One foolish mistake after another

foolish-idiot

Well, where to start.

My back is firmly up against a wall.

Cut the rubbish, I lost a lot of money I didn't have by gambling. I am 21 years old and am in an inredible amount of debt for my age. I have twice had help from my parents. My Dad took out one loan for me to pay off multiple payday loans, credit cards and overdraft. It went well for a while, and then I had the crazy idea that I could make the loan repayments unnoticeable by gambling and winning money. It's sickening because on almost every occassion, I had myself in a position where I was up, but then carelessly thought I could be even better off and proceeded to lose it all and eventually more. Mum helped me out to the same effect, but by then it was a bit too late. My Mum could only get out a £5k loan which cleared my payday loans and skimmed off my credit cards.

Now through a combination of having to pay the monthly loans, credit card and overdraft interest I am back in trouble.

I'll get down to the numbers of where I am currently.

Bank
Overdrawn £2,590. (Limit of £2,500)

CC's
£998 (£1,000 limit)
£1,029 (£1,000 limit)
£493 (£500 limit)

Payday loans
£975 (Due 30/09/2013)
£575 (Due 30/10/2013)
£560 (Due 30/09/2013)
£340 (Due 30/10/2013)

My monthly incomings and outgoings are as follows:

Income: £1,400

Expenditure:
Rent: £425
Dad Loan: £468
Mum Loan: £275
Phone: £32
Car Insurance: £100

As you can see, I could be ok if I didn't eat food, but that's not the most realistic is it.

Either way you look at it, i've got myself in to a massive mess.

But there is a bit to remain positive about.

Depending upon exam progress, my salary should increase as follows:

Current: £21,000pa
Approx March 2014: £25,000
Approx November 2014: £34,000

I know that sounds ridiculous, but I am an Accountant (the irony ) and very near being qualified.

Not to mention my expenditure:

Car insurance renewal been quoted at £64pm starting Mid November 2013.

Dads loan finishes being paid February 2015.

As you can see, it should eventually sort itself out. If I can get over this very tricky 6 month period, then I should be able to clear things fairly quickly, especially towards the end of next year.

I appreciate that people will now latch on to the gambling mistakes, but I can assure I am past that. Haven't gambled for over 6 months now and don't miss it whatsoever. I was incredibly foolish, I see that now. Had I not done it, I could be living quite a comfortable life right now, but instead I find myself pouring my heart out over the internet - I have seen the error of my ways. Plus, to make my family and other half more comfortable, I have written to every gambling website requesting self exclusion indefinitely (The most they could do was 5 years, butit gives my family greater assurance).

Now I am not really sure what I am hoping for here. A bit of advice, somebody to tell me that it's not just me that has made enormous mistakes, somebody with experience to care. I really don't know.

I think this is a bit of a diary for me. Somewhere else to be held accountable.

Please don't judge.

traveller

Hi and welcome : ) You have realised what you need to stop doing, so well done! My profession isn't really far off from yours and i'm here too! People will be along to help, but keep your chin up-you can overcome this!

Heffi1

Well done on self excluding, that has to be the biggest step in the right direction, it will take time, but is there anyone you trust who could look after your money for you, make sure your bills are paid and help you over this hurdle. It is a difficult thing to admit to having a gambling problem and as you have found out, brings with all sorts of headaches, but if you are strong and keep focussed there is no reason why you can't get yourself sorted out and on the road to a better life.

It is not all about money either, you have to feel good about yourself, have friends and loved ones who you can turn to for support when you are feeling down.

I want to wish you lots of good luck in the coming months and keep posting here it really does help keep your mind on where you want to be and not where you were, if that makes sense.

Heffi1

post repeated for some reason

uphillstruggler

Hi and welcome. Nobody is going to tell you it will be easy here, but it will be OK.

I would recommend completing a SOA - you can find one here on the site - and posting it here so that knowledgeable folk on here can make helpful suggestions. The SOA covers everything going in and out and should help you get things sorted in your mind.

Well done on addressing your problem and wishing you all the best for the future.