No one to blame but myself

sweetcheeks82_2

Ok so i'll cut to the chase or more than likely delete my post.
I've managaged to rack up about £18,000 worth of debt on credit cards........75% of it is from online gambling. First time i've actually said it out loud, i feel ashamed and embarrassed, i cant even bring myself to tell my friends and family the amount of debt im in or how i have got to where i am.

I'm not looking for sympathy but some advice as to what my options are. I have 8 credit cards, all maxed out, most over the limit and actually i got a letter saying 2 of the card companies have withdrawn the credit card facility. I have spoken to this company but they wont do a debt repayment plan because of how i have spent the money. I have had late payment fees, overlimit fees god knows what my credit score is.
I tried signing up for the 30day free trial to check credit score but bank wouldnt authorise card (typical )

I'm even worried now about putting too many personal things incase someone recognises me so in short i hav no family where i live, i hav a medical condition, probably about to be homeless soon (thats another forum though), i'm on my own and needless to say i am seriously depressed.

What to do? Where to start? After minimum payments on credit cards i'm well into my overdraft (over my overdraft limit), wages in, half gone, livin on cereal and toast if im lucky.
I've totally avoided how i spent the money since the start of the post.............. GAMBLING............ I thought that if i won bit of cash it would help me with my monthly struggle. WRONG, just chased my loses more and more. I have stopped now though suppose thats here nor there really.

Anyway back to the point, has anyone else been as stupid as i have and ended up in a similar situation? Consolidate? Cheap loan if i could get one? IVA?............ Who to speak to?
Thanks in advance to any replies. I need to click post before i delete.

malkie

Evening Sweet cheeks,

Gambling I had the same problem. Spent about 40k gambling on anything I could. I came on to this site and got some advise about how to pay the debt off.

Everyone will tell you a loan is not a good option as you will just spend on the cards again then need another loan back to square one.

People will tell you to do an SOA and re-post it on here then maybe people could help with your situation.

I know things are tough just now but things will get better..

All the best

McKneff

I agree with malkie, stop beating yourself up about it.
Youve done something positive by coming on here and asking for help.

It may take a long time, but you'll get there.

Wait for some more help on here and good luck.

andrea1968_2

You've come to the right place for advice and support about your debts, but you also need to look at the bigger picture and its the more important thing - your health and well being.

You should see your doctor, and get advice about your depression, they will also be able to point you in the right direction about your addiction. Alternatively just google gamblers annonymous and it should bring up some local groups for you. You need a clear head to make the necessary decisions and if you can do that things will be much more straight forward.

Good luck to you

[Deleted User]

The first thing that you need to do is set up a new bank account (a basic one with no overdraft afcility etc) with a bank that is not associated with any of your debts, and get your wages paid in to this account.

The second thing you should do is contact one of the debt charities who will give you free, impartial, and non-judgemental advice (try CAB, CCCS, Payplan or the National debtline).

Also, you have said that you have stopped gambling - but it might also benefit you if you contact one of the charities dealing with gambling adictions.

If you post a Statement of affairs here detailing all your debts, income and expenditure: http://www.makesenseofcards.com/soacalc.html people will be able to comment better on your situation and advise on where cutbacks can be made.

As other posters have said, you have made the first (and hardest) step - admitting the debt and that you have a gambling problem, so well done.
You will get lots of great help and advice here.

Good luck

D9

McKneff

Some of us wouldnt be able to help re the gambling but youve come to the right place i you just want someone to talk to or
just chill with.

Good luck.

jeanniebeanie_2

I can't give advice. I can only say in this instance you won. You posted before you hit delete. The people here are amazing. Keep with it and you will finally be on to the only sort of winning that means anything in the long run. Good luck!

sweetcheeks82_2

Thanks guys for your encouraging replies. I will read the threads to see what you mean by posting SOA.

theoretica

As has been said open a new bank account which is not associated with debt. Then stop paying the minimum payments on your credit cards- your food, housing and health are more important. Paying the debt comes after these in priority, but before entertainment and indulgences. Send each of your debts £1 and a note that you are seeking debt help but this is all you can afford at the moment. They can send you threatening letters and trash your credit rating, but that is probably in a mess already.

williamD1964

Sweetcheeks, welcome to the site. I have posted a link to the gamber help site for you, hope this helps.
https://forums.moneysavingexpert.com/discussion/1090463 It certainly heped me.

I know all to well you situation regarding the gambling and the maxed out cards. I have been there. The people on the forum have been a source of inspiration and great help. So much so that after 30 years of throwing money at the bookies, nearly losing my house, family and everything I have ever worked for, I have been clean now for almost a year (360 days in fact). Please feel free to read and post, the good people on the site will be non judgemental, helpful and get you on the right track.