Gambling Debt :S PLZ HELP

MoneyBurningHoles

Im feelinh physically sick.
I have been gambling for a number of yeara now and im in 35k worth of debt but im living off 1k per month in wages. I took out loads of loans and credit cards and whatever i could get hold of to fund my habit and i really wish i could reverse time.

I keep on getting debt letters through the post and i have tried addressing the issue and paying of what i can afford but the temptation to gamble to try and clear my debts always gets the better of me as it would take me years upon years to clear it all on my wage.

Im considering bankruptcy and a fresh start as i know i have a gambling problem but doing so will seriously affect my life. I have a partner and 2 children with a 3rd on the way (due in feb).

I know i have a gambing problen and i would quit if i had no debt at all and thats a fact - not just saying that and i know what you all will think by me saying that but im being 100% honest.

I really dont know what to do and i need some help please. Any advice would be appreciated. My credit score is basically 0 and i have defaulted on all my debts and have 2 ccj's as of now and i feel like !!!!. I wish i never won that 500quid online on my first shot at gambling 5 years ago as this had ruined me completely.

Im on the verge of running away and my family is the only thing stopping me as i know my kids need me.

Can anyone help??????????????

sourcrates

Hi,

Welcome to the MSE forums.

Yes there is plenty of help out there, we can help with the debt side of things, but i would strongly suggest you seek help with the gambling first.

Bankruptcy is a big step, but its not as intrusive into your life as it once was, in fact unless your job specifically precludes bankrupts, then life will continue much the same as now, of course if you have property or other assets, they can be at risk, your best bet is to contact one of the free debt charities, and take advice from them.

Stepchange has a free debt remedy tool on their website, where you input your details, income/expenditure/ debts etc and it spits out a result for you, you can then discuss the matter further when ready.

That`s were i`d start debt wise.

Good luck.

fatbelly

Do you own property?

Do you have a job/career that bankruptcy would endanger?

How much is your car worth?

MoneyBurningHoles

Thanks for reply.

I have no assets and i have seeked help thru stepchange and they just suggested paying £1 to each debt until my situation changes but i know it wont change anytime soon. I have no car or assets as u may of expected from gambling.

I have addressed my gambling issue and i know its a problem but now im just trying to concentrating on clearing my debt. What should i do?

zippygeorgeandben

Does your partner know what you have got yourself into re: gambling?
and what do you mean, you've addressed your gambling issue?

sourcrates

We can’t really tell you what to do, that is your decision based on your circumstances, you need to weigh up the pro’s and cons of the options available to you, then make a decision based on that.

Me, I would take the bankrupcy option, as it would take you many years paying it off otherwise, but this is something you must decide.

There is plenty of info on the internet, I would suggest Debt camel and National Debtline as two good sources of information.

fatbelly

MoneyBurningHoles wrote: »

Thanks for reply.

I have no assets and i have seeked help thru stepchange and they just suggested paying £1 to each debt until my situation changes but i know it wont change anytime soon. I have no car or assets as u may of expected from gambling.

I have addressed my gambling issue and i know its a problem but now im just trying to concentrating on clearing my debt. What should i do?

Do you know why they didn't advise bankruptcy? No car or assets - and presumably your job doesn't stop you from going bankrupt. So I don't understand the token offer strategy. It seems like a complete waste of time.

MoneyBurningHoles

My partner knows and now i do not gamble any more and im left with this horrid debt. I didnt understand the token offer either but i were not willing to go bankrupt but i see mo other alternative given my situation.

Thanks to all replys its highly appreciated. So is bankruptcy the best option for me then? And how does this impact later life? Im 25yrs and completely fudged.

fatbelly

You need to ask stepchange (or National Debtline) why they did not recommend bankruptcy. It may be there's something we're missing on this thread.

Bankruptcy stays on your credit file for six years, you pay your surplus income to the official receiver for 3 years and if you are ever asked the question 'have you gone bankrupt?' you should answer 'yes'.

Alikay

£35k is a lot, but not so much that there's no light at the end of the tunnel. You are only 25, and presumably fit and healthy - can you get a second job, such as working in a bar or restaurant when the kids are in bed?

Gazzafatcityboy

Please don’t do anything drastic. As a reformed gambler myself I can understand your pain and anguish.

It is upto you what you want to do next. You have to remember that you are in control and you have the power. Gambling doesn’t have to control, you control it.

I understand the urge that happens and the best way to defeat that is out of sight out of mind. You need to ban yourself from all bookies and block any websites online. If you have an issue with land based casinos self exclude yourself from there.

It is possible that you could pay off all your debts. You need to do a SOA so you can tell how much leftover income you have after paying off your essential bills.

However just as a forewarning 1k per month after tax and after your bills, you maybe paying off the debt for the next 15 years unless your income grows substantially to at least double.