The Road to Recovery

7839matth

I want to start this off with how i got into the position i am in.

In 2012 I took a pay cut of around £300 per month due to moving countries, in the same year i also bought a house.

I was 22 at the time, looking back now, a very immature 22 year old. I didn't realise how much i would have to adjust my lifestyle to accommodate such a paycut, along with the huge expenses that owning a house brings.

12 Months later i was around £8k in debt, This was probably split 50/50 between getting my new house sorted, and not adjusting my lifestyle to suit.

A further 12 Months later and i was around £22k in Debt.

This was split 70/30. 30% Lifestyle and 70% Gambling.

As of 6 months ago, i am £28k in Debt, the newest amount is purely from Gambling.

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6 Months ago i had an epiphany, i woke up one morning and thought 'What on earth am i doing with my life'.

Im 26 Years old now, a Recovered/Recovering Gambling addict, fully employed debt ridden guy. I'm due a promotion at work this month, so that will see a good help in my finances.

Stepchange are dealing with 18k of my debts through a DMP which is now 6 months in and going strong, the remainder comes in the form of a Secure Loan against my house. Not a decision i took lightly.

Up untill 3 months ago, all of this was kept a secret, no one other than myself new about my situatuion. So i sat my father down, and through a fairly emotional face, spilled the whole story. It took a few days but he is now on side with my new frugal self.

By next month, I will be clear of paydays loans, which will see £150 per month stay in my bank account.

In around 4 and a half years, The larger lump of my debts will be cleared and see me £320 per month better off, In the mean time i am saving what and where i can, whilst living to a tight budget, to start raising cash to clear my Secured loan, I imagine in around 6 Years time i will be 100% debt free.

Sorry about the crap structure to this post, but if i could throw any advice to anyone, come clean as early as possible about any money dramas, and never gamble a penny on anything.

I haven't placed any form of bet in 6 months and i feel free, and happier.

£26500 to go!

Laurensalive

Well done for being 6 months without betting.