Huge Gambling Debt Age 26

Slure

Hi everyone,

I'm 26 and I am at the lowest point I've ever been in my entire life. Long story short, I've racked up the following debts due to a gambling addiction that has hung over my life like a black cloud for the last 7 years. Recently I have been having suicidal thoughts because I honestly can't see a way out, and I'm working for free at this point also. I earn £26,750k per year + £5k bonus, so I take home £1,950 p/m but my debts are as follows:

RBS Loan x 2 = £470 p/m (£11,000 owed)
Santander Loan = £172 p/m (£4,000 owed)
George Banco Loan = £245 p/m (£6,000 owed)
Bamboo Loan = £250 p/m (£5,000 owed)
MBNA Credit Card = £80 p/m (£1,500 owed)
MyJar Loan = £288 p/m (£1,700 owed)
Satsuma Loan = £200 p/m (£1,200 owed)
H&T Pawnbrokers = £145 p/m (£1,000 owed)

RBS Overdraft = £2,000
Drafty Credit Line = £600

As you can see, I am in dire need of a financial intervention which would enable me to pay back a large sum each month, but as I'm sure you have guessed there isn't a bank in the land that will touch me.

Increasingly my debt has become a burden to my girlfriend and even though we've always been happy up to now, it's getting to the point where we are arguing over small things all the time, in part due to sheer frustration at my stupidity/situation. She has dreams of owning our own home but that is a long way off, and I fear she will leave me eventually.

I've been having suicidal thoughts way more than any normal person should. I can't see where I would get circa £30,000 from to put me on the straight and narrow & I have no assets either.

I'm in a situation now whereby I work every month to pay these companies and that means I'm working for free & have nothing left over for food or living expenses whatsoever.

As for the gambling, I've stopped that because that's so far down at the bottom of things I want to do that I honestly don't think I can ever bring myself to place another bet. It's the same as killing myself in my eyes, or at least that's what I've been telling myself to make me stop and think twice. Regardless, it's the least of my worries when I have no disposable income at all now.

I've got counselling booked in this week for gambling addiction but regardless of whether I open up to someone, or bottle it up, it's not going away this debt and therein lies my problem.

Anyone who wishes to be unhelpful, what's the point? Anyone with advice I will greatly appreciate.

Thanks,
T

Debtslayer

I know it may seem like there's no hope but there really is no problem that can't be sorted. Please speak to one of the debt charities such as Stepchange and discuss your options for getting out of debt.
I can understand your girlfriends frustration, if you show her you are willing to change and address your situation by putting a plan in place to tackle the debts she will see that you are willing to address the situation she will be more likely to stay with you.

Lucylocks

I think it's important to remember that there are many people in your position; you're not the only one. It sounds as if you have a supportive girlfriend and family (assuming so if they've lent you money previously). Be super honest - although it's an awful conversation to start - once again everyone knows your situation they may be able to help in ways you hadn't anticipated or at least support you in changing your behaviour.

Speak to one of the debt charities and GA in the first instance

Puddylove

Hi
There are solutions to your problems - but suicide isn't one of them. Imagine the sadness and hurt you'd leave behind.
Here are my suggestions;

Your health
The most important one!
1. Contact the Samaritans for a chat - it'll help you work through your thoughts and feelings with a non judgemental listener.
2. Make an appointment to see your GP.
3. Try to join Gamblers Anonymous.
4. Talk to your girlfriend and family - let them in.

Sort out a budget - post a Statement of Affairs
The SOA link is at the top. Once you've worked out your income and expenses, you can see how much you can repay to your creditors.
It may also help to talk to StepChange or other debt charities for more guidance.

The future
Prevent a recurrence by banning yourself from gambling sites (others will be able to help here - I'm not a gambler, sorry).
Consider handing your credit cards/bank cards to your girlfriend or Mum, and only using a cash spending allowance each week. That way, once it's gone, it's gone.

Good luck in your debt free journey.

sourcrates

Hi,

There is always a way out, no matter how much you may owe, the law sees to this in the form of the Bankruptcy regulations, you could owe millions, Bankruptcy relieves you of this burden in one fell swoop.

Now i`m not telling you this in the way of advice on how you should deal with your debts, i`m telling you this so you know there is an escape route, if all else should fail, you have this to fall back on, so any suicidal thoughts can be put right out of your mind.

You owe nearly 50k to various creditors, your realistic choices are an IVA or to go down the bankruptcy route, you have a reasonable wage coming in, i would say an IVA may work for you, get some advice from one of the free debt charities in my signature, they will most likely concur with my thoughts here, an informal solution such as a debt management plan may also be an option, but may take too long to complete, they will be able to advise your best course of action to deal with your debts.

You must also deal with the gambling, most of us like a little flutter at times, but when it gets out of hand, like yours has, only help from the right quarter will do, good luck with both of your missions.

Makeachange

Honestly, i have no advice as i am 26 and in a similar situation for the same reason. just keep your chin up and we got this. gambling is evil.

I'm_not_going_into

Please, if you are feeling suicidal call The Samaritans. I have done in the last couple of months and although it's weird speaking to someone you don't know over the phone about everything they are great even if it just for 30+ seconds to start off with and build it up. You can call multiple times a day 24/7 365 days a year. The number is: 116 123

Another thing as well, we have been having huge debt problems (to the extent my recent Experian score was 000)!!!
We were told about StepChange and I read their website etc and kept putting it off and off and then one day I called them. The initial call was 2 hours 14 minutes I think! But they go through everything and they don't judge or anything they are really really good.

We sent the paperwork back 2 weeks ago today, we received a call the next day asking for clarification on a few things and then unfortunately I got an email from them that sent me into a panic attack (my own stupid fault)! But honestly within about an hour of receiving an email from my employer i forwarded it onto StepChange and it was set up there and then!!

My only regret is that I wish I hadn't put it off for so long because of the state of my mental health I could have avoided it getting this bad.

Good luck xx

fatbelly

Go bankrupt.

Or give us a reason why you shouldn't.

I'm_not_going_into

But going bankrupt will surely only solve the debt issue rather than the gambling issue? I understand that bankruptcy will cause somebody to have a problem with opening a bank account but there are so many cashinos on the high street we are becoming overrun by them. The gambling issue needs to be addressed before debt!

fatbelly

I'm_not_going_into wrote: »

But going bankrupt will surely only solve the debt issue rather than the gambling issue? I understand that bankruptcy will cause somebody to have a problem with opening a bank account but there are so many cashinos on the high street we are becoming overrun by them. The gambling issue needs to be addressed before debt!

That's not a reason not to go bankrupt.

Unless you are suggesting the OP should continue to borrow to fund their habit.

Slure

I don't want to go bankrupt because that will have longstanding effects on my future (i.e. unable to get a mortgage for a long time... if at all)

Also, I have never missed a payment on any of my debts ao I don't know whether I have to actually be missing payments to enter an IVA or go bankrupt - all my wages go to these companies and I essentially work a £30,000 a year job for free.