Recovering Gambling Addict Aim To Be Debt Free

GA2019

Hi

I have struggled with controlling my gambling addiction for the past 13 year and I seem to be in a much better place at the minute. I am happy to say I have been gamble free since 8th June 2019.

However this has resulted in various debt problems due to my addiction. I am hoping to be debt free by the end of 2021 when I will be 31.

I currently do not own a house so feel that this target is achievable and I would like to complete this early.

Current Debts

Credit Card 1 - 6510 current payment £70 0% 6 September 2019
Credit Card 2 - 4500 current payment £100 Not Fixed 0%
Credit Card 3 - 2840 current payment £40 0% 28 November 2019
Person 1 - 5000 current payment £50
Person 2 - 2800 current payment £30

Total debts 21,650

Person 1 has asked for £50 per month from this month but I have said that I will give them £500 at the end of October.

Person 2 is happy with £30 per month as they have just got a 0% credit card that I pay each month. This is fixed 0% till August 2021 and will be paid before the person 1 loan.

I am currently in a position to use around £750 per month extra to pay off any debt. I am currently wanting to service credit card 2 with this as that is not a fixed 0%

I will look to post as much as possible.

I am also going on Holiday in May with my wife and she knows everything but we might have to save the 750 for Feb and March for the holiday.

We are talking much more about both our finances and it is helping us both much more.

Hopefully 2020 will be a good year to get a chunk of this paid off!

in_need_of_direction

You have a plan, a diary and a supportive wife with whom you have been honest. You’re already making inroads into tackling this. Well done

GA2019

Thank you for the kind words. Hopefully I can help other addicts tackle their finances but I know I am lucky to not need to use step change or the many charities out there.

GA2019

Just a quick update.

The car broke down yesterday but luckily I have breakdown cover with my bank.

Car back at home but will need taking to a garage to find out how much it will costs to fix.

MOT is also due so will just sort all this at the same time.

It is a little set back straight away but hoping that the car is repairable.

Credit Card 1 is down to 6500 as paid extra £10 off the other day.

GA2019

Update 
Still not gambled since 8 June 2019 and how much better off am I.
Somehow we managed to buy a house in September 2020 what a mad year which has resulted in my debt not being reduced and slightly increasing. See update below.

Current Debts

Credit Card 1 - 5950 0% 3k till November 2021 and 3k till April 2022 - paying 180 per month from Jan
Credit Card 2 - 4860 - 0% till April 2022 paying 60 per month
Credit Card 3 - 5330 - 0% October 2021 but 480 standard balance paying 120 per month
Person 1 - 4700 been told this can be put on hold.
Person 2 - 2200 current payment £30

Total debts 23,040

So while this had increased I am now on the property ladder.

Want to try and pay this debt off in 2 years which might be tight.

GA2019

Update 2021 Start of Year
Card 1 - 5810
Card 2 - 4800
Card 3 - 4730
Person 2 - 2170
Person 1 debt has been wiped for the time being but I want to save up and give it back in the future.

Starting 2021 with total credit card debt of £17,510.

The aim is to put £1,200 per month towards savings until end of March as it is likely I will be working from home till then.

Already have £1,200 from December.
Come end of March 2021 should have £4,600 to pay off. 
Wife has agreed to saving this if she can have £500 at end of March.

Hopefully this is another good year in trying to reduce debt.

GA2019

Update
Card 1 5630
Card 2 4700
Card 3 4450
Total credit card debt 14,780

Person 2 - 2000 - due to be paid off at end of March, may split this across March and April.

GA2019

New Update
Did some extra work over the past few months

Card 1 5400
Card 2 4600
Card 3 3700
Total credit card debt 13,700
Person 2 is paid off.
Slowly getting there! 

vampirotoothus

Well done on your achievement, you're making great progress

GA2019

Have a few 0% cards ending soon.

However I have offers on my current cards.

It does mean change with the cards. Card 1 will also be the one that needs paying off sooner.

Card 1 - 2000
Card 2 - 5400
Card 3 - 6400

I will update at the beginning of the month once this is confirmed.

londoner2019

Awesome work!