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    • Money drain
    • By Money drain 19th Mar 17, 7:38 AM
    • 2Posts
    • 0Thanks
    Money drain
    50k gambling debt
    • #1
    • 19th Mar 17, 7:38 AM
    50k gambling debt 19th Mar 17 at 7:38 AM
    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).
Page 1
    • Keezing
    • By Keezing 19th Mar 17, 7:47 AM
    • 154 Posts
    • 110 Thanks
    Keezing
    • #2
    • 19th Mar 17, 7:47 AM
    • #2
    • 19th Mar 17, 7:47 AM
    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
    • By Money drain 19th Mar 17, 7:54 AM
    • 2 Posts
    • 0 Thanks
    Money drain
    • #3
    • 19th Mar 17, 7:54 AM
    • #3
    • 19th Mar 17, 7:54 AM
    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
    • By Keezing 19th Mar 17, 8:22 AM
    • 154 Posts
    • 110 Thanks
    Keezing
    • #4
    • 19th Mar 17, 8:22 AM
    • #4
    • 19th Mar 17, 8:22 AM
    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
    • By Keezing 19th Mar 17, 8:37 AM
    • 154 Posts
    • 110 Thanks
    Keezing
    • #5
    • 19th Mar 17, 8:37 AM
    • #5
    • 19th Mar 17, 8:37 AM
    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
    • By zippygeorgeandben 19th Mar 17, 9:54 AM
    • 443 Posts
    • 475 Thanks
    zippygeorgeandben
    • #6
    • 19th Mar 17, 9:54 AM
    • #6
    • 19th Mar 17, 9:54 AM
    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.
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
    • sourcrates
    • By sourcrates 19th Mar 17, 1:24 PM
    • 9,825 Posts
    • 9,615 Thanks
    sourcrates
    • #7
    • 19th Mar 17, 1:24 PM
    • #7
    • 19th Mar 17, 1:24 PM
    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.
    Last edited by sourcrates; 19-03-2017 at 1:43 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • DCFC79
    • By DCFC79 19th Mar 17, 1:30 PM
    • 28,719 Posts
    • 18,139 Thanks
    DCFC79
    • #8
    • 19th Mar 17, 1:30 PM
    • #8
    • 19th Mar 17, 1:30 PM
    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.
    Je Suis Charlie
    • PoorGuyNextDoor
    • By PoorGuyNextDoor 19th Mar 17, 1:56 PM
    • 115 Posts
    • 289 Thanks
    PoorGuyNextDoor
    • #9
    • 19th Mar 17, 1:56 PM
    • #9
    • 19th Mar 17, 1:56 PM
    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.
    Come and join me on my 5 year plan - over in the debt free diaries
    • Hillwalker17
    • By Hillwalker17 20th Mar 17, 1:13 AM
    • 25 Posts
    • 40 Thanks
    Hillwalker17
    Hi there and well done for posting

    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

    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

    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
    Gambling Addict - Last bet made on 15/03/2017 - 10 Days
    Slowly building an emergency fund - £900/£6000
    • TightRob
    • By TightRob 23rd Mar 17, 11:54 AM
    • 9 Posts
    • 2 Thanks
    TightRob
    Another gambling casualty
    • EssexHebridean
    • By EssexHebridean 23rd Mar 17, 12:15 PM
    • 7,014 Posts
    • 37,542 Thanks
    EssexHebridean
    Another gambling casualty
    Originally posted by TightRob
    Yes but not exactly a constructive reply there.

    OP - get that SOA done and posted - your situation is far from being incurable and facing up to things is the first and hardest step already done.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£232.22
    • enthusiasticsaver
    • By enthusiasticsaver 23rd Mar 17, 4:58 PM
    • 3,045 Posts
    • 5,066 Thanks
    enthusiasticsaver
    Speak to stepchange. A DMP may may be the way to go but posting an soa will confirm this. You have a good salary but ignoring this and letting your friend and nan deal with the fallout is not acceptable. It can be fixed but you will need to stop gambling with help from gamblers anonymous. Get your cards removed from websites, block betting shop numbers on your phone etc
    Debt and mortgage free and saving for early retirement
    • ladymarmalade222
    • By ladymarmalade222 23rd Mar 17, 7:14 PM
    • 583 Posts
    • 538 Thanks
    ladymarmalade222
    Yes but not exactly a constructive reply there.

    OP - get that SOA done and posted - your situation is far from being incurable and facing up to things is the first and hardest step already done.
    Originally posted by EssexHebridean
    I think TightRob was agreeing he also had a gambling issue so was sympathising with the OP not having a dig.

    Good luck TightRob

    Xx
    • JustAboutThere
    • By JustAboutThere 24th Mar 17, 8:57 AM
    • 498 Posts
    • 2,126 Thanks
    JustAboutThere
    I think TightRob was agreeing he also had a gambling issue so was sympathising with the OP not having a dig.

    Good luck TightRob

    Xx
    Originally posted by ladymarmalade222
    That was my thought, too.

    In fact I see he's posted on another gambling-related thread to indicate the same.

    Hopefully he can get some support to help him overcome his addiction.
    • secretdebt
    • By secretdebt 24th Mar 17, 2:45 PM
    • 25 Posts
    • 757 Thanks
    secretdebt
    Been in the same situation (size of debt), but no kids.

    My advice, get onto stepchange amd gamcare. My gambling was so destructive and I wish I had help for it sooner. I would definitely aim to get that looked into, even if you think it was a bad few months, it is still a problem that, like many others, will likely always be there and take a lot to overcome.

    I am about 2 years into paying my debt off, and have over 2 years left.
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