Cripplng gambling debt, no idea where to make savings

EimearF

Im sorry to hear your dad is so upset. As mentioned above is there any chance of a DMP to avoid bankruptcy given the psychological affect it would have on your parents? 
I know a lot of people think adults and their parents should basically have no input into each other's lives but I dont see it that way. My Dad would do exactly what your parents are trying to do. Some families lives are just more entwined and therefore finding a solution everyone can live with would be best. 
EDIT - I am glad they arent remortgaging their house though!

onwards&upwards

Abandon said:

The call with the bank went ahead. The request has been declined, so I'm flying solo now. My dad has called it the darkest day in the family history (we are quite well respected in our culture). 

I'm sure he just needs a bit of time.  You have an addiction, an illness, you don't need a guilt trip and to be shamed like that. 
How's the gambling going?  Have you managed to stop or reduce?

enthusiasticsaver

Abandon said:

The call with the bank went ahead. The request has been declined, so I'm flying solo now. My dad has called it the darkest day in the family history (we are quite well respected in our culture). 

I think that is probably for the best.  I don't think you need the weight of your Dads opinion on top of everything else so put that to the back of your mind. 
I would first concentrate on stopping the gambling (full stop) and get support for that from wherever. 
Contact stepchange and focus on getting the bankruptcy fee together if they agree that is the way forward.  I have taken another look at your soa and without the £250 from your parents you have very little spare although that £200 entertainment will have to stop. I would therefore say that a DMP will not work for you as your surplus is so small. 

Abandon

I was on the phone with Sanji last night and he suggested getting a loan and hitting the "matched betting" hard. He is of the opinion that you can make £500 a month out of it, which by my calculations is £6k a year, would pay off the lot in 5 years. I'm going to look into this further. 

cymruchris

Abandon said:

I was on the phone with Sanji last night and he suggested getting a loan and hitting the "matched betting" hard. He is of the opinion that you can make £500 a month out of it, which by my calculations is £6k a year, would pay off the lot in 5 years. I'm going to look into this further. 

Seriously? After all the advice you've been given - the situation you're in - the family upset you're going through - your answer is to gamble your way out of it? It seems like you were turning the corner, and beginning to realise the seriousness of the situation - but now seems like you've given up and gone back to the gambling track. I suppose the only way from here is downhill.

jls85

I am a matched bettor and while there is money to be made, you have to know when to stop. I don’t have any gambling tendencies at all so it’s easy for me, but I worry that someone like yourself that has a gambling problem is only asking for trouble by getting involved.

The other issue is that most of the money relies on sporting events, and there are currently very few. So there’s very little chance you could made £500 per month at the moment anyway.

enthusiasticsaver

Abandon said:

I was on the phone with Sanji last night and he suggested getting a loan and hitting the "matched betting" hard. He is of the opinion that you can make £500 a month out of it, which by my calculations is £6k a year, would pay off the lot in 5 years. I'm going to look into this further. 

I am sorry  but it is like talking to a brick wall with you so I am out.  You will not get a loan at a decent rate in your current circumstances.  I do not know enough about matched betting to comment further on that but it still sounds like gambling which has got you into this mess in the first place.  I wish you luck in getting out of your current predicament but I think you need to change your attitude first. 

[Deleted User]

Abandon said:

I was on the phone with Sanji last night and he suggested getting a loan and hitting the "matched betting" hard. He is of the opinion that you can make £500 a month out of it, which by my calculations is £6k a year, would pay off the lot in 5 years. I'm going to look into this further. 

Get yourself on the exchanges and lay the favs. You'll be up by the end of the week.

LadyGnome

Abandon said:

I was on the phone with Sanji last night and he suggested getting a loan and hitting the "matched betting" hard. He is of the opinion that you can make £500 a month out of it, which by my calculations is £6k a year, would pay off the lot in 5 years. I'm going to look into this further. 

Matched betting for a gambling addict is like putting a pyromaniac in charge of a firework factory. It might be ok for a bit but eventually it’s going to go bang and leave a pile of rubble. 

cymruchris

LadyGnome said:

Abandon said:

I was on the phone with Sanji last night and he suggested getting a loan and hitting the "matched betting" hard. He is of the opinion that you can make £500 a month out of it, which by my calculations is £6k a year, would pay off the lot in 5 years. I'm going to look into this further. 

Matched betting for a gambling addict is like putting a pyromaniac in charge of a firework factory. It might be ok for a bit but eventually it’s going to go bang and leave a pile of rubble. 

I like that analogy - not that the op will take much notice