Help please!! £25k in debt at 24

happilymarried2013

Hey OP, didn't want to read and run. No real advice to offer other than you've made a step in the right direction.

Good luck telling your parents, it will be hard but you'll feel better in the end.

ViolaLass

I can't see that anyone has mentioned this bit - I wouldn't have thought that your debt to your parents could be included. It's in their name and I imagine you didn't set up a legal document for the repayments.

crazy_cat_lady

Good luck telling your folks and getting things sorted out.

Kitten868

As a mum I know that no matter what my children do I will always forgive them and help them fix it. As a 25 year old who has recently gone to my parents I would say show them what you're doing to fix this. It'll make you feel less awful about telling them. You are allowed to fail. It's life. These 'changes' should be attending GA and to self exclude any of these sites. To me I think I would sell my smartphone and my tablet and get a Nokia 3310. I think it's nigh on impossible to gamble on a 3310. I'm not naive I know that's not a cure but it's going to slow you down! Plus the money is a good start for an emergency fund I would talk to stepchange but consult my parents before I did anything with the advice. As has been said your loan for them will not be included on a dmp so I don't know how you'd sort this out so point it out with stepchange.
Going bankrupt at 25 isn't how anyone sees going forward but be open to any suggestions you can do this xxx

nv2k15

Thanks for all the advice. I told my parents everything last night, and although as expected they felt let down and disappointed they want to help me get through it, though not financially as they have done all they can and they just cant trust me not to do it again, which I don't blame them for. They had an idea that something was wrong, as I haven't been myself lately. They too have suggested going to GA, as they know that I need to address the gambling issue to stop it happening again.


I have looked into all options, and unfortunately I can't afford to go down the bankruptcy or IVA route, as it would severely affect my job, and the qualifications that I have spent years studying for. So I think the only option is to go for the DMP, and just hope everything works out ok in the end.

Kitten868

Don't sound so disheartened! You've been brave - you've come here and to your parents. You're doing fantastically. It's not easy and it's just the start. A DMP may be a brilliant idea - cut off your avenues to new credit and take on what you've already done. However, you won't get forward without tackling your addiction. Try GA. Its worth a shot x

andyfromotley

point your mum and dad in the direction of Gamanon.

It will help them understand your condition. To people who are not compulsive gamblers it can seem incomprehensible why you just cant stop. Gamanon helps them view that somewhat differently.

Hopefully they will resist the urge to help you out of this financial mess, i firmly beleve that CG's need to sort out their financial mess as part of their recovery. Hope its going well for you and that you have managed to get to a meeting.

KirstyO

Well done on telling your parents. I remember telling my mum that I was in bad debt situation. I didn't want her help to fix it, at the time she couldn't help anyway, but even if she could I made it clear that this was my mess and I wanted to fix it myself.


I'm glad I did as I felt the achievement of paying off the last DMP payment and I also learned my lesson, I know I never want to end up in that situation again, so I wont.


I have no experience of the gambling issues you are facing so can't offer any advice, but I'll be thinking of you, and can't wait to hear how you get on. As others have said there is lots of help and support out there for you and your folks, so take your time digesting it all and deciding the best route for you x