Huge Gambling Debt Age 26

I'm_not_going_into

Fatbelly - NO not at all, that's not what I meant. Like I mentioned above in the early hours of this morning, we recently went through StepChange and I myself have also been suicidal recently.
Debt is a massive factor in a lot of people but if somebody has a gambling addiction (sorry Slure) I'm not putting you down here, this in my eyes needs addressing first. But I'm no expert unfortunately.

Slure - that's really good that you haven't missed any payments! Hope I'm not being rude here (not intended) but have you looked at this site? https://www.gamcare.org.uk

Good luck, I'll be thinking of you x

Slure

Thanks for the advice guys - yes I have looked in to GamCare and Gambler's Anonymous. I've been to GA meetings in the past as well as 1-on-1 counselling at The Angel Centre in Salford.

At the moment I haven't had a bet for 3 weeks and to be truthful it's the least of my worries. I am more concerned about luring food on my plate, not missing any payments and not losing my beautiful girlfriend over all of this. I know I can beat it & I also know I earn a good salary, so if I could simply (or rather, with great difficulty) somehow come up with £30,000 I could pay back £1,000 per month and be debt free more or less in 30 months.

I've looked at StepChange this morning and their advice was a DMP, but I have 2 guarantor loans which I think would mean my Mum becomes liable for if I go to a DMP - I don't want this to happen so really I need around £5,000 to clear Satsuma, MyJAR, Drafty and H&T Pawnbrokers - this at least gets rid of the payday element and I would still be paying daft interest on some of the others but I could at least manage for food/living expenses.

I'm honesty at the end of my rope with all of this. Does anybody know how a DMP would impact a guarantor loan?

I'm_not_going_into

Only thing I can think of Slure is give StepChange a call. I did confidently (withheld number) because I needed some questions asked.
They really are great, that way if you can have a DMP while your mum is the guarantor you'll get sorted. I'm sure you can but I'm no expert.

StepChange 0800 1381111

Good luck, let us know how you get on x

Makeachange

Sounds like you are really thinking this through. Well done. I am at 9 months without gambling tomorrow and only just starting to challenge my debts. ive paid bits and pieces off but im determined now so will be following your story!

sourcrates

Slure wrote: »

I'm honesty at the end of my rope with all of this. Does anybody know how a DMP would impact a guarantor loan?

To be honest, these days, Bankruptcy has no more repercussions than any other debt solution, your credit is screwed for 6 years, as with all debt options, its still possible to get a mortgage after 6 years, you just need to search a bit harder.

You say you haven't yet missed a payment, but you cant put food on the table, clearly that is not sustainable, and paying out £1000 a month on a DMP seems equally unsustainable also.

Anyway, a DMP is an informal arrangement, you can treat the guarantor loans as priority debts, and still keep paying them.

Good luck with whatever you choose to do.

National_Debtline

Hi Slure


First and foremost, well done on acknowledging the problem and taking those first steps towards addressing it. Others above have already reiterated the importance of prioritising your well-being and any counselling for underlying issues, so I'll come straight to your question re: DMPs and their impact on any guarantor loans.


Remember that a DMP is an informal solution, even if it's managed through the likes of Stepchange. That means there are no hard and fast rules about how such a plan is structured. Stepchange may well ask that you offer reduced payments on the guarantor loans just like everyone else - this is in the interests of persuading your creditors that they are all being treated "fairly". If you are concerned about the knock-on effects this may have on your mother, you should discuss these concerns with Stepchange to see what leeway is available - alternatively, you can approach your creditors directly and present your own arguments for maintaining the normal payments on those two loans while asking everyone else to accept a lower amount.


If it comes to a point where you can no longer service the normal repayments on those two loans, your mother should seek advice in her own right about how she deals with being asked to pay any shortfall. There will doubtless be a range of options available to her as well and it won't be a situation we haven't come across many times before. I appreciate only too well that this is a scenario you're not keen to envisage but it's crucial that you keep an open mind at this stage.


No one - least of all your creditors - will force you to go bankrupt. However you should not dismiss it out of hand. Getting a mortgage is likely to remain problematic for some time, whichever route you take. There are any number of people on these forums who'll testify from personal experience that it is possible to recover from BR and financially rehabilitate yourself in the long run - they will also speak for the boost it gave their mental health to feel the "weight" of those debts lifted. Sometimes one backward step is needed to take two forward.


Please keep posting for as long as it helps you work through this.


Dennis
@natdebtline

sourcrates

Great post Dennis !!!!!

I'm_not_going_into

Thank you Dennis @natdebtline
Going through StepChange ourselves has helped a tiny part of my mental health but unfortunately mine has kicked back and has attacked another part of my brain now! It's definitely reassuring that we have been approved by StepChange although ours is a TPS even still it's taken some pressure off!

Gazzafatcityboy

Hi there,
I didnt want to just read and run. Amazing advice given by everyone thats for sure.
I am a recovering addicted gambler and was very much in the same situation as yourself.
Dont worry you will get there eventually, I think the main thing you have to realise is the triggers for
you gambling and having the self discipline not to do it anymore. If you would like some more advice
dont hesitate to PM in me in terms of gambling addiction.
Starters for ten
1- Ban yourself from all bookies. You can do that nationally now I believe by filling in some forms
2- Dont carry any cash on you at all
3- Online ban yourself from all sites - there is software out there to do this
Gaz

EssexHebridean

Get that SOA done and posted and we can take a look - as others have said there is pretty much NO situation that isn't fixable, you're already tackling the gambling side of things (well done!) so a workable viable budget is the next port of call.

Acknowledging what you stand to lose if you don't sort things out is as good a way as any of reaching your Lightbulb Moment. You're there - don't lose that feeling!