Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MoneyBurningHoles
    • By MoneyBurningHoles 3rd Dec 17, 3:39 PM
    • 4Posts
    • 1Thanks
    MoneyBurningHoles
    Gambling Debt :S PLZ HELP
    • #1
    • 3rd Dec 17, 3:39 PM
    Gambling Debt :S PLZ HELP 3rd Dec 17 at 3:39 PM
    Im feelinh physically sick.
    I have been gambling for a number of yeara now and im in 35k worth of debt but im living off 1k per month in wages. I took out loads of loans and credit cards and whatever i could get hold of to fund my habit and i really wish i could reverse time.

    I keep on getting debt letters through the post and i have tried addressing the issue and paying of what i can afford but the temptation to gamble to try and clear my debts always gets the better of me as it would take me years upon years to clear it all on my wage.

    Im considering bankruptcy and a fresh start as i know i have a gambling problem but doing so will seriously affect my life. I have a partner and 2 children with a 3rd on the way (due in feb).

    I know i have a gambing problen and i would quit if i had no debt at all and thats a fact - not just saying that and i know what you all will think by me saying that but im being 100% honest.

    I really dont know what to do and i need some help please. Any advice would be appreciated. My credit score is basically 0 and i have defaulted on all my debts and have 2 ccj's as of now and i feel like !!!!. I wish i never won that 500quid online on my first shot at gambling 5 years ago as this had ruined me completely.

    Im on the verge of running away and my family is the only thing stopping me as i know my kids need me.

    Can anyone help??????????????
Page 1
    • sourcrates
    • By sourcrates 3rd Dec 17, 4:01 PM
    • 12,670 Posts
    • 12,001 Thanks
    sourcrates
    • #2
    • 3rd Dec 17, 4:01 PM
    • #2
    • 3rd Dec 17, 4:01 PM
    Hi,

    Welcome to the MSE forums.

    Yes there is plenty of help out there, we can help with the debt side of things, but i would strongly suggest you seek help with the gambling first.

    Bankruptcy is a big step, but its not as intrusive into your life as it once was, in fact unless your job specifically precludes bankrupts, then life will continue much the same as now, of course if you have property or other assets, they can be at risk, your best bet is to contact one of the free debt charities, and take advice from them.

    Stepchange has a free debt remedy tool on their website, where you input your details, income/expenditure/ debts etc and it spits out a result for you, you can then discuss the matter further when ready.

    That`s were i`d start debt wise.

    Good luck.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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.
    For Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 3rd Dec 17, 5:26 PM
    • 11,638 Posts
    • 8,774 Thanks
    fatbelly
    • #3
    • 3rd Dec 17, 5:26 PM
    • #3
    • 3rd Dec 17, 5:26 PM
    Do you own property?

    Do you have a job/career that bankruptcy would endanger?

    How much is your car worth?
    • MoneyBurningHoles
    • By MoneyBurningHoles 3rd Dec 17, 6:51 PM
    • 4 Posts
    • 1 Thanks
    MoneyBurningHoles
    • #4
    • 3rd Dec 17, 6:51 PM
    • #4
    • 3rd Dec 17, 6:51 PM
    Thanks for reply.

    I have no assets and i have seeked help thru stepchange and they just suggested paying £1 to each debt until my situation changes but i know it wont change anytime soon. I have no car or assets as u may of expected from gambling.

    I have addressed my gambling issue and i know its a problem but now im just trying to concentrating on clearing my debt. What should i do?
    • zippygeorgeandben
    • By zippygeorgeandben 3rd Dec 17, 8:12 PM
    • 720 Posts
    • 902 Thanks
    zippygeorgeandben
    • #5
    • 3rd Dec 17, 8:12 PM
    • #5
    • 3rd Dec 17, 8:12 PM
    Does your partner know what you have got yourself into re: gambling?
    and what do you mean, you've addressed your gambling issue?
    End Sep 2016 End Nov 2017
    £8236.57 £0
    (Tesco 4.8%) £0pcm
    £6185.75 £0(Zopa 4.0%) £0pcm

    £5344.50
    £2470.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £933.36 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £3403.40 Original DFD May 2019.
    • sourcrates
    • By sourcrates 3rd Dec 17, 8:41 PM
    • 12,670 Posts
    • 12,001 Thanks
    sourcrates
    • #6
    • 3rd Dec 17, 8:41 PM
    • #6
    • 3rd Dec 17, 8:41 PM
    We canít really tell you what to do, that is your decision based on your circumstances, you need to weigh up the proís and cons of the options available to you, then make a decision based on that.

    Me, I would take the bankrupcy option, as it would take you many years paying it off otherwise, but this is something you must decide.

    There is plenty of info on the internet, I would suggest Debt camel and National Debtline as two good sources of information.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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.
    For Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 3rd Dec 17, 9:01 PM
    • 11,638 Posts
    • 8,774 Thanks
    fatbelly
    • #7
    • 3rd Dec 17, 9:01 PM
    • #7
    • 3rd Dec 17, 9:01 PM
    Thanks for reply.

    I have no assets and i have seeked help thru stepchange and they just suggested paying £1 to each debt until my situation changes but i know it wont change anytime soon. I have no car or assets as u may of expected from gambling.

    I have addressed my gambling issue and i know its a problem but now im just trying to concentrating on clearing my debt. What should i do?
    Originally posted by MoneyBurningHoles
    Do you know why they didn't advise bankruptcy? No car or assets - and presumably your job doesn't stop you from going bankrupt. So I don't understand the token offer strategy. It seems like a complete waste of time.
    • MoneyBurningHoles
    • By MoneyBurningHoles 4th Dec 17, 8:12 AM
    • 4 Posts
    • 1 Thanks
    MoneyBurningHoles
    • #8
    • 4th Dec 17, 8:12 AM
    • #8
    • 4th Dec 17, 8:12 AM
    My partner knows and now i do not gamble any more and im left with this horrid debt. I didnt understand the token offer either but i were not willing to go bankrupt but i see mo other alternative given my situation.

    Thanks to all replys its highly appreciated. So is bankruptcy the best option for me then? And how does this impact later life? Im 25yrs and completely fudged.

    • fatbelly
    • By fatbelly 4th Dec 17, 8:16 AM
    • 11,638 Posts
    • 8,774 Thanks
    fatbelly
    • #9
    • 4th Dec 17, 8:16 AM
    • #9
    • 4th Dec 17, 8:16 AM
    You need to ask stepchange (or National Debtline) why they did not recommend bankruptcy. It may be there's something we're missing on this thread.

    Bankruptcy stays on your credit file for six years, you pay your surplus income to the official receiver for 3 years and if you are ever asked the question 'have you gone bankrupt?' you should answer 'yes'.
    • Alikay
    • By Alikay 4th Dec 17, 8:23 AM
    • 4,621 Posts
    • 12,436 Thanks
    Alikay
    £35k is a lot, but not so much that there's no light at the end of the tunnel. You are only 25, and presumably fit and healthy - can you get a second job, such as working in a bar or restaurant when the kids are in bed?
    • Gazzafatcityboy
    • By Gazzafatcityboy 4th Dec 17, 10:25 AM
    • 91 Posts
    • 81 Thanks
    Gazzafatcityboy
    Please don’t do anything drastic. As a reformed gambler myself I can understand your pain and anguish.

    It is upto you what you want to do next. You have to remember that you are in control and you have the power. Gambling doesn’t have to control, you control it.

    I understand the urge that happens and the best way to defeat that is out of sight out of mind. You need to ban yourself from all bookies and block any websites online. If you have an issue with land based casinos self exclude yourself from there.

    It is possible that you could pay off all your debts. You need to do a SOA so you can tell how much leftover income you have after paying off your essential bills.

    However just as a forewarning 1k per month after tax and after your bills, you maybe paying off the debt for the next 15 years unless your income grows substantially to at least double.
    • Sazmataz
    • By Sazmataz 4th Dec 17, 12:32 PM
    • 2 Posts
    • 0 Thanks
    Sazmataz
    Sounds like you definitely fit into Martin's "debt crisis" category, so you did the right thing calling somewhere like StepChange.


    Have you thought about calling Christians Against Poverty (CAP)? They're a national charity and offer a free service just like those above, but will visit you at home, take into account all your circumstances and fully explain whatever recommendation they come to, as well as the implications of options that they didn't recommend, so that you can make an informed choice yourself. At the very least, as soon as you start working with them whenever you're contacted by a creditor you can tell them you're working with CAP and to contact them and they'll leave you alone, so at least you won't be being harassed. They'll also be able to tell you if you're eligible for any other benefits.


    I've heard StepChange can put people on 20 year plus repayment plans, whereas CAP are more likely to recommend one of the insolvency options if you'd take more than 5 years to pay back, but it depends on your circumstances and at the end of the day it's your decision. If you do go down the insolvency route they'll support you with it until you're debt free.


    I know insolvency and bankruptcy aren't appealing options, but if as you say, your credit score is already 0, that can't be negatively affected, and it would probably start getting better after that 6 year period or however long it stays on your file. Plus I think you'd be surprised at how quickly it can go through, then you can get your life back!


    You mentioned you've stopped gambling, well done - that's great. If you feel like it might become an issue again in the future, one of the great things about CAP is that in some areas they do a CAP Release group, which is a course for people who want to stop doing something. It could be anything from impulsive shopping to smoking, porn or narcotics, you don't even need to tell the group what it is you're trying to stop. They also run a Money course to help with budgeting and teach a system for sticking to the budget, which actually would probably help with the gambling impulses too. Both of those other services are completely separate from the debt help and all of them are free.


    Their motto is "always hope" - don't give up. You've done the right thing addressing the problem. It may take some time to sort out, but the fact you're getting help means you've changed direction and are on the right track. Good luck!


    Contact details for CAP: 0800 328 0006 capuk.org, capmoney.org, capreleasegroups.org
    • MoneyBurningHoles
    • By MoneyBurningHoles 6th Dec 17, 1:07 AM
    • 4 Posts
    • 1 Thanks
    MoneyBurningHoles
    Thanks to all your replys and comments. Im currently seeking a new job with better pay and hopefully will start earning around 2k after tax in the new year.

    Failing this i will go bankrupt and get some help doing so from somebody that you have mentioned. Gambling is so hard to stop especially when you are in debt but im at the point now where i am afraid to gamble incase i lose so i doubt i will be gambling any time soon.

    My credit score is 0 and i cannot obtain credit, i currently have to cycle to work whereas before i owned a car (now its unaffordable) which is a massive shame on me. I regret the day i started gambling as it has leaded to nothing but chaos and stress begging borrowing and feeling low as ever... ok i maybe won a few grand here and there but it never went far and lucky enough with my last winnings i gave it to the mrs and she brought a load of baby stuff for the baby boy due in feb.

    I feel like a disgrace and i wish this disease upon nobody. Its the worst ever phsycological distruction ever as it has unlimited posibilites and fills u with hope that is not even real.

    I hope everyone can learn from this and im glad ive made my mistakes at the age of 25 and not 50! I have time to rebuild and appreciate everything from this point onwards. Thanks to all for the help and i will update soon with progress. Much love to all
    • fatbelly
    • By fatbelly 6th Dec 17, 7:12 AM
    • 11,638 Posts
    • 8,774 Thanks
    fatbelly
    Thanks to all your replys and comments. Im currently seeking a new job with better pay and hopefully will start earning around 2k after tax in the new year.
    Originally posted by MoneyBurningHoles
    An extra £1000 per month is about break-even for you in deciding your best option.

    In bankruptcy you pay your surplus income for 36 months. We know stepchange have identified that you have no surplus at the moment.

    A debt management plan, with interest and charges frozen, paying your extra £1000 will see your debts cleared in 35 months.

    The two creditors with a ccj could still try enforcement with a dmp, as it is an informal solution but if that caused an issue, you would still have bankruptcy as a fall-back.

    Your credit history should clear faster with a dmp as the ccjs and defaults are already there, and will drop off after 6 years.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

520Posts Today

3,894Users online

Martin's Twitter