I really need help. Please!!

daftsod11

HI. I am in a terrible situation. I have been addicted to gambling over the past year or so. At times finding my-self unable to stop.


I believe I have now put a stop to it. Finally. I have had good outside help, and haven't wanted to do anything for over a month now.


This has caused myself to plunge head first into spiralling debt.


I now have 2 DMP's with different companies and payday loans coming out of my ears.


Total unsecured debt of £26000+ (No assets. Car on Finance).


Because I have gambled I believe I can not go Bankrupt. Nor can I set up IVA's for a while.


I am behind with my rent and bills.


Any advice would be very appreciated???


payday loans and rent due soon :mad:

fernack

Total sympathy with your situation. Been a gambling addict myself in the past. Someone "more cleverer" than me will be along to help you soon. Dont despair ...x

Tixy

Hi

Who are your existing DMPs with? Clearly 2 DMPs (the managers of which are presumably unaware of the other) and payday loans are not going to be sustainable long term.

I would seek some advice from one of debt advice charities and talk through all of your debts and situation and discuss what options you have.

In the mean time I would cancel the CPA's with your bank for the payday loans following the advice on this link - https://www.nationaldebtline.org/EW/information/debt-types/Pages/Payday-loans.aspx

In terms of your rent are you able to pay it if you manage to stop all payday loan payments? Is it just 1 month owed or are you in arrears of more than a month? Again a debt charity will be able to help advise you, and it may well be that you need to cancel your DMP payments to be able to meet priority debts first.

The fact that the debts relate to gambling does not mean you cannot go bankrupt, it just means you are more likely to have a Bankruptcy Restriction Order. Do take some advice, I would suggest calling national debtline but anyone on this list would be a good start - IMPORTANT - Where to seek professional impartial advice about your debts.

daftsod11

1 dmp with stepchange. the other with a firm called Harrington brooks.


Thanks. I have read a bit about a BRO, but could u try put it in a nut shell for me.


CONFUSED :embarasse


rent is one month behind, due again in 4 days!!!


yes if I stopped payday loan payments I could pay bills and rent!

sourcrates

daftsod11 wrote: »

the other with a firm called Harrington brooks.
!

EEK !!!!!


You will be paying a "fee" for this one then ???


my advice, cancel Harrington Brooks, transfer those accounts, and any new debts, over to stepchange, or look into other permanent solutions.

Tixy

Bankruptcy usually lasts a year and then the bankrupt person is automatically discharged from bankruptcy.

With a BRO you are still subject to some of the restrictions after that year, they can be anything from 2-15years long (but 15years is very rare I think more common is 2-6years).
Those restrictions include having to tell anyone you want to borrow more than £500 credit from that you are subject to a BRO and not being able to become a director of a company. And your name will still appear on the insolvency register for the length of the BRO

daftsod11

Ok, Thanks.


Will I have to pay money for this period of time? Or will debts still be written off?


Bankruptcy costs a fee right? So do these fees have to be paid before bankruptcy can start?

Tixy

Yes bankruptcy has fees and they have to be paid before/when you file for bankruptcy. You would likely be advised by a charity to stop all repayments to the payday loans / DMP / anything not essential whilst you save the fees.

Whether you have to pay any money towards your debts and how much after being declared bankrupt will depend on your finances and whether you have any disposable income. If you do then you would have an Income Payment Arrangement/Income Payment Order for 3years from the date your bankruptcy is filed.

Lensman_2

No matter how bad you feel about what you have done. And no matter how bad the mess looks right now, NEVER pay creditors instead of the rent, food or gas/electric.

You seem to have turned a corner. Keep that up and keep the rent paid.

The rest is for tomorrow to deal with.

Seanymph

Well done you for stopping the gambling!

Everything else is manageable - with the right advice.

Phone the Company that doesn't charge, and explain your ENTIRE situation to the person on the phone.

These guys are brilliant.

Monkeyballs

Hi Op,

Your priorities are;

A) Cancel those fee charging DMP's
Contact your PDL's and cancel CPA with them and the banks as well
C) Contact Step Change or one of the free debt charities ASAP

SC will be able to discuss options with regards to what is best (and viable) for you but in the short term you need to make sure that any money going into your account is ring fenced from your DMP provider, Payday lenders and anyone with a "none priority" claim (Eg. Rent is a priority, fuel is a priority, food is a priority) so you need to keep a hold of your money.

If you are contacted in the meantime tell them that you are speaking to Step Change and seeking advice for financial hardship and if they persist take their name and record times and dates and tell them you are recording this data should you need evidence for a harassment case.

There will be a bit of short term pain but honestly as a recovering gambler then a reality check will do you good (I'm an ex gambler too btw).

MB