Complusive Gambler

bankruptcy123

Good morning all:wave:
Im just turning 30 and have finally come to terms with my gambling habits and depression which has got my into over £100k worth of debt. I was an idiot to let my debt grow and grow. I finally plucked up the courage and went to CIB who were really understanding.
I have decided to go bankrupt I have annual wage of just over £39k which I after rent and expenditure (in london) I barely survive.Apologises for the long message my question is I have recieved a letter from the Co- Op who I had a loan with that they will be passing on the debt to a debt collection agency what does that mean balliffs? Secondly I have a flat which squatters have inhabited which has negative equity what happens to that?
Sorry once again for the long message and thanks to all those who share their experiences on this forum so others like me can see a light at the end of this dark tunnel

debtinfo

Hi Bankruptcy123 and welcome to the board.

Well done on taking the first steps to sorting your finances and life out. Feel free to ask any questions here, there are lots of people willing to help. I have provided a link below to an old poster we had and his experiences of going bankrupt after a gambling problem, I can promise that it may not be plain sailing all the time but it does have a happy ending and is a good read fr somone in your situation

https://forums.moneysavingexpert.com/discussion/1802595

To answer your specific questions


Debt collectors have no more rights than anyone else theye are simply a company that buys debts for a small amount of their value and tries to make a profit by getting some money paid back. Eventually it might progress to the point of bailiffs but to get to that stage they first have to get a CCJ from the court and you have to default on the payments that the court sets. so there is no big urgency yet.

Well squaters is an unusual situation but since you are likely to lose the property anyway since you cant afford to keep it makes little differnce in that if the mortgage payments are stopped then eventually the mortgage company will repossess and the shortfall will go into the bankruptcy

Hope that helps

DI

bluebird

Oh boy you are in a mess,Have CIB gone through all your debts? can you ask those you owe for a payment plan to pay it back?

It looks like Bankruptcy is your only hope to start again,but what have you done to solve your gambling habits?
No good being made bankrupt and starting a clean slate if you continue to gamble.so what are you doing about it?

bankruptcy123

Thanks for the reply guys I have ripped up almost all my letters and reminders but have a good idea of my debts. As regards to a payment plan I have hardly £5 to spare Im just about surviving. My gambling have stopped thank god! I have had advice from gamcare.org.uk who where really understanding. My boyfriend left me who said he would be there throughout the process but hey since going to the CIB i do feel alot better now that I have sort advise.

Sparkle78

Bankruptcy is looking like your only answer in the finance department however its not gonna help if you keep gambling and you won't have the credit in which to do it. Hope you get it sorted!

fiveyearplan

Hi Bankrutpcy 123 and welcome! I second the advice given by debtinfo above and would add that knowledge is power so keep reading the forum so you get an idea what to expect along the way. I went bankrupt 4 years ago and haven't looked back. A lot of the technical things have changed since I went bankrupt and I haven't kept up so I'm here for practical and emotional support.

Good luck and well done for tackling your gambling problem!!

kation

Of course bankruptcy is not your only option - but it might be the wisest option depending on a couple of things.

1. Does the bankruptcy put your job at risk - some jobs require you NOT to be bankrupt. Check your contract or with HR!

2. You maybe at risk of a BRO/BRU if a significant portion of your debts have been incurred by gambling. Again this maybe serious.

In my opinion the bankruptcy is of secondary concern compared to a gambling addiction.

Either way - congratulations in taking the first steps in sorting out your life.

bankruptcy123

Thanks for the positivity guys I work for Transport for London and I think I will be ok in the job department ( as far as i am aware) I think almost 90% of my debt is gambling and the rest was trying to pay it off. So it may have a repercussion with the Official Receiver, I will start the process in the next few days and hopefully will go and petition the court wish me luck hopefully dont have a blond moment!

kation

It does sound like you will be at severe risk of a BRO/BRU if 90% of the debt is gambling related. On the bright-side (!) you'll probably have plenty of time to sort out your gambling addiction.

Good luck, please keep everyone here posted on your situation, it may help others too.

bankruptcy123

kation thanks for your message Im going to take the plunge in the next few days wish me luck guys

nuttyp

Hi, well done to faceing up to your addiction. Have you taken the steps to arrange your self exclusion from the places that you use for gambling. If you have online access these need to be closed asap. If you visit casino's or gambling shops/betting offices you will need to visit them to fill out a self exclusion form - photo is needed. It lasts for 1 year, and can be renewed automatically by ringing the company when the year is nearly up. This will be very helpful in showing to the OR that you are trying to sort you addiction out. Have you joined any local groups for support?? Gamcare have this information, as do your local citizens advise bureau.

Have you been able to work out why you started?? Usually there is a trigger, a void of some description that starts the process off.

Congratulations in realising that you need to sort things out, and good luck in your BR.