£18,000 in debt and losing hope

Featherpost

Hello,

This is my first ever post so not sure if I’m in the right place or not. Over the past few months I’ve been gambling regularly. As a result I’m now £18,000 in debt. This isn’t all down to gambling as I had debt before but approximately £10,000 is. I can’t tell my girlfriend as I’m so ashamed and I’m worried that I will never be able to clear this debt. My income isn’t particularly high and I just don’t know how I will pay it off. Any advice on what I can do or links that can help would be greatly appreciated. If you need me to give any further information then let me know.

Thanks,

Tom

sourcrates

Various options available dependant on your circumstances, they include debt management, debt relief order, bankruptcy, or maybe just better budgeting.

If you post a statement of affairs, we can advise further.

MallyGirl

People will also be along to advise about blocking yourself from gambling opportunities. You need to address the cause of the debt alongside the debt itself.
Good luck - you have taken the first step by posting

Featherpost

Hi,

Thanks for the speedy replies. Is there a form for the statement of affairs? Can someone explain this to me please?

Thanks,

Tom

[Deleted User]

http://www.stoozing.com/calculator/soa.php

Willing2Learn

Hi Tom and welcome to the forum

Click on the link below for the SOA form:
http://www.stoozing.com/calculator/soa.php

Edit: Too slow typing again!

Edit #2: Have you considered talking therapy to treat the possible psychological and emotional reasons for your gambling? Cognitive Behavioural Therapy (CBT) has proven to be successful in the treatment of problem gambling. You can access CBT via your GP.

Featherpost

Hi all,

Thanks for sending the link across. Will complete that later today and then post here. In terms of addressing the gambling it’s something I’ve started looking into today as well.

Thanks for all the advice, I really appreciate it.

Tom

Gonna_Be_DF

Hi Tom/Featherpost,

Looking forward to seeing your SOA so that we can try to help you further.

Looks like we're in the same boat though, I also have a lot of debt due to problem gambling. High five for facing it and making it here to get some help/advice.

All the best

iarniee

Featherpost wrote: »

Hello,

This is my first ever post so not sure if I’m in the right place or not. Over the past few months I’ve been gambling regularly. As a result I’m now £18,000 in debt. This isn’t all down to gambling as I had debt before but approximately £10,000 is. I can’t tell my girlfriend as I’m so ashamed and I’m worried that I will never be able to clear this debt. My income isn’t particularly high and I just don’t know how I will pay it off. Any advice on what I can do or links that can help would be greatly appreciated. If you need me to give any further information then let me know.

Thanks,

Tom

Post your SOA first and we can look into it.

Ever looked into StepChange charity?

They are fantastic at dealing with creditors for you.

tacpot12

Please don't lose hope. Many people have been in the same, or worse, position that you are and have managed to recover. Please have faith that it can be done, and you can do it. As others have said you have taken the first step, now you need to take the second step which is to get help. Stepchange or your local Citizens Advice should be able to help negotiate with your creditors, but the most important thing is to get help to stop gambling and to start budgeting better. You should apply all your spare money to any priority debts you have such as rent or council tax.

I would suggest you start getting help with your need to gamble, and with budgeting and then explain the situation to your partner. It will be easier to confess once you have started to resolve the problem. Your girlfriend will be able to provide moral support through the difficult period when your income needs to be focused on clearing the debts. You must tell her sooner rather than later, because she will find out sometime, and I would expect that her reaction will be worse the longer you leave it. A problem shared is a problem halved - we all make mistakes, it is how we deal with them that shows our try character.

I had £12,000 of debt at one point and managed to clear it within three years - it seemed like it would never be gone, but eventually it was - do remember to celebrate the progress you have made.