Lost £12k of savings

Pollycat

John-K wrote: »

I really can’t understand how even a relatively bold strategy can generate a -98% return.

You have to wonder if it was gambling on binary options, as it really retakes some effort to drop that much on mainstream currencies otherwise.

I think the OP needs to explain what happened to the money.
Because the original post is somewhat woolly.

Ames

Pollycat wrote: »

I think the OP needs to explain what happened to the money.
Because the original post is somewhat woolly.

He's already explained:

charmah wrote: »

@LilElvis there is about £200 left, I invested in Forex but I wasn't the best at it clearly..

He lost it gambling on foreign currency markets.

bugslet

Pollycat wrote: »

I think the OP needs to explain what happened to the money.
Because the original post is somewhat woolly.

He traded forex, lots of people have lost their shirts on that one. Lots of dodgy schemes out there promising you a bombproof strategy or lessons. Or maybe the OP thought they could just predict.

ska_lover

Are you even going to Uni then OP

Pollycat

I missed the OP's 3rd post about Forex.


OP - there is no easy way to tell your parents.
You just have to do it - and the sooner the better.

buildersdaughter

OK, I am going to share that I was in a similar position to your parents 10 years ago. Details different, don't want to disclose too many of them.
Some differences: at the point that his debt caught up with him, my son had got a decent job (not well paid, but with prospects that have come good) but was living in a rented place far from home. He had to ring us on a Friday afternoon to tell us that everything was crashing, he would be homeless (and therefore lose his job) if we couldn't bail him out immediately.
Our hard earned savings disappeared (£11k)
I was almost glad he wasn't at home to see our anger- he was certainly aware of our distress (and had made it worse by trying to cover up for some months). By the time I saw him, I was in a place to be able to say 'At least it isn't an addiction. We can handle this'. And we have.
I know he struggled dreadfully for a year or so, living very frugally, and we let that happen. He wasn't starving or hypothermic. He couldn't socialise much, but did make a good friend who was helpful. As he hauled himself back and paid us back, he learned painful lessons. He has been able to get a mortgage, buy a pleasant little house, and get married (a lovely wedding, not grand, but not stinted!). He has also been able to treat the friend who, by having him round for dinner and being friendly, helped him through that time.
I hope that, as you find the courage to talk to your parents, that you can all come through this as well as we have.

Gloomendoom

ska_lover wrote: »

Are you even going to Uni then OP

It doesn't look like it.

DCFC79

pinkshoes wrote: »

How old are you???

I would suggest taking as many jobs as you can get to start building the money back up, and tell them you do not want to go to uni for a few years.

Or just tell them what an idiot you have been.

Follow the advice given OP.

Come clean and tell them you will do what it takes to repay the money, okmnot repay but put the money back into the account.

Get a second or third job of ned be, reduce your outgoings to a minimum.