Help Needed

chris92_2

Since I turned 18, I have had a serious gambling problem for the past two years and the last few months have just about ruined my life. I have taken out 5 different payday loans totalling around £2,500 and a personal loan with BOS for £5,000. As you might guess from the first sentence of my post this is now gone. I don't know what to do with myself, all I know is that I am willing to stop. I am not going to go into the problem itself but I am seeking advice on the financial side. What can I do to repay this money over a lengthy period? I am pretty sure I have reached my credit limit. Is there any loans that people could recommend for someone in my situation? I cannot possibly tell my parents, I want to repay this on my own doing. Is there anything anyone can suggest?

frankfish

Hi Chris, I can't add much about the loan options but you need to tackle the root cause, go to a GA meeting,once you have stopped gambling it will be easier to deal with the financial issues, it may still be difficult but at least you will have a clear head.

Without stopping any additional loans could easily go the same way as the others

I hope it works out for you

chris92_2

frankfish wrote: »

Hi Chris, I can't add much about the loan options but you need to tackle the root cause, go to a GA meeting,once you have stopped gambling it will be easier to deal with the financial issues, it may still be difficult but at least you will have a clear head.

Without stopping any additional loans could easily go the same way as the others

I hope it works out for you

Thank you frank, I am definitely willing to stop now, I have hit rock bottom, I know this is not a website for problems gamblers so I will stop short at going into any detail. I just need help with debt consolidation, I don't think any loan company will touch me now, I just want to pay off the debts in manageable chunks. As previously mentioned I have around £7,500 in unsecured debts, and to be honest I only make around £9,000 a year because of university commitments.

tell_it_how_it_is

Though you say you can't, I'd definitely consider admitting your problems to your parents.You know what they say, a problem shared is a problem halved, and getting someone on side might just be the best move you make.Good luck.

barbarawright

Do have a look at this thread

https://forums.moneysavingexpert.com/discussion/1090463

Mara69

You'll definitely not get any more credit (and that is probably just as well!) so I think you need to look into a Debt Management Plan or IVA. Speak to someone like CCS for free help with your debt. Don't pay a company to manage your debt; CCS will help for free. Good luck.

Hazzinho

Good luck, at your age you certainly haven't ruined your life. If you can turn it around this will just be a blip. Long term £7500 is not a scary amount to pay off although it will be tough the next few years.

chris92_2

Thanks for your advice everyone. I have told my family and everyone has been extremely supportive. Just a question regarding the £5,000 BOS Loan i took out, does anyone think I might have a case regarding irresponsible lending. I took the loan out over 12 months at repayments of 466 a month, and considering I only make around 7-8,000 per year, surely this his questionable lending from the bank? Also taking into account that I already had maxed-out on a 1,000 overdraft I have with the bank.

DreamerV

I'm really not sure about the irresponsible lending issue, however I just wanted to say well done for telling the family. I've been through some issues which took me years to tell mine, and I know how hard it is. Onwards and upwards from there on

jonesMUFCforever

chris92 wrote: »

Thanks for your advice everyone. I have told my family and everyone has been extremely supportive. Just a question regarding the £5,000 BOS Loan i took out, does anyone think I might have a case regarding irresponsible lending. I took the loan out over 12 months at repayments of 466 a month, and considering I only make around 7-8,000 per year, surely this his questionable lending from the bank? Also taking into account that I already had maxed-out on a 1,000 overdraft I have with the bank.

Don't even think of going down this route!
You asked for it they accepted your application based on the information you provided them and you spent it.

chris92_2

jonesMUFCforever wrote: »

Don't even think of going down this route!
You asked for it they accepted your application based on the information you provided them and you spent it.

Thanks for your input mate, but based on the information I've just provided do you not agree that the affordability of the loan is questionable? From what I remember there was no lengthy 8-page application, just a couple of general questions but I can't remember what. Okay, maybe I make more than 466 quid a month, but that leaves me around 150 a month to pay other bills and live on?