Debt Advice needed - urgent

cap24

Hi all,

Am new to this and very scared and embarrassed about my situation. I am 25 and a law graduate but currently not earning very much money and my debts are starting to pile up.

I took a loan out of £10,500.00 only recently of which i have around 18 months left, monthly payments of £240.00 and then i have a guarantor loan which i lent around £3,000.00 and have around 2 and a half years left on that paying £120.00 and then recently took out a personal loan for £2,000.00 which is £200.00 over 2 years. I also have 2 credit cards, one for £850.00 and one is £200. I only earn around £1,100.00 pound a month and as you can see that doesn't leave me with much spare money.

My biggest problem is i have a gambling addiction, which i am seeking help for and have started to attend GA meetings, my girlfriend knows about the 2 loans totaling £350.00 a month but not the additional £2,000.00 one or the fact until recently i was still gambling or the credit cards. I am not getting any younger and would like to move in with my girlfriend in the summer but at the moment i am not going to be able to do this.

I am extremely worried that i am going to not only run out of money but also lose my girlfriend when she finds out about the mess i am in, as well as my family.

I have had a look on step change but cannot understand it properly as they have suggested a DMP but i think the monthly payments were £609.00 a month which will mean i am paying out more than i am now a month.

Can anyone help please, i am so embarrassed about the situation and not a fan of myself right now.

Thank you

Kitten868

Hello,

Well done for getting help that is the most important thing to do.
Why are you seeking debt management? If you can afford the monthly payments I don't think you will qualify anyway. If you want to move out with your girlfriend you need a 'good' credit rating to rent or get a mortgage so it would probably be better waiting to at least get the larger ones paid off.
You need to post a SOA so that we can help you with any outgoings you have.
Keep going with GA that's the most important thing you can do

cap24

Because i owe out nearly 20k and owe family some money too and like i said i don't earn much money and want to move out of my parents house

Kitten868

You'll only compound the problem if you have more outgoings. I understand what you want but I don't think it's sensible. If you're living at home then you have a great opportunity to get a lot of this debt behind you so you can go ahead with what you want. I have been managing to really attack my debts selling things and living thriftily so that I can reduce my working hours to spend more time with my babies. I've achieved more in the last 6 months than in in last 4 years since I graduated. Put your nose to the grind stone and get it paid down so you can move out it'll be a lot harder with defaults on your record. Might even half it in 6 months!!

enthusiasticsaver

I don't think realistically you will be able to move out of your parents house until you have a grip on this. Your outgoings will increase drastically.it looks like your loan payments are affordable unless you have to pay your parents a lot each month for housekeeping. Use the next 2 years to get rid of your GA and your debt and look for opportunities to increase income. Move the credit cards to 0% deals. Is the debt all from gambling or are you overspending in other areas?

cap24

It is mainly from gambling and my credit rating is shot so no chance of credit cards

andyfromotley

Hi Cap,

..... and breathe.

The most important thing in your life right now is your attendance at GA. You are early in your recovery but you are looking at a solution that will take many years, perhaps a lifetimes work. So get yourself to meetings come hell or high water. Your very life may depend upon it.

Next fill in this, http://www.stoozing.com/calculator/soa.php and we shall be able to help you when we have the full financial picture.

Dont worry too much about your future, renting is not affected by a poor credit history unless it involves bankruptcy and CCJ's.

Recovery demands searing honesty so you will have to tell your girfriend about this at some point. Speak to people at your meeting aboout this.

Do not worry too much, this situation can be resolved, financially probably much easier than you think, but it will all be for nothing if you do not have recovery, thats why its so important.

One final thought, your salary is low. (particularly for a graduate) Consider why this is and start working on a plan to increase it.

Take it one day at a time, you are not alone.

runforlife

They say a problem shared is a problem halved. Already you have shared some of your problems with the online community. I guarantee you will feel a whole lot better by sharing your gambling addiction with your girlfriend and family. Infact you need their help and support to move forwards. I speak as a father with a son who has GA. Yep! it's not easy but to start with you cannot move on with your gambling addiction without TOTAL honesty. Make sure you add up ALL your debts. Every single last one. Good luck.

Jackt90

May I ask what type of gambling you're involved with?

I've been in a similar situation more than once. It takes a lot to tell people you love, it can almost feel impossible at times, however you will feel 100% better if you share it and get the help you need.

I'd think about surrendering all your cards/accounts to someone who you trust until you're free from gambling.