Vicious debt circle - nowhere to turn!

Total_2

Learning2Budget wrote: »

Match betting?? Total, i need to read up on this, cos i thought for a minute you were suggesting gambling to reduce debts, lol!

Post a SOA (statement of affairs), and someone will come along to help. Also the snowball calculator is very good.
Good luck.

It is gambling but you are betting in a way that no matter the outcome you profit. For example TotalBookmaker is offering £50 if you spend £50 of your own money. The only term is you have to bet the free £50 once. So 2 x £50 bets and then whatever is left is profit.

It is possible to become your own bookmaker by using betfair, where betting at Totalbookmaker covers one side of the bet and betfair covers the other side of the bet.

For example:

TotalBookmaker

Bet Team A to win @2.0 for £50

Betfair

Bet Team A to lose @ 2.0 for £50


If Team A wins = (£50 x 2) - £50(Betfair stake) = £50
If Team B loses = (£50 x 2) - £50(Bookmaker stake) = £50

Now do that once with your money and you win or lose nothing.

But if you do it with free money you are +£50 profit


This is a very simple example and misses some very important aspects, so check out the gambling loophole part of this forum.

I promise you if you have an open mind, dedication, discipline and are ok with betting and using numbers, then you can pay of your debts in 2-3years.

It does take work though; treat it like a part time business.

Total_2

I've now given you a real way to pay off your debts, it all comes down to whether you really want to change the position you are in.

atush

Personally I would ignore Totals advice. Adding gambling debt to your situation is a fools game. What is going to stop you continuing to bet when the free bets are gone?

mrsb83_2

You have a healthy income, so if you lower your expenses and snowball correctly, you can find a way out!

You don't need to consolidate.

Total_2

atush wrote: »

Personally I would ignore Totals advice. Adding gambling debt to your situation is a fools game. What is going to stop you continuing to bet when the free bets are gone?

LMAO you don't create gambling debt. Open your mind. It will solve all people's debt problems, with some hard work. This is why people are in debt because they aren’t smart enough or open minded to fix the situation. Forget the old saying the bookie always wins, not with online bookies they don't.


ALSO IT IS ON THIS FORUM NOT SOME DODGY GAMBLING ONE


Stupid people will always be broke

Malky

RLW2011 wrote: »

My credit cards are all almost at their limit, yet I pay on time every month and have never missed a payment. I only pay the minimum amount however, as that is all I can afford each month......

......I earn £34k a year, so my take home wage isn't bad - but I pay out £600 alone on debts

£34K gives you £2100 per month take home before any pensions etc? Where does the other £1500 go? It sounds like you're living a lifestyle which has caught up with you and is now getting beyond your reach (I could be wrong though).
You really need to post a "Statement Of Affairs" to see where you can cut back.

RLW2011

Total - your opinion is your own, and thanks for taking the time to post, but I don't think i'll be gambling to sort out my situation.

BumblingBea - this snowball calculator is fantastic! Thanks for the advice - looking at this and maintaining payments mean i'll be free of credit card debt within five years, which is fab, as that is how long I was looking to take out a consol loan anyway... made me feel much better about the situation, given me a light at the end of the tunnel! It was the credit cards that were causing me the problem, not so much my loan...this is over in 2.5 years anyway.
Thanks to all for you advice.

bumblingbea

hope everything works out for you. snowballing can become very addictive

Bess09

Thanks very much for telling me about snowballing - very useful.

dancingfairy

I haven't used the snowball calculator myself but I'd be very surprised if even small overpayments don't make an impact -even an extra say 2 pounds a month etc.
You could also try overhauling all of your bills - even if you save a couple of pounds on each one - ie mortgage, electric, gas, telephone, internet, groceries etc you could soon wrack up a fair bit extra for overpayments.
Best of Luck
df