Cripplng gambling debt, no idea where to make savings

Fireflyaway

Have you taken steps to address the gambling? It's all very well sorting your current debts but if the addiction is still there you will get into issues again. If you haven't I would recommend gamcare. They have a helpline you can call for support and advice.
Not meaning to be rude but I think you have an income problem. Your take home pay is pretty low, how old are you? I'd seriously look at retraining or upskilling to increase your income. Your outgoings look ok but I think groceries could be cut quite a bit. 

Abandon

Fireflyaway said:

Have you taken steps to address the gambling? It's all very well sorting your current debts but if the addiction is still there you will get into issues again. If you haven't I would recommend gamcare. They have a helpline you can call for support and advice.
Not meaning to be rude but I think you have an income problem. Your take home pay is pretty low, how old are you? I'd seriously look at retraining or upskilling to increase your income. Your outgoings look ok but I think groceries could be cut quite a bit. 

Call centre, it's minimum wage with a sales bonus but I don't ever really make the bonus sadly. I'd like to do something else but there just isn't anything.

I'm 37.

Abandon

monetxchange said:

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.

My absolutely genuine question is, if I'm going bankrupt anyway, what difference does it make. 

I don't meant to sound rude or flippant, it's a sincere question. 

[Deleted User]

Abandon said:

monetxchange said:

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.

My absolutely genuine question is, if I'm going bankrupt anyway, what difference does it make. 

I don't meant to sound rude or flippant, it's a sincere question. 

If the official receiver believes you have acted dishonestly or recklessly before or after you were made bankrupt then the official receiver can request that the court makes a bankruptcy restrictions order (BRO) against you.  A BRO can extend your period of restrictions from anything up to 15 years.

Realistically you're not going to win the money back anyway so you're just prolonging the agony.  

Abandon

Lover_of_Lycra said:

Abandon said:

monetxchange said:

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.

My absolutely genuine question is, if I'm going bankrupt anyway, what difference does it make. 

I don't meant to sound rude or flippant, it's a sincere question. 

If the official receiver believes you have acted dishonestly or recklessly before or after you were made bankrupt then the official receiver can request that the court makes a bankruptcy restrictions order (BRO) against you.  A BRO can extend your period of restrictions from anything up to 15 years.

Realistically you're not going to win the money back anyway so you're just prolonging the agony.  

If that's true then I am ruined. I've done nothing but be reckless 😞.

15 years?!?!? I might just default in that case. 

theoretica

Abandon said:

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)

You need to severely recalibrate your view of money.  That is about 3 months wages you are talking about and you call it a small amount? 

I suggest you look around for a new hobby, one which is free to very cheap. I always find it hard to just cut something out of my life, much easier to replace it with something else.

[Deleted User]

So if you take out one last loan before bankruptcy to have another bet where *this* time you know you are sure to win (like all the other times), what then happens with the winnings?

Until a time you kick the gambling addiction and wake up you are a lost course. All you will do is rack up the gambling debt again.

Abandon

Deleted_User said:

So if you take out one last loan before bankruptcy to have another bet where *this* time you know you are sure to win (like all the other times), what then happens with the winnings?

Until a time you kick the gambling addiction and wake up you are a lost course. All you will do is rack up the gambling debt again.

That's unfair. The only reason I gamble is to try and win back my losses. If the government writes then all off in a bankruptcy /default then I won't gamble again. I promise. 

Grumpelstiltskin

Abandon said:

Deleted_User said:

So if you take out one last loan before bankruptcy to have another bet where *this* time you know you are sure to win (like all the other times), what then happens with the winnings?

Until a time you kick the gambling addiction and wake up you are a lost course. All you will do is rack up the gambling debt again.

That's unfair. The only reason I gamble is to try and win back my losses. If the government writes then all off in a bankruptcy /default then I won't gamble again. I promise. 

How old do you say you are ? 37 ?

Grow up. YOU CANNOT WIN 

enthusiasticsaver

Your biggest problem is your gambling addiction. You have racked up all this debt due to your misguided thinking that you will one day win. There are thousands if not millions of people out there who have got into the same position and until you ditch it your finances will not recover. You need to refocus on ideas to earn money (not through gambling). As things stand at the moment it has brought you to a position where bankruptcy is your only option. Taking out more borrowing is madness and possibly fraudulent as I guess you are not going to put gambling as the reason for any loan. Gambling is like alcoholism. Cold turkey is the only way to beat it.