Chasing Losses Left me Broke.

sourcrates

slippy85 wrote: »

I have actually cancelled my bank card and got a new one reissued. This will stop them collecting the payment but i guess i will have to speak to the creditors to let them know that i have done this?

It will indeed.

Also cancel any DD you have going out that you cant afford to cover.

Most creditors will accept a payment plan, but dont over commit, as you have multiple lenders, you may be better served setting up a DMP through stepchange, you decide what you can afford for creditor payments, then it is distributed between your accounts on a pro-rata basis.

slippy85

Thanks Sourcrates, I am going to go down that route. Hopefully have it start in June which will give me a couple of months to save a bank (previously i got my first credit-card due to car MOT failure, huge mistake in hindsight). What should I do with my creditors in the meantime? Before the plan is active? I can afford some payments just not meet the minimums .

sourcrates

slippy85 wrote: »

Thanks Sourcrates, I am going to go down that route. Hopefully have it start in June which will give me a couple of months to save a bank (previously i got my first credit-card due to car MOT failure, huge mistake in hindsight). What should I do with my creditors in the meantime? Before the plan is active? I can afford some payments just not meet the minimums .

As others have said, just write explaining your circumstances, dont go into hugh detail, just a brief account, tell them your taking advice from stepchange, and you/they will be in touch after you have taken advice.

You get 30 days were action is held anyway, a few more weeks wont hurt, you may get letters and calls, they will mainly be automated, as long as you keep your creditors "in the loop", all will be fine.

slippy85

Thank you.

zippygeorgeandben

There are plenty more people in your boat at gamcare. Register and post about your situation and how you are feeling on there. They are quite a supportive bunch and can probably help you address the reason behind your gambling more than other well meaning people can on here.
Also, make sure that you talk to family about this. You'll feel so much better when it's out in the open.

slippy85

Thanks everyone.

I havent spoken to my creditors yet but tonight I told my parents about the problem. I dont think they were too shocked at the gambling, just the money I have lost. So that is a step in the right direction.

I also sorted my paperwork out, recorded everything I owe and cut up all my credit-cards. I am just about to use the templates to ask the creditors to freeze my account for 30 days.

Just the daunting task of telling my partner now. I think this could well be the end of us which is what is really killing inside.

patman99

Just be aware that once you start the DMP, you won't be able to get any further credit.

However, when you get the DMP set up, it will feel like a huge weight has lifted off your shoulders.

There are oher options to consider depending on your circumstances, such as a DRO, IVA, or bancruptcy. However a DMP is a good start and can be the ideal catch-all situation.

BTW, as no-one has mentioned it yet, well done on recognising you have a problem and taking steps to deal with it.

slippy85

patman99 wrote: »

Just be aware that once you start the DMP, you won't be able to get any further credit.

However, when you get the DMP set up, it will feel like a huge weight has lifted off your shoulders.

There are oher options to consider depending on your circumstances, such as a DRO, IVA, or bancruptcy. However a DMP is a good start and can be the ideal catch-all situation.

BTW, as no-one has mentioned it yet, well done on recognising you have a problem and taking steps to deal with it.

Thank you. Feeling positive. Yesterday was the lowest I've ever been.

bearcat16

If you have a compulsive gambling problem, the only real solution is for you to hand over control of your finances to someone else, e.g. your partner.

They should manage all your day-to-day finances, and give you small amounts of 'pocket money' for things like lunch etc. You should not be in possession of bank cards, credit cards etc.

The Gamcare forum is full of useful advice in this regard, but it's important to realise that this is likely to be a permanent situation. For a compulsive gambler, there is no middle ground or 'getting it under control', it's all or nothing.

slippy85

I completely agree. Blocking software in place and I'll be transferring my wage over to my partner. Be a welcome relief to lose that control. Spoke to someone from GamCare and got details of some counselling.