Dont know a way out

LEO05

Hi everyone,

Firstly this is a great website with some wonderful advice and helpful people around, I have been reading the forums over the last week and see that people help each other out a lot so I have decided to join.

I know that some of you might think I am so stupid and irresponsible and you are 100 per cent right, 3 months ago I was debtfree, since June, I lost 3K online gambling and also things like my car broke so had to get another on lease, bills have increased and now from debt free 3 months ago to 4K debt.

I got £2K credit card and £2K overdraft, I know i have been stupid and have now stopped all forms of gambling.
I have a mortgage with my fiance who I will be marrying next summer.
This is my problem, my income is £1470 net after tax per month, out of this my work cuts £130 for my ACCA (for professional qualifications, they only pay some of it), £400 Mortgage,Council Tax and Tv Licence ( My share), £200 car payments, £200 putting away for the wedding £27 Gym, £30 phone, £20 Overdraft interest £100 Virgin Credit card ( moved from Barclaycard to 0% for 14 months) so this leaves me very little to budget for food and other things, my worry is my income is same as my outgoings, so how am i ever going to reduce my overdraft? I have looked for a weekend job but cant find any. I have cut back on many things,ie bringing own food etc but still get very depressed at my financial situation.
Also every month extra bills pop up ie. building insurance, car insurance which makes me go deeper into my £3K overdraft.
I know i put myself in this situation but feel like there is no light end of this tunnel, hopefully I will be ACCA qualified in 3 to 4 years and boost my income but I feel down all the time, yet 3 months ago was the happiest person in the world.
Thanks for listening everyone, any feedback is appreciated.
Take care
Leo

HappyMJ

Stop saving for the wedding in 10 months the overdraft will be paid and you'll save £100 per month in interest/overdraft fees and can then save £300 per month after that.

LEO05

Hi Happy MJ,

Firstly thank you for the reply, The wedding is booked for next summer so I have to go ahead with that.

HappyMJ

Stick it on the overdraft then. You should have £2,000 available. You'll save more in interest by not saving in a seperate savings account.

whitewing

Does your fiancee know? You could maybe do with her support on this?

I know you have stopped gambling but here's a link to some advice that may be helpful to others: http://www.rcpsych.ac.uk/mentalhealthinfoforall/problems/problemgambling.aspx

I know it's a small consolation but better to have messed up now, and learn from it, than a bit later when it would maybe affect your children and cause even more pressure. Hope it all sorts out.

saltnvinegar

LEO05 wrote: »

Hi everyone,
I know that some of you might think I am so stupid and irresponsible and you are 100 per cent right, 3 months ago I was debtfree, since June, I lost 3K online gambling and also things like my car broke so had to get another on lease, bills have increased and now from debt free 3 months ago to 4K debt.

Hi Leo

No I don't think that at all. Stupid and irresponsible would have been to stick your head in the sand and ignore things and hope they go away.

You've not done that at all, you've faced up to things and are getting help. Now that sounds like someone intelligent and responsible trying to sort out a simple mistake they made.

Can you post a Statement of Affairs on the board?

http://www.makesenseofcards.com/soacalc.html

The DFW's on here can help you work out your budget and get your debt cleared.

I think the advice about seeking help on the gambling aspect is good too.

Best

SnV

LEO05

Thank you so much saltnvinegar and whitewing, I really appreciate your guys advices.

Whitewing- My fiancee knows to certain extent of my mistake but not to full extent, I know what you mean, I rather learnt my expensive lesson now than when I have kids and family.

Saltnvinegar- Thank you for your kind words, I just feel really low because I let down my fiancee, I will post my statement of affairs on here like you advised.

Do you guys think its a good idea to get a loan for 5K to pay off my overdraft and i need to pay my honeymoon?

Thanks guys once again

redpete

The stupid and irresponsible bit was gambling away the £3k, the wise and responsible bit is not chasing the losses and trying to get a way out of the problem.

I'm not sure you'll be able to get a loan with your recent history - maybe worth trying your own bank first.

Could you consider delaying or cutting down on the cost of the honeymoon? In my view it's better to get rid of the debt and save for a good holiday when you can afford it than insist on an expensive holiday now and start married life with a bigger debt.

bluejeans53

Hiya Leo, I am new to this myself, the only advice I can give is, visit and post here as often as you ca. As seen from response so far, these people are such Fabulous company to be in.

Well done, as you say yourself best now then when married with kids. We are all here for the exact same thing to one degree or the other. This is the place to open your heart and talk freely about your situation. We are the last people to ridicule it would be so hypocritical of us for a start.

I will keep and eye on your thread

There is light at the end of the tunnel, you will see

x

whitewing

Wedding planning is a fraught time anyway. I think you should tell your young lady the full extent of the problem and make the decisions together. (You can still do this and take full responsibility but it's kinder than being moody whenever she mentions the wedding or honeymoon - that's not to say she isn't going to be upset, lol).

LEO05

Thank you redpete, bluejeans53 and white wing.

Redpete- Im not sure if i do make a loan application, it will be turned down because I have been successful for a balance transfer from barclaycard to a virgin card with even increased limit.

Bluejeans- thanks for the kind words, i will definately have a look out for your thread as well, take care.

Whitewing- She already knows that we have to budget and cut back on things, the trouble is my income is nearly same as my outgoings so this makes it very difficult, she is very understanding though and i am very lucky in that sense.