What do I do now ?

[Deleted User]

Hi everyone,

I posted on this forum about 1 year ago describing my situation and you all gave great advice but sadly it did not work out for me and things have got 10 times worse.

Since I last posted on here I have been into rehab twice for gambling issues, lost my job, had to move back in with my dad and also tried to take my own life. I have been diagnosed with depression and am currently on medication. Some days are good some days are bad. I hate leaving the house the thought of doing so makes me feel sick to my stomach and the prospect of going back to work terrifies me. The one thing that has stayed constant in my life. Is my debt. I currently owe 21,000. 16,000 to companies and 5000 to my dad.

What are my options at the moment? I have let my creditors know my situation and have “paused” monthly repayments. But I will not be able to have that as a permeant solution.

I am stuck in a really horrible vicious cycle of get money, gamble money, debts increase, mental situation gets worse. I feel like I physically can not have any money because I will just gamble it. This makes getting a job and paying off the debts all the more tricky.

If anyone has any advice would love to hear.

Many thanks

datlex

I think you need to go for counselling regarding your depression. You need to deal with your mental state first. Then look at your debts.

Years_of_debt

If you have 0 assets, no mortgage & not working. You should look into a DRO - debt relief order. You’re debts which are unsecured would be wiped off.
As ever addressing your problems head on is always difficult and you’ve made the brave step to get help for your gambling so well done.
Why don’t you phone StepChange Charity in the morning and work put your outgoings vs incoming. They will advise you on the best option for you.

But no assets and no income then DRO might be best, it will wipe your debts off and give you a fresh start where all creditors are off your case.

All the best!

[Deleted User]

In terms of the DRO you mention, what happens with that? Are they instantly wiped or do you have to wait a period of time. For example what if 6 months from now I got a job? Would it make the DRO void? Thanks for your advice

ramhainn

Hi and welcome
I'd suggest talking to your gp and possibly getting some counselling. With mental problems it's hard to tackle life problems and medication might not always help.

I'm not too sure if Step change might offer some counselling as Well but it would be good talking to them too.

sourcrates

Deleted_User wrote: »

In terms of the DRO you mention, what happens with that? Are they instantly wiped or do you have to wait a period of time. For example what if 6 months from now I got a job? Would it make the DRO void? Thanks for your advice

Hi tom,

There are qualifying criteria to meet for a debt relief order.

You must not be a homeowner,
Your total debt must be under 20k,
You cannot have a car worth more then £1000,
No single asset of more than £1000,
No more than £50 left before debt repayments at month end.

You could omit the 5k to dad, and pay him back afterwards.

There would be a 12 month monotorium period, where you make no payments, after this 12 months, your debts are wiped out, and you are debt free again.

If your circumstances changed during the 12 months, your DRO could be revoked.

In such circumstances there is always bankruptcy to fall back on, once you pay the £680 fee, it’s virtually a done deal.


Your debts can easily be dealt with, the mechanisms to do so already exist, it’s your other mental health and gambling issues that need addressing first, the debt is the easy part.

MEM62

You have been given some very solid advice, which will help deal with the finances in due course. However, it is my opinion that you need to deal with the gambling issue first - as there is a risk that a bad period will see you run up further debts. In which case you will be back where you started. The debt is a symptom, not the problem, and you need to address the route problem first.

I hope you manage to get the help and support you need to turn things around.

Willing2Learn

Deleted_User wrote: »

Since I last posted on here I have been into rehab twice for gambling issues, lost my job, had to move back in with my dad and also tried to take my own life. I have been diagnosed with depression and am currently on medication. Some days are good some days are bad. I hate leaving the house the thought of doing so makes me feel sick to my stomach and the prospect of going back to work terrifies me... ….I am stuck in a really horrible vicious cycle of get money, gamble money, debts increase, mental situation gets worse. I feel like I physically can not have any money because I will just gamble it. This makes getting a job and paying off the debts all the more tricky.

Hi,

I just wanted to reflect a little more on your mental health (I hope that's alright with you). Sometimes, gambling, depression and poor mental health can all be interlinked. The gambling could be a symptom of your psychological state of mind, a coping mechanism for the stresses of life, anxiety, isolation and depression. In these kinds of circumstances it can be helpful to explore your psychological health through various types of talking therapy.

Have you been offered long-term talking therapy? What sort of support are you receiving from your GP and your local Community Mental Health Team (CMHT). If the only support you receive is medication, then it would be my advice to seek talking therapy. In the first instance, you need to ask about IAPT from your GP and whether you can be referred for IAPT (Improving Access to Psychological Therapy). Your local branch of MIND sometimes offer access to talking therapy too.

Anyhow, I'm not going to witter on any longer. You came here for advice on your financial circumstances and I have only talked about mental health. Apologies if I seem out of order.

National_Debtline

Hi Tom


It sounds like you are going through a really difficult time and your health must come first. You have done the right thing by asking your creditors to put the debts on hold to give you chance to consider your options and seek help.


No debt option is going to be truly effective until you have got your gambling issues under control so that is one of the first things to deal with. Gambling and mental health issues are often linked as Willing2Learn points out, so try talking to your GP again about the help available.


If you do apply for a DRO you would need your dad to confirm he is not expecting to be repaid so that you would not have to include him as one of your creditors and your debt would be below the £20,000 DRO limit. But bear in time, once you've had a DRO you cannot reapply for another 6 years, which is why it is so important that your gambling is under control before you go for an option like that.


Good luck with it all


Susie
@natdebtline