Gambling Debts / Advice please

DebtFree97

I am 21 years old living at home (luckily) with £13,000 worth of debts to gambling. Today is my light bulb moment after many failed attempts. I understand if I don't nip it in the bud now I will forever be in debt and could be 30 -40 with a family and still have this addiction. I don't want no body to preach as I understand this is awful but could be much worse.

Loans/Credit Lines
4 Payday Loans - £1500 Total (£359 Oct / £573 Nov / £820 Dec / £275 Jan / £195 Feb / £195 final payment March)
3 Personal Loans - Natwest - £3200 / Lendable - £900 / 118 118 - £4900 (£450 between them p/m)
2 Overdrafts - £1500 (£20~ Fees - never been over the limit)
2 CC's - £450. (£20 min payments between the two)

Total income - £1500 p/m currently but will increase shortly as on trail for managerial position in work. Hoping to go from £21600 p/y to around £26-30k somewhere in Jan.

I only pay £200 Rent a month which leaves me with £1300 spare each month If I do not go out and socialise etc.

I have been to the Stepchange online tool and it says a DMP is the best way but I am unsure as it seems manageable and it takes into consideration that the payday loans are due in full each month when they're not. I have yet to miss a loan payment and when the bulk of PDL has gone in Jan I can put £300-500 towards the debt extra.

Do you think I just suck it up and live frugally / not do anything socially until Jan and just focus on beating this addiction?

Just looking for advice.

Afreshstart

Hi & congratulations for acknowledging your problem.You sound like you have a good future & you are young.This will not be the case if you don't quit gambling now & I don't mean getting it under control.Harsh & you already know this to be the case.So I am where you will end up if you don't stop today.So do what I didn't,sermon over.I would advise contacting GA or similar for support.You will benefit if you can get the support of your family & maybe hand your financial control temporarily to them.I know your an adult & not a child but this is a turning point please believe me.

The financial questions will generally be concentrate on paying off highest interest debts first.Do Not borrow any more.Yes if you can save hard for a few months but still have an occassional night out you should be able to get on top of your debt.Forget trying to win to clear any of it.

DMP will mean defaults & problems with your credit files for 6 years - doesn't matter to some of us but you are young and may want mortgages etc in the future so if you can handle this by saving & paying off the payday loans,overdraft & credit cards. I think you will be in a better position with only rent & loan repayments.Then if you get your promotion you will be ok financially.

Mentally is a different proposition & you will risk it all if you you don't get some support.
I really do wish you well.

Hope this helps.

DebtFree97

Hi FreshStart

Thanks for the kind / re assuring words.

I have read about GA etc but always heard it was very religious and since I am not a religious person don't feel I would be comfortable. Have you been to GA yourself? What are your thoughts.

Willing2Learn

Hi,

Just wanted to add that GA does not follow a religious doctrine. The twelve steps are merely a 12-point set of guiding principles. Have a look at the article linked below (from gamcare.org.uk):
https://www.gamcare.org.uk/forum/gamblers-anonymous-why-does-it-work-how-get-best-it

I also wanted to add that some people develop gambling problems as they use the gambling as a coping strategy to manage the stresses of life. This group of people can find it advantageous to access talking therapy to treat the psychological reasons for the gambling. If you are interested in this, then ask your GP to refer you to IAPT.
https://www.nhs.uk/live-well/healthy-body/gambling-addiction/

Afreshstart

Hi again.
No I didn't attend the meetings but in hindsight I probably should of.I have a work colleague who persuaded his son to attend & it is helping him.I was advised by friends,family and an advisor to seek additional help but I ignored all.The fact you say you have failed to beat this previously is why I would urge you to seek support.The problem many people have is they either have to hit rock bottom before seeking help or they stop for a while then start again (can be for many reasons).This is the cycle you have to break.I can only speak from my own experience but you can't do this half heartedly.
Check out the links posted above.If you're feeling down find someone you trust to talk to.I know it can be tough but you can do this & 6 months on you'll be thinking why did I do that.

Larac

My ex husband was a gambler, which went on for 20+ years. He turned to GA for support around 10 years ago. It did turn him around - he still goes once a week and acts for a mentor for others in the same situation as he was. I would urge to seek this support as they do have the expertise to assist - you will not be able to handle this on your own.

leicestersq

Consider going out more and doing things. Less time left to gamble if you go out a lot.

DebtFree97

Hi,

9 months later and can report I have lowered my debt by over £8,500 which is equal to 66%. Never missed a payment and credit score is now close to 850 instead of 350. Sucks to have PDL on there but least I never defaulted.

I am still gamble free and would like to thank you for all your kinds words back last year when I was at my lowest it really helped.

sazaccount

DebtFree97 wrote: »

Hi,

9 months later and can report I have lowered my debt by over £8,500 which is equal to 66%. Never missed a payment and credit score is now close to 850 instead of 350. Sucks to have PDL on there but least I never defaulted.

I am still gamble free and would like to thank you for all your kinds words back last year when I was at my lowest it really helped.

That's an amazing debt busting 9 months looks like you can be debt free in 4-5 months!! Congratulations :beer::T

Willing2Learn

DebtFree97 wrote: »

9 months later and can report I have lowered my debt by over £8,500 which is equal to 66%. Never missed a payment and credit score is now close to 850 instead of 350. Sucks to have PDL on there but least I never defaulted.

I am still gamble free and would like to thank you for all your kinds words back last year when I was at my lowest it really helped.

Wanted to congratulate you with your success in busting those debts AND remaining gamble-free.

It may benefit you to consider setting your self new goals for when you are debt-free.

I recommend starting a savings snowball. With this snowball, you set yourself a list of savings targets. Some can be mini targets, others are midi targets and a couple of maxi targets. It works exactly the same way as a debt snowball, except you are now doing it for your savings... :)_

JayRitchie

Hey, thats brilliant! Well done!

And thanks for posting - I'm sure someone will read you post and get real encouragement.