Cripplng gambling debt, no idea where to make savings

LadyGnome

Matched betting may be risk free but a gambling addict having to go on multiple betting websites and place dozens of bets isn’t risk free.  Onwards’ pub analogy is exactly right. 

monetxchange

As a previous poster mentioned, you'll soon run out of free bet offers and will be banned from bookies when they realise that you're just matched betting. So there's no way you'll have a years worth of new customer offers to make you £500 a month for 12 continual months. No chance. Then you'll have to turn to the casino offers, which are full on gambling with no guarantees of wins and a high chance of losses.

I tried matched betting once for a couple of months and it was finicky, involved and a chore. It takes hours of your time to ensure you don't mess up and send up losing money. Gambling issues aside, it is in no way ever going to be your ticket out of debt.

vitaweat

LadyGnome said:

Matched betting may be risk free but a gambling addict having to go on multiple betting websites and place dozens of bets isn’t risk free.  Onwards’ pub analogy is exactly right. 

As they say, if you hang out in a barber shop you'll end up getting a hair cut.

JonnyH2

Matched betting is literally the worst thing for a recovering gambling addict to start getting into.
It's also now extremely time intensive and the rewards aren't what they used to be.

Grumpelstiltskin

Right I suspect  you come from a different culture than I do.
If you go bankrupt no one will know unless you tell them.
OK there is a minute chance one of your relatives  is obsessed with reading the London Gazette online every week, that is the only place you can find bankruptcy records.

At 37 as I said many posts ago grow up, live your own life. Surely at 37 you don't need to get your father's approval for everything, Oh and by the way no one in your family has ever done anything your father doesn't approve of ?

John_

Abandon said:

I think I've been misunderstood so I'm going to make two brief points. 

A. My dad has made clear that due to the family reputation bankruptcy is out of the question.

B. from my understanding matched betting is not gambling. There is no risk. If I'm wrong then I won't be doing it. 

You don’t need a clever scheme to get through this, you need to cut spending, earn more money, and use the excess to pay down your debts.

Abandon

I'm going to phone the bankruptcy office tomorrow (no idea who to phone but I'll look it up tomorrow) and try and declare myself.
If my dad finds out then I'll be thrown out of the family, so I'm going to pray every night that they don't find out. I actually (stupidly) told him about the London gazette, when I was trying to explain that his business associates wouldn't find out. Please cross your fingers for me he doesn't check it this week. 

IrishSean

I've only read the first and last few pages.

OP, I can give you my experience for what it's worth. 

My first proper gambling loss online was £500 about 12 years ago. I was so devastated I punched lumps into the top of my head with my knuckles while drunk and cried in the bathroom for about an hour. It didn't work. Over the next 10 years I probably gambled a nett amount of £30 - £40k. I had some incredible wins. I was once up £9k in a weekend on televised roulette, only to lose it plus £1500 more in 2 weeks. I've also won £14k, £6k and 2.5 years ago I won £21000 on an online slot. I was debt free with around £14000 remaining; but I didn't pay off my credit card and sure enough I spent it again. 

My lesson was the 'big win' even if it happened fixes nothing.

My recovery actually started with being treated appallingly by online casinos. I complained to Tom Watson when he was a front bench MP; I complained to the UKGC, I ended up threatening the overseas scum (with UK Gambling Licences) with a specialist solicitor just to get my money back. I was suicidal at my darkest and received a cheque from family for £20k. I paid my mortgage and debts but racked up more (the £21k win was after this).

In short, you have to say, that's me, I'm cashing out and not playing any more. Match betting is like the lotto or £5 a week footy coupon or £10 on a machine: they're gateways back to the worst of times. I'll admit it I was lucky both in wins and family support. But noone on this planet knows more now about my history than you who read this: not even my closest family and friends.

In September I'll be debt free, through years of struggle and sacrifice, as well as lies and sleepless nights. This is crazy but i've the 10th May marked on my calendar. If my family look back over the past 6 months of my current account, theres no mention of gambling. By Nov 2020 my accounts will be free of all gambling references. 
I signed up to Gamstop.
I don't go in bookies.
You can stop, you CAN pay it all off; you'll feel amazing, no more shame, guilt, fear.
Look on Amazon for a book called 'Overcoming Problem Gambling' (roulette wheel on the cover)
Its fantastic.
Money to a gambling addict is like petrol to a racing driver; it facilitates the buzz. When you're in the hot seat the blinkers are on, money has no value: I know, all too well.

As others rightly say: gambling isn't the answer, its the question. 
Your answer is stopping for ever and rebuilding your life.

You've got this

GL mate

candiii

OP, please go and get some help ASAP before you dig yourself a deeper hole

IrishSean

Agreed.

OP posted about bankruptcy while I was compiling war and peace 2 above😂☝

Seriously though, my worry is you will be trading some problems for more while not addressing the underlying issue which is a need to stop gambling. If it helps, visualise the bookmaker, casino, lotto operator taking your money with little likelihood of giving anything back (in my case trying to cash out a 5 figure sum took, 45 separate emails and a threat of legal action!)
The fact is its the wild west out there; its even worse I fear, with Covid as govt focus will NOT be on bookie's or casino's sharp practices. Learning to hate them for what they do I.e. putting some in debt with no !!!!!! given, is a useful tool.

If bankrupt you won't be able to hold a bank account or get credit; i'm not an expert and can't advise you based on your SOA but it seems unlikely you'll be able to hide not holding most financial products for 7+ years from your parents.

Take advice from Stepchange or similar; work out a timeframe. Invest in yourself via a 2nd job, promotion, night class etc. You'd be amazed what you could achieve in the time your bankruptcy arrangement would last if an IVA or similar were open to you.

As I say, take free advice and read the DFW accounts on this forum for proof higher debts than yours have been repaid.

Again, GL M8