DMP advice Gambling addiction

Stuckinarut2017

Hi there my first post here, am looking for some advice to try help me out the situation i have managed to get myself into these past months.

I am 24 years old and have been suffering with a gambling addiction the past 6 months. I am currently doing everything i can to get support and counselling with this.

I could write paragraphs on how it has negatively effected my life, it has also left me with debts of around £11000.

I went through the stepchange process which has recommended a DMP as the best solution to manage my debts.

My debts are:
£7000 natwest loans
£1000 natwest arranged OD
£1000 capital one cc
£500 american express cc
£1000 payday loans

Having filled in the data as accurately as possible the calculations came to me being able to afford approx £170 per month towards a DMP on my currently low salary. Meaning it would take approx 6 years to pay off my debts.

My questions are how long is normally take for a DMP to be processed and be put into action?

How likely/unlikely is it that all the creditors will accept the dmp proposal?

How likely/unlikely is it natwest would freeze any interest etc?

Those who have entered a DMP, do you think it has been a positive step?

I just wish so badly to move forward from this point in my life but atm am struggling to cope.

Thanks a lot

stuartJo1989

Well, I'm a recovering gambling addict and have been clean for 4 months now. It also came to a head for me during that time which is what motivated me to go to GA and contact stepchange.

I'm not as deep, but pay about £150 a month and have cleared off a chunk up to now

I could only get credit from the payday loan companies so racked it all up that way. About 12 of them I think all in all... They were all happy to accept the DMP These days companies are more focused on helping people in debt and work WITH them, so you'll probably encounter little resistance. The banks are usually the funny !!!!!!s in my past experience.

I tell you what though but if you don't address the gambling addiction then you will be back in the same boat further down the line. That's the crux of it lad... The financial problem is not the real issue you have here!

Go onto the GA website (they have a chat room) and find your local meet Go there and see what they say, share your story and see whether you can make sense of any of the similar experiences.

Good luck in beating the addiction and I genuinely implore you to put more focus on this over the debt you have....

Stuckinarut2017

Thanks for the advice.

Ye ive realised that the gambling issue isnt going to just go away, i have told myself time and time again this is the last time but it has just continued to snowball and get worse, payday after payday, loan aftet loan

Im going to my first GA meeting next week

newatc

Not my area so can't offer advice on debt but clearly you must make sure you don't go down the gambling route again so GA involvement key.

Very best of luck.

Stuckinarut2017

Having gone through the stepchange forms again in more detail and being a little more realistic with my monthly expenditure it has now recommended a DRO as the best option as my left over income is around £45 a month after all outgoings and living expenses.

I have tried to be as honest as possible with these figures. How much are they looked into? For example i pay board/rent to my parents each month normally with cash etc

What kind of supporting documents are needed for the DRO process apart from proof of income and details and statements of your debts.

Thanks for any help

debtdepressed

its really good your getting help with debt, well done. Defo dont commit to a DMP with an unrealistic amount thats what i did and it didnt work.
DRO from stepchange i think is 3 months wage slips and proof of benefits you may receive, credit reports, all details of your debt account numbers etc. Less then what other charities ask for. Good luck with it all.

Makeachange

Im 9 months gamble free as of tuesday and im just starting to hit my debts hard as i knew that until i felt ready i knew i would spiral again! I am 26 and been struggling for a few years. Good luck with everything i will come back and keep popping in and saying hi.

Gazzafatcityboy

Good luck with it all from a recovering gambler as well. Hope it goes well for you, my thoughts and prayers are with all of us trying to get through these tough times.