Cripplng gambling debt, no idea where to make savings

EimearF

I get you dont want to give it up but as someone with an addictive personality sometimes you have to go cold turkey, at least for a while until you can see if its something you actually enjoy or something you think you like doing. Gambling has done you way more harm than the enjoyment you have got from it. You never win more than you lose, house always wins, its never going to be worth it. 

Re Bankruptcy it could have affects on getting a mortgage and you cant know you wont want one in the next 7 years. A DMP might take a while but its the better solution for long term and you can try and reach a  settlement figure with lenders. Even renting may be difficult with bankruptcy as they can run a  credit check. 

You seem close with your parents and you rent/council tax is almost half you actual income, would you consider moving home? Or into a flat share?

Starbrite

Have you got the single person 25% discount on the council tax? £130.00 seems high, I pay £116.00 a month and am in Surrey (1 bed flat)

Go onto uswitch.com and energyhelpline.com to see if can get cheaper gas/elec I am with Gulf Power and Gas £19.00 a month, Octopus elec £20.00 a month!

I agree with others, you do need to seek help for the gambling addiction Xx

Starbrite

And £68 for a mobile... Jesus... that is a lot... Do you own your handset? I have sim only and now with disny plaus attached £20.55 a month was £16.00! unlimited texts calls and 10gb... O2 have some cracking sim only deals... probably cheaper out there somewhere too

enthusiasticsaver

You have to stop gambling completely. 

Cutting down on presents, entertainment, food and your mobile is expensive will help.
I think that some sort of debt solution will be necessary especially if your parents can not afford the £250 per month. I am not sure if they are aware of your gambling or your grandparents know that the £5k loan is unlikely to be repaid but my advice is you come clean with them and join GA. 

[Deleted User]

comeandgo said:

Do you work full time as your wages are low, could you get some part time job to help?

Could be working part time but that amount seems right for someone working full time (40 hours) on or around min wage.

fatbelly

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. 

Your income is 1332 (bank of mum & Dad does not count as income)
Your expenditure is 1330 (entertainment and gambling do not count)

You cannot afford to pay your debts
You have no significant assets.

Obviously you need to sort out your addiction (not my specialist subject) but as far as the debts go (my specialist subject)  you need to apply for bankruptcy and let the chips fall where they may.

sourcrates

Agree with Fatbelly, (debt is also my specialist subject), you have no disposable income, and even cutting back on an already tight budget will not make one iota of difference, you are just putting off the inevitable outcome here.

The gambling must be addressed, others may be able to advise on that better than i can, as for the debt, the fee for bankrupcy is currently £680, once paid, the wheels slide into motion, and its a very straightforward affair normally, all done online and by post, your interview is normally just a phone call, you won`t get an IPA as you don`t have eny disposable income, you will be discharged after 12 months, then you are free to start again, but, and its a big but, you must get help with the gambling, the debt is easily sorted, but i would not want to see you go through this process, only to find you back in money trouble a year down the line.

National Debtline, CAB and Stepchange are good, free, independant sources of information to help you make your decision.

Good luck.

Abandon

sourcrates said:

Agree with Fatbelly, (debt is also my specialist subject), you have no disposable income, and even cutting back on an already tight budget will not make one iota of difference, you are just putting off the inevitable outcome here.

The gambling must be addressed, others may be able to advise on that better than i can, as for the debt, the fee for bankrupcy is currently £680, once paid, the wheels slide into motion, and its a very straightforward affair normally, all done online and by post, your interview is normally just a phone call, you won`t get an IPA as you don`t have eny disposable income, you will be discharged after 12 months, then you are free to start again, but, and its a big but, you must get help with the gambling, the debt is easily sorted, but i would not want to see you go through this process, only to find you back in money trouble a year down the line.

National Debtline, CAB and Stepchange are good, free, independant sources of information to help you make your decision.

Good luck.

Thanks to Sourcrates and Fat belly. Really appreciate you confirming what I thought all along - bankruptcy is the solution

My only concern is that there are substantial gambling transactions in the last four months (five figure sums), would that prohibit me from going bankrupt. And now that I have had official advice from experts on this forum, if I was to borrow a small amount to gamble again in a last ditch attempt to win it back (I don't plan to but I find it hard to stop. If I did it would only be £3/4k absolute max) could I still include that in the bankruptcy. I will not do anything illegal, but if there is a loophole, then I'll take it. 

monetxchange

I realise you say gambling is your only pleasure and you're loathe to stop it - at the very least you're spending your parents' money on it. You can't afford any entertainment budget, whichever way you look at it. A working adult shouldn't be using the bank of mum and dad to fund their lifestyle in any form. Your gambling is an addiction, you need to treat it as such. It's not just 'entertainment' if it's lost you £30K over the years. You need to go cold turkey with the help of one of the gambling charities.

Other points - mobile is sky high. Get on a SIM only contract as soon as you can. Do you really save any of the emergency fund and holiday budgets, or is that aspirational? I can't see you're getting much in the way of a holiday for £60 a year, is it worth bothering with, especially at the current time?

monetxchange

Abandon said:

My only concern is that there are substantial gambling transactions in the last four months (five figure sums), would that prohibit me from going bankrupt. And now that I have had official advice from experts on this forum, if I was to borrow a small amount to gamble again in a last ditch attempt to win it back (I don't plan to but I find it hard to stop. If I did it would only be £3/4k absolute max) could I still include that in the bankruptcy. I will not do anything illegal, but if there is a loophole, then I'll take it. 

This is an absolutely insane idea. DO NOT borrow more money to try and win back losses by gambling. This is really proof positive that you're very far into your addiction mindset. I really hope you realise that and seek professional help soon.