but don't live with .only asset is my car it's worth about 4 grand , and no real permanent address (renting a room off a friend) but he won't like it if debt collectors start coming round . All my bank accounts are registered at my nans address (I used to live there).
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Comments

  • Keezing
    Keezing Posts: 322 Forumite
    Name Dropper First Post Combo Breaker First Anniversary
    Hi Money Drain,

    Welcome to the forum!

    Everyone will be able to provide more complete advice if you post a statement of affairs which you can create here: http://www.stoozing.com/calculator/soa.php

    Before you even focus on debt repayment you need to get help with the gambling issues, a good place to start is here: http://www.gamcare.org.uk

    Good luck, you will be fine.
  • Money_drain
    Money_drain Posts: 2 Newbie
    Gambling has stopped , it was just a few months of madness, now the only problem is slipping into depression due to the giant hole I've dug myself
  • Keezing
    Keezing Posts: 322 Forumite
    Name Dropper First Post Combo Breaker First Anniversary
    You'll be absolutely fine.

    Focus on yourself and your kids, the lenders will just have to wait for their money.

    Might be worth giving GamCare a call to see what advice they give, as you are not the first in this situation! No point focusing on your debts if there is even the remotest possibility that this moment of madness could repeat itself in the future.

    Are you seeing the kids today? Take them to the park to play football, it'll make you smile and stop you thinking about money for a few hours :-)
  • Keezing
    Keezing Posts: 322 Forumite
    Name Dropper First Post Combo Breaker First Anniversary
    While you seek advice, you may consider sending this to your creditors:
    Dear Sir/Madam


    Account No:

    I am writing to tell you that I am getting advice and help with my current financial difficulties.

    Because of this, I would appreciate it if you could hold action on the above account for a period of at least 30 days to give me the breathing space I need to do a budget sheet and work out the best way to deal with my debts.

    Also, if you are adding interest or other charges to the account, I would be grateful if you would freeze these during this period so that my debt does not get any bigger.

    I will contact you again as soon as possible with further details of my financial situation and my proposals for repaying my creditors.


    I look forward to hearing from you as soon as possible.

    Yours faithfully


    From:https://www.nationaldebtline.org/EW/sampleletters/Pages/Hold-action-on-your-account-%28sole-name%29.aspx
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,273 Forumite
    Name Dropper First Anniversary First Post Debt-free and Proud!
    Register with gamcare - read stories extremely similar to yours. Look at why you felt/feel the need to gamble. You need to address that. You say it was only a few months of madness but something triggered this.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • sourcrates
    sourcrates Posts: 28,844 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    edited 19 March 2017 at 3:43PM
    Hi,

    Do the SOA as advised above.

    On that wage all thats required, most likely, is a debt management plan.

    It will take time to repay, but it can be done very easily.

    You just need to work out how much you can afford to throw at these debts on a monthly basis, your SOA will tell us this.

    Then get the plan set up, either by your self, or get some help from one of the debt charities in my signature to set it up for you.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    Get all your spending down to the minimum, lose the phone contract, get a payg sim or a cheaper phone contract.

    Doing the SOA and posting it will help.
  • PoorGuyNextDoor
    PoorGuyNextDoor Posts: 152 Forumite
    Combo Breaker First Anniversary
    As above, get that SOA done. I know what you mean about the depression, some days motivation is just not there but you have to keep going.
    Can now be found in the Millionaire Challenge thread :beer:
  • Hillwalker17
    Hillwalker17 Posts: 59 Forumite
    Hi there and well done for posting :j

    Just a quick message to say you can do this. I know the feelings your having, i'm in a financial mess due to gambling too. A few of us on here are :rotfl:

    Pop along to the gambling supports thread - there are a few people on there who have been clean for over 10 years and its a good motivation to stay away from the dreaded betting. I'm now on day 5 :D

    Here is the link

    http://s.moneysavingexpert.com/showthread.php?t=1090463

    Also, others have suggested an SOA. This is a great place to start as it will show you exactly where your spending is and how much you have left.

    I hope you do well. Try and kick the gambling (I know its easier said than done) and you'll be smashing down that big debt door in no time :)

    Good Luck

    HW17
    Ex Gambling Addict :( - Last bet made on 15/03/2017 - 29 Days
    Slowly building an emergency fund - £1000/£6000
  • TightRob
    TightRob Posts: 36 Forumite
    Another gambling casualty
This discussion has been closed.
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