In a shed load of debt, help!

triple08

Around 18 months ago I was struggling with a hugeee gambling problem, It started out with me taking out a couple of payday loans with me fully intending to pay back, however I never stopped gambling when I got paid and it escalated massively, I currently owe money to 12 payday loan companies, greenwoods, morses, moneyshop, cash generator and halifax, god only knows what the total sum is now.

I have now completely stopped gambling after I hit the lowest point possible and have gone back to university to hopefully get a decent career behind me and restore some faith to all those I hurt whilst gambling away everything. I am not looking for sympathy as I am fully aware of what I have done, I am just looking for some advice as I am receiving letters everyday demanding huge sums, I am pretty sure some of these will be going to CCJs soon. I am working part time whilst at uni and have absolutely no spare money at all at the moment, can somebody give me some tips what I should do?

Clarie_2

Hi Triple08,
welcome, and well done for coming here and being so brave to post with your story. There's loads of people here who have been in the same place and can offer advice.


First of all, fill in a Statement Of Affairs (SOA) - there's a link posted on one of the sticky posts at the top of the board (sorry I can't do links). It's very scary seeing all the debts etc down in black and white but it will be really helpful.
Once you've done that, we'll be able to give more specific advice, whether it's how to pay off what you owe, how to cut down on your expenditure, maximise your income, or contacting people such as CCCS for a Debt Management Plan.
Looking forward to seeing your SOA.

Clarie

time4help

hi triple i have only been here a few days so i cant really advise much , but like you i went through a gambling stage quite a long one in fact, i have stayed a way for a little while now but i have 20k of debt and after reading and looking on cccs website i have applied to go into a dmp if i stick to it and stay off gambling i reckon i could be debt free within 4-6 years depending on interests being frozen .
but there are some knowledgable and experienced people here who should be able to give you some good advice

triple08

Yes I am sorry the details are all over the place at the minute, all the letters are going to my sisters address at the moment (which she is going crazy about) I am going to get them all tomorrow. As far as my income is concerned it is nearly all eat up in rent and travel to work, I rarely manage to do anything for myself. I am petrified of adding everything up, I keep getting emails from a payday loan company for £395, they only loaned me £65, in total I have 17 debts and that one is the lowest, I think off the top of my head I will be owing approx 12k and with a disposable income of around £40 it will take years to pay off through a dmp. I have been made aware I have a letter from the court aswell for a CCJ

Clarie_2

You must be so scared of adding it all up! It's horrible to do, but it is so much better when it's down in black and white and shared.

And DMP's might take years, but then you never know. You could always see if it works out best for you now, and removes all the horrible letters and court threatens etc, and then when you have a job after uni you can always work it out differently then. Anyway, no point following the what ifs before we know the situation! So get the info, be brave, you've come so far already in facing up to this problem and stopping gambling. You must have been so strong to do that, and get to uni - you can overcome this one too!:T

Good luck, all the best with the SOA.

Clarie

DawnW

Please speak to cccs, payplan or your local CAB for free advice before you decide to do a DMP. It may be that other options would be better for you. However, they will need a SOA in order to advise you, so please try to face up to doing this.

Good luck, and you will get loads of great support on here x

Byatt

Well done for coming here. That is a brave thing to do. Yes, it is terrifying adding up your debts and seeing them in black and white, but think where you want to be in 6 months time...taking control and doing something or still being terrified...

People here are so supportive. You can do this!