The start of my journey

LordNolo

Hi all.

Thought I'd write a bit about myself and where I find myself. 3 months ago I had an excollect credit rating. I was just about to move to a new house and although I had credit card debt it was contain able at an amount of 7500. I also had an hp agreement on a new car worth about 14500. Then in February I discovered online roulette. Now just 3 months later, I am in my new house, however, thanks to my recently acquired online gambling addiction I now find myself in the unfortunate position of owing 3000 pounds to paypal, 2000 on my overdraft, 17300 on credit cards and 16815 on a personal loan as well as 14k on the hire purchase. So suffice to say I'm a mess! Obviously no more online roulette for me and I am seeking counselling for the gambling addiction!
I've missed my last HP payment on the car as I prioritised my mortgage payment ahead of it.
So given the state of my finances I've approached step change this evening. I'm quite anxious, depressed and stressed at the moment so recognised the need to take action.
Unfortunately didn't have the chance to go all through everything with step change as they were closing but I'm thinking a DMP is the way forward al9ng with the removal of all credit facilities.
My question is, has anyone had paypal on a DMP before?
Also if I'm honest really looking for some words of positive encouragement if anyone has them. Beating myself up a lot at the minute!

Thanks all

Nolo

moneyfacts

At least you have now started your debt free journey. From today onwards you will reducing your debts and improving your finances.

Could you sell the car and get a cheaper one?

There may be lots of areas in your life where you can reduce spending and therefore put more towards your debts, like going out money, groceries, sky ...

Worrierwalker

Hi Nolo
Sorry to hear about your troubles

I was listening to You and Yours on R4 yesterday about how these online gambling sites are being investigated for the way they are run.

Sorry I can't answer your question about paypal but wishing you luck .

January2015

LordNolo wrote: »

Hi all.

Thought I'd write a bit about myself and where I find myself. 3 months ago I had an excollect credit rating. I was just about to move to a new house and although I had credit card debt it was contain able at an amount of 7500. I also had an hp agreement on a new car worth about 14500. Then in February I discovered online roulette. Now just 3 months later, I am in my new house, however, thanks to my recently acquired online gambling addiction I now find myself in the unfortunate position of owing 3000 pounds to paypal, 2000 on my overdraft, 17300 on credit cards and 16815 on a personal loan as well as 14k on the hire purchase. So suffice to say I'm a mess! Obviously no more online roulette for me and I am seeking counselling for the gambling addiction!
I've missed my last HP payment on the car as I prioritised my mortgage payment ahead of it.
So given the state of my finances I've approached step change this evening. I'm quite anxious, depressed and stressed at the moment so recognised the need to take action.
Unfortunately didn't have the chance to go all through everything with step change as they were closing but I'm thinking a DMP is the way forward al9ng with the removal of all credit facilities.
My question is, has anyone had paypal on a DMP before?
Also if I'm honest really looking for some words of positive encouragement if anyone has them. Beating myself up a lot at the minute!

Thanks all

Nolo

I have no idea about Paypal in particular, but it is very important that you open a new basic bank account with a bank that has no relationship with any of your existing debts. Don't worry if you have an overdraft on your existing bank account - that can be added to the DMP. Importantly, you need a bank where none of your creditors have access to your money. Do this asap whilst you are sorting out the situation with Stepchange.

Don't panic - at least you have realised the gravity of the situation and are taking steps to deal with the debt and the addiction. That is a massive step and whilst you feel very low at the moment, you should feel proud of yourself for facing up to this.

Stop paying all creditors except your priority debts such as mortgage, council tax, utility bills, food, etc. etc. The rest can wait until you are sorted with the DMP. You can, if you feel strong enough to do it, contact you creditors and let them know you are seeking support with your financial difficulties and request they freeze interest and charges. Most of them will put a 30 day hold on interest and charges for 30 days whilst you are working to sort out your DMP. Even this can be extended. If you don't feel up to speaking to them you could contact them through your online account (the send them a secure message type thing).

Also, when contacting creditors, including a statement that you do not give them permission to telephone you and that all communication must be in writing. This takes the pressure off your regarding worrying phone calls from creditors. Providing you do not ignore them, they have to honour this request.

Don't ignore the letters from creditors. They can't hurt you. You do need to open them though. Just be aware most are computer generated and whilst you may feel they are screaming and shouting and jumping up and down at you in the letters - they're not. They are just standard letters warning of what will happen if you don't make payment. They send these out by the tens of thousands everyday. We've all had them - we are all still here, plodding through our DMPs, and those letters are filed in a box doing no harm other than having killed a few trees :rotfl:

Come back and keep us up to date with your progress and ask as many questions as you need to. You can sort this, and we can help you through your journey:beer:

StepChange_Rachael

Hi

I’ve just come across your post so thought I’d answer your question.

It is possible to include a PayPal debt to a Debt Management Plan as a general rule.

I’m sorry to hear we were closing when you called, however we’ll be happy to discuss your options with you if you decide to call back.

Our opening times to our Helpline are 8am to 8pm weekdays and 8am to 4pm Saturdays on 0800 138 1111. This is a free phone number within the UK on mobiles and landlines.

Take care
Rachael

Cirias

Online Roulette is an absolute killer - I do empathise with you. Back when I did a bit of matched betting, I once managed to lose all my winnings for a week and decided then to never touch the casino games again. The trouble is you can make money on them, but you're able to also get into a spiralling losing streak and end up blowing hundreds before you know it.

These days I do a bit of trading on Betfair, and weekly football accas. The way I manage my accounts is to have a "betting bank" on Betfair. I periodically withdraw my winnings, leaving a small amount in there to bet with. If I happen to get on a losing streak I step away for a few days and only get back in once I'm confident I've got some well-researched bets lined up.

The important point here is that I only place small bets at high stakes, so I'm usually risking no more than £1 at a time. I never deposit extra money into Betfair - I'm only playing with what I win and if I happen to lose it all (very unlikely) then I just stop for good. It's never going to be a significant earning for me, but it's enough to cover a few takeaways a month.

LordNolo

Thanks all. Some good advice there. Fingers crossed everything goes smoothly. Looks like I shall be starting on my DMP next month hopefully so we shall take it from there!