Cripplng gambling debt, no idea where to make savings

Abandon

Good afternoon,
I am hoping that I can get some advice here. I am a long time lurker but haven't posted for a few years. I have lost the best part of £30,000 gambling over the last 3 years and can no long meet the repayments. I know it's wrong and I shouldn't do it, in fact I have greatly reduced my gambling outgoings to just £50 - £100 a month (which I appreciate is a lot, but it used to be over £500 a month, most of it on credit cards and payday loans). My plan was always to get that one big win (and I have been close on several occasions) but now I can't meet the minimum payments. My parents give me money every month but they have been furloughed, and I'm, not sure they will be able to afford to continue. I will have to apply for a further loan this month to cover my shortcomings, but please go easy on me.
I'll post my SOA below and would appreciate comments. 

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 1

Number of children in household......... 

Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 1332

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 250 (from bank of mum and dad)

Total monthly income.................... 1582

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 574

Management charge (leasehold property).. 0

Council tax............................. 132

Electricity............................. 30

Gas..................................... 25

Oil..................................... 0

Water rates............................. 36

Telephone (land line)................... 0

Mobile phone............................ 68

TV Licence.............................. 13

Satellite/Cable TV...................... 15

Internet Services....................... 25

Groceries etc. ......................... 170

Clothing................................ 10

Petrol/diesel........................... 68

Road tax................................ 15

Car Insurance........................... 19

Car maintenance (including MOT)......... 20

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 10

Pet insurance/vet bills................. 0

Buildings insurance..................... 9

Contents insurance...................... 11

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 50

Haircuts................................ 15

Entertainment........................... 200 (approx £100 gambling, approx £100 either going out once a week or buying online games during lockdown)

Holiday................................. 5

Emergency fund.......................... 10

Total monthly expenses.................. 1530

[b]

Assets[/b]

Cash.................................... 29.81

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 400

Other assets............................ 25

Total Assets............................ 454.81

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

First Direct Credit............6329......40........22.9

Mr lender .....................723.......100.......49.99

Tesco Bank.....................14082.....200.......13.1

Wonga (defaulted)..............290.......0.........55

hsbc loan......................2000......35........22.7

Grandparent loan...............5000......0.........0[b]

Total unsecured debts..........28424.....375.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 1,582

Expenses (including HP & secured debts). 1,530

Available for debt repayments........... 52

Monthly Unsecured debt repayments....... 375

Amount short for making debt repayments. -323

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 454.81

Total HP & Secured debt................. -0

Total Unsecured debt.................... -28,424

Net Assets.............................. -27,969.19

Abandon

Any thoughts very welcome. I reckon I might just bankrupt but really keen on advice!

[Deleted User]

Cutting out the entertainment (there's never been a better time to do it), reducing your groceries and changing your phone tariff would make up most of the shortfall.  

Most of your petrol and haircut spend should also now be available for at least a while.

As you make repayments and targeting the highest rate debt, the amount you owe will come down faster each month.

Abandon

Deleted_User said:

Cutting out the entertainment (there's never been a better time to do it), reducing your groceries and changing your phone tariff would make up most of the shortfall.  

Most of your petrol and haircut spend should also now be available for at least a while.

As you make repayments and targeting the highest rate debt, the amount you owe will come down faster each month.

Much appreciated. I will try and cut down the entertainment. 

EimearF

I may not be what you want to hear but you need to get support for the gambling and quit completely. Speak to a gamble aware charity who will help you. 
You live somewhat reasonably other than the gambling debt you have built up. You have a shortfall every month and most of the reason you have a shortfall is you are still spending on gambling.   
Your mobile is high, switch to sim only when the contract is up.
Have you tried MSE Credit club to see if you can balance transfer any of the bad rates, especially Mr Lender to something more manageable?

EDIT: Noticed the bankruptcy comment - no way! A DMP is a much better solution but they arent going to be allowing for you to gamble. 

Abandon

EimearF said:

I may not be what you want to hear but you need to get support for the gambling and quit completely. Speak to a gamble aware charity who will help you. 
You live somewhat reasonably other than the gambling debt you have built up. You have a shortfall every month and most of the reason you have a shortfall is you are still spending on gambling.   
Your mobile is high, switch to sim only when the contract is up.
Have you tried MSE Credit club to see if you can balance transfer any of the bad rates, especially Mr Lender to something more manageable?

EDIT: Noticed the bankruptcy comment - no way! A DMP is a much better solution but they arent going to be allowing for you to gamble. 

Thank so much for your helpful comments. I definitely need to cut back on the gambling, but for me it's my one pleasure in life (don't smoke, very rarely drink, don't really have many friends, don't go to football/Rugby etc) and I'm loath to stop altogether. I reckon I could cut down to £30 a month. I agree about the bankruptcy lol, it is terrifying, I have read up on it through and it would mean I could be debt free in a year. I've no intention of getting any more loans so once its paid off, that's it - so who cares if my credit is trashed lol.

Thanks again for your comments, great to see it from an outsiders perspective. 

Brenster

I cant get past that you acknowledge gambling has gotten you in to this situation, and yet you still want to spend £100 / month on it, as a previous gambler I can only guess but i am sure your gambling figures are not a true figure of what you really spend.  Also , the fact you put gambling under your 'entertainment' budget, think of all the other entertaining things you could do with that £100.
I wish you all the best, but it doesnt seem you are in the right frame of mind in relation to your gambling to give you the best chance of succeeding.
I wish you luck with everything.

comeandgo

Why are you paying building insurance when you rent? Do you work full time as your wages are low, could you get some part time job to help?

[Deleted User]

Tell me if I'm out of place here but could you not change your gambling style to matched betting? Earn money whilst enjoying your hobby? Sometimes the best way to earn a few quid is using your existing skills. Anyway, all the best!

Bizzywizard

Just a couple of things, that might help.

*I now pay my council tax over 12 months not the normal 10, so this might help in a small way. Just ring the council and they can amend your monthly payment.The extra money could you straight on the highest credit card.
*You say you rent, but you are paying building insurance. Your Landlord has to insure the building, you do not need to pay the £9 a month. Again £9 to go on the credit card.
*I would be cancelling the cable TV. I spend £8.99 a month for Now TV - we used to have a few more netflix etc...but found we were not watching them, so I cancelled them and using the extra money to pay off my credit cards.
I know others on here that do surveys etc so any extra money goes straight towards the debt.
* Can you sell some older games/clothes/items?  FB have market place or ebay (I prefer ebay but you have fees to pay). Why not have a good clear out. I paid off once credit card years ago just by doing this!
* Your phone is very expensive, mine is £13 sim only a month. Can you doing anything with yours?

Any extra money you gain/DON'T NEED should go towards your debt. 

I agree with the post above, get in touch with a Gambling Charity who can really help. Please don't be tempted to to gamble, pick up the phone to the Charity instead.

Anything you now buy needs to be a NEED not a WANT. Try eating down your fridge/freezer before you buy extra food bar bread/milk. Why not pull out the cash and only spend that on food for the month? Mine is £200/£250 for clothes and food for a family of 4 per month.

I  have had just under £20k worth of credit card debt this time last year, I have managed to get it under £9k this year, I have just gone without and sold stuff. So it can be done and once you start clearing the debt you will have better options with 0% balance transfers. You will start to feel better.

Good luck with your journey.

[Deleted User]

Abandon said:

Good afternoon,
I am hoping that I can get some advice here. I am a long time lurker but haven't posted for a few years. I have lost the best part of £30,000 gambling over the last 3 years and can no long meet the repayments. I know it's wrong and I shouldn't do it, in fact I have greatly reduced my gambling outgoings to just £50 - £100 a month (which I appreciate is a lot, but it used to be over £500 a month, most of it on credit cards and payday loans). My plan was always to get that one big win (and I have been close on several occasions) but now I can't meet the minimum payments. My parents give me money every month but they have been furloughed, and I'm, not sure they will be able to afford to continue. I will have to apply for a further loan this month to cover my shortcomings, but please go easy on me.
I'll post my SOA below and would appreciate comments. 

Statement of Affairs and Personal Balance Sheet

Household Information

Number of adults in household........... 1

Number of children in household......... 

Number of cars owned.................... 1

Monthly Income Details

Monthly income after tax................ 1332

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 250 (from bank of mum and dad)

Total monthly income.................... 1582

Monthly Expense Details[/b]

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 574

Management charge (leasehold property).. 0

Council tax............................. 132

Electricity............................. 30

Gas..................................... 25

Oil..................................... 0

Water rates............................. 36

Telephone (land line)................... 0

Mobile phone............................ 68

TV Licence.............................. 13

Satellite/Cable TV...................... 15

Internet Services....................... 25

Groceries etc. ......................... 170

Clothing................................ 10

Petrol/diesel........................... 68

Road tax................................ 15

Car Insurance........................... 19

Car maintenance (including MOT)......... 20

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 0

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 10

Pet insurance/vet bills................. 0

Buildings insurance..................... 9

Contents insurance...................... 11

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 50

Haircuts................................ 15

Entertainment........................... 200 (approx £100 gambling, approx £100 either going out once a week or buying online games during lockdown)

Holiday................................. 5

Emergency fund.......................... 10

Total monthly expenses.................. 1530

[b]

Assets[/b]

Cash.................................... 29.81

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 400

Other assets............................ 25

Total Assets............................ 454.81

[b]

No Secured nor Hire Purchase Debts[/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

First Direct Credit............6329......40........22.9

Mr lender .....................723.......100.......49.99

Tesco Bank.....................14082.....200.......13.1

Wonga (defaulted)..............290.......0.........55

hsbc loan......................2000......35........22.7

Grandparent loan...............5000......0.........0[b]

Total unsecured debts..........28424.....375.......-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 1,582

Expenses (including HP & secured debts). 1,530

Available for debt repayments........... 52

Monthly Unsecured debt repayments....... 375

Amount short for making debt repayments. -323

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 454.81

Total HP & Secured debt................. -0

Total Unsecured debt.................... -28,424

Net Assets.............................. -27,969.19

Is the bank of mum and dad aware that it is subsidising your gambling?  How long is this pocket money going to continue because you can just about balance the books if you cut down on your groceries, entertainment and your mobile phone but if the bank of mum and dad were to withdraw its funding you'd have more going out than you have coming in with very little left to cut back on which would leave you with a very long DMP or some form of insolvency.

I think you are being very complacent about your gambling. In October last year you had banned yourself from every gaming site and were part way through a DMP for £13k due to your gambling.  Now your debt has increased to £30k due to gambling but you think you can get your gambling down to £30 a month.  

https://forums.moneysavingexpert.com/discussion/6060959/do-banks-forget-about-overdrafts#latest