£14062.71

idiot_3

hello all. hate to make my first post a beg for help, but that is what it is. i am a student (first year again, just doing exams now) of 21. i am also a seriously addicted gambler, and am going to g.a. next week to get some help.

basically mum found my box of statements etc yest and hit the roof. i owe in total £14062.71. she said either i let her help and take over or i'm out on my ear as i live at home.

so to break it down:

£660.65 to halifax visa (18%)

£6250.00 to goldfish (~18%)

£4000.00 to capital 1 (~16%, though 3500 of it is interest free till august.)

£90.87 to halifax bank. (~50p interest per month.

£1248.32 to Natwest (student account, 0%)

£997.87 to Halifax bank ( student - 0%)

=£13247.71

+ £815.00 to mum. (she paid it today for outstanding parking tickets, tuition fees and overdue/overlimit payments on credit cards.)

=£14062.71

i earn approx £250 per month part time, although i can work from 1st june to 1st oct in 2/3 jobs, and hopefully get around £5k together. have begun applying for jobs today.

all the cash has gone on fruit machines. incredible i know, and what a fool i am, but there it is. question is what to do? mum has been solid. i have cut up credit cards, and given her my debit cards. she will provide me with £20 a week to live on. i have no assets to show whatsoever. nothing to sell. we haven't told dad as yet, but will do this weekend. i am lucky she found it in some respects, as i had £150 left in the world and once that ran out was gonna end it all, prob the end of this week.

i realize i cannot declare myself bankrupt as the money was spent gambling. is there anyway of me stopping interest without being issued default notices, as this will allow me to clear it much more quickly. i have heard of an admin order from the court, which freezes interest and as long as i pay each month nothing more can be done, although i know this would screw my credit rating, and prob result in default notices anyhow. there is a good chance, dependant on what my dad says, that mum will take out 0% cards and bal transfer it on those till it is paid, or get a loan, and i will pay the monthly payments. the loan would be to cover just the cc's. student accounts are 0% so i will leave it that way. (and i know i'm not allowed more than one.) i tried to get a 10k loan to sort it, but surprise, surprise was declined. payments on that would be ~ £200 per month for 5 years.

sorry to rant, but having seriously considered suicide this week, any help would be great.

cheers.

tru

Hi Dunno what to call you, but I'm not gonna call you 'idiot'

I'm not much good at this sort of thing, but others will be along soon to help you, I just wanted to say you've made a good start by posting here, and your mum sounds great.

cifpower

I would not call you an idiot either. You are an addicted gambler and you have the made the first and most difficult step - afmitting you have a problem and are now seeking help. I really do hope that Gamblers' Anonymous can help you. With regard to your debt problem I would talk to the Consumer Credit Counselling Service. They are experts in this kind of thing and are trained to give you the best advice. The website is at the bottom of this post.

Good luck!

http://www.cccs.co.uk/

welf_man

You're not an idiot - just human.

I presume you've had your Student Loan and asked about Hardship Funds at your university? If not, get yourself to the Students' Union and see what's available.

If you don't mind saying where you study, I can check things out and maybe find a contact name - I'm an SU Welfare Adviser.

(Also, make sure the university knows about your difficulties - your work may have been affected and it can be taken into account).

Talk to your banks, too - especially NatWest. It won't be the first time they've seen such a problem, and may be able to help.

Good luck - keep us posted.

Mel.

Willsnarf1983

i sent u a pm, let me know whether u at least got it

Will

fatbelly

Hi - I don't think you are an idiot either. You're going about things the right way now.

You are correct in what you say about bankruptcy, and although admin orders are good tools, the limit is £5k at present. Just to give you a bit of hope though, they are being reformed and the suggested new limit is £15k. No dates set yet as far as I know, so the plan of campaign is: get the interest under control, make some sort of (token?) offer to each creditor, and watch this board for news.

If you use the CCCS, let us know how you get on. Treat us as your support team.

Tayus

hi mate, just a quick message to say dont worry, your only 21, i know someone who owes 35,000 and he is an addicted gambler also. He is 24 and was at uni but he has left and now works. what i want to say most to you is YOU'VE GOT THE REST OF YOUR LIFE TO FIX THIS AND ITS GOOD THAT YOU HAVE FACED UP TO YOUR PROBLEMS! If you sit back and think about it 14062.71 isnt the end of the world and another plus point is your at uni so when you finish you've got every chabce of getting a decent job on decent money! Most important is to get help with your gambling problem. keep us updated on how you get on mate

Iona_Penny

Look don't beat yourself up; to paraphrase the old proverb 'let the person on this website who has not been stupid with money and run up debts be the one to do that'. Well thats none of us then.

You have been given advice to speak to the CCCS so that should be your first move but I am more worried that you have felt suicidal over this. Really really this is only money and we are all here to talk things through with at any time. I think you should be proud that you have recognised your gambling problem and are taking steps to tackle your situation.

Scooby_Saver_2

Hi,

Cant really add much more but hear this: Life is a journey not a destination.

What the hell does that mean, well you being so honest to complete strangers is the start of the journey and all the help given by fellow MSE and most of all your mum will get you back on track.

Take care and let us know how you get on…..;-)

idiot_3

thanks for all the replies everyone. i spoke to dad on the phone last night, and am feeling a lot better. whilst they are not offering to pay it for me (and i wouldn't want that) they are going to help. we are not going to take any real decisions till the weekend when dad is home. they have both said that me passing my exams is the most important now. i'm not so sure about going to cccs. default notices are something i want to avoid - at the moment the worst thing on my credit file is having missed the last payments by 1 day (obviously except having a large amount outstanding).

dad was fairly incredulous that cc companies would extend such large credit limits to a student earning only around £250 per month part time. i was also offered a loan yesterday when i went to the bank to pay some off credit card with halifax. i know i was weak to say yes in the past and take advantage, but i think it is all too easy.

welf-man, i am at birmingham uni. my tutor does know of some of the problems, not the full extent, as i was called in to see him about missing time off uni (to go and gamble.) i don't know how much they may take into account as mitigating circumstances - i don't want to rely on that. been too weak for a long time, it is time to help myself and do things properly, even if that means resits in august, i am determined to pass the year. if there are hardship funds available that would be a help though for now, although it is all more debt.

i feel a lot better today. hiding the problem for years has been hard, and now it is out in the open i can face up to it with my family's support. i am actually looking forward to going to g.a. i have to have a major lifestyle change - no more drinking and smoking. that will also be good for me. i have no doubt it will be hard but i will get through this and get out of the other side.

will keep updated.

rchddap1

Well done on catching this early and facing up to the situation. So many people stick their heads in the sand thinking that it will all go away....except it tends to get worse. By taking action now and facing up to your problems you are making things a lot easier and better for yourself long term.

Yes it will be hard and there will be lots of temptations that get thrown in your way, but when you get through it you will be a much stronger person. You can do this. You can say no. You have proved your strength simply by posting here.

I admire you for your courage and strength in being completely honest with your family and accepting their help and support.

I haven't got a great deal more to add except to encourage you to keep posting. When you do have any successes, or weak moments add a message here and it won't be too long before someone comes along to give you the encouragement and strength that you are looking for.

Good luck