Ruined my life with gambeling and need advice

theoretica · 7 December 2017 at 10:16AM

From posters on here, in the fairly uncommon case that a bank pulls an overdraft they don't do it immediately. Rather, they give a couple of months' notice which is enough to hatch a plan and change accounts if and when they do that.

You hopefully won't need all of your 200 every month and can save lots of it for occasional bigger needs, and if you save it by leaving it in your bank account, that will bring the overdraft down faster.

Gazzafatcityboy · 7 December 2017 at 10:41AM

Hi there Gambled life.

I would take most of the advice that people have given so far. I would also suggest blocking software to be installed. Ban yourself from all land based casinos and bookies if you can. Then you wont have the temptation.

Don’t beat yourself up too much about it. As a fellow gambler when it was the worst I thought about it everyday and it really hurts, I know it does but trust me you will come out better once you have paid off the debt.

We all make mistakes in our lives, its just how you learn from them that counts.

Gazza

Silvester89 · 7 December 2017 at 10:48AM

Although I can't say I've ever considered myself to be addicted to Gambling, I have suffered with other addictions in the past. What I would say is well done for making the decision to change and I wish you the best of luck. I am sure there will be occasions where you find yourself tempted to gamble again. But stay strong, focus on the end game and it will be worth it in the end.

robdogg11 · 7 December 2017 at 11:28AM

All I can really add is that whenever a bank has tried to pull an overdraft on me a quick phone call has always resulted in a monthly plan to reduce it by a bit every month rather than the lot in one go.

They will always offer it again when you have cleared it off though so stay strong.

Good Luck, I never got in as deep as you but gambling was a big part of my problem as well (I worked in a bookies, the secret is, they always win)

enthusiasticsaver · 7 December 2017 at 11:35AM

Post an MSE soa and we can give better advice. I saw your thread on banking forum.

First of all don't panic about the overdraft.

If you are within your limit and your salary goes in every month you are a cash cow (excuse the term) for Halifax and they are unlikely to pull the overdraft. How much roughly are you paying each month for the overdraft?

If for any reason they do decide to reduce your overdraft faster than you would like they will give you about 2 months notice normally and it would be negotiable.

Worst case scenario is they write to you in new year and say they are reducing it to £2500 from March which is almost where you want to be anyway.

Repay the overdraft because it is now expensive but I don't think you need to worry about it being recalled any time soon. If they do and they won't negotiate then open a basic account elsewhere and move your salary.

GambledLife · 7 December 2017 at 12:27PM

enthusiasticsaver wrote: »

Post an MSE soa and we can give better advice. I saw your thread on banking forum.

First of all don't panic about the overdraft.

If you are within your limit and your salary goes in every month you are a cash cow (excuse the term) for Halifax and they are unlikely to pull the overdraft. How much roughly are you paying each month for the overdraft?

If for any reason they do decide to reduce your overdraft faster than you would like they will give you about 2 months notice normally and it would be negotiable.

Worst case scenario is they write to you in new year and say they are reducing it to £2500 from March which is almost where you want to be anyway.

Repay the overdraft because it is now expensive but I don't think you need to worry about it being recalled any time soon. If they do and they won't negotiate then open a basic account elsewhere and move your salary.

I thought they might lower it because when they gave it to me my credit was good and I was in 15-18 k less debt, now my rating is awful. ill just haft to see what happens in the coming months.

GambledLife · 7 December 2017 at 12:57PM

GambledLife wrote: »

I thought they might lower it because when they gave it to me my credit was good and I was in 15-18 k less debt, now my rating is awful. ill just haft to see what happens in the coming months.

I don't believe this iv just received a message from them confirming that I have a meeting on the 8th of this month (I didn't arrange a meeting or contact them) I feel sick iv checked the number and its defiantly Halifax I'm screwed I'm going to loose everything. and what's more I wont be able to pay my bills what am I going to do...

National_Debtline · 7 December 2017 at 1:55PM

Hi GambledLife

First of all, please take a deep breath and count to 10, or make yourself a cuppa, or do whatever else helps you relax.

Next, get yourself a brand new *basic* bank account somewhere you've got no existing debts as soon as you can. https://www.nationaldebtline.org/EW/factsheets/Pages/basicbankaccounts/openingabasicbankaccount.aspx

You'll certainly need this if you set up any sort of DMP with the likes of Stepchange, and even if you don't, you need to have a safe place your salary can go where no charges/interest etc. can be deducted from it. You can then negotiate repayment of that overdraft on your terms.

Better still, please contact one of the free debt advice charities today, as someone will be able to both listen and talk you through a plan of action. This is resolvable but please take advantage of any assistance that is on offer.

Good luck

Dennis
@natdebtline

GambledLife · 7 December 2017 at 2:59PM

National_Debtline wrote: »

Hi GambledLife

First of all, please take a deep breath and count to 10, or make yourself a cuppa, or do whatever else helps you relax.

Next, get yourself a brand new *basic* bank account somewhere you've got no existing debts as soon as you can. https://www.nationaldebtline.org/EW/factsheets/Pages/basicbankaccounts/openingabasicbankaccount.aspx

You'll certainly need this if you set up any sort of DMP with the likes of Stepchange, and even if you don't, you need to have a safe place your salary can go where no charges/interest etc. can be deducted from it. You can then negotiate repayment of that overdraft on your terms.

Better still, please contact one of the free debt advice charities today, as someone will be able to both listen and talk you through a plan of action. This is resolvable but please take advantage of any assistance that is on offer.

Good luck

Dennis
@natdebtline

I have opened a "Santander: Basic Current account" I don't believe they are part of the same banking group as any of my accounts / cards. I have emailed my payroll company in an effort to get Decembers pay into the new account she said that should be ok (fingers crossed).

I'm guessing ill need to tell Halifax this during the meeting on Saturday? no idea what there going to say I assume its got to be about the debt.

Should I take the spread sheet to show how much I can pay?

National_Debtline · 7 December 2017 at 4:01PM

Glad to hear you're on the ball with the new bank account, that's great.

I wouldn't pre-judge the meeting too much. By all means take your spread sheet along but you might also find it useful to convert it into a simpler format like these ones:

http://www.stoozing.com/calculator/soa.php

https://tools.nationaldebtline.org/yourbudget/

Dennis
@natdebtline

Ruined my life with gambeling and need advice

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