Cripplng gambling debt, no idea where to make savings

amanda_p

You need help very quickly to stop gambling.You cannot have just one more try to recoup your losses.It is exactly the same as an alcoholic having 'just one drink'.An alcoholic cannot allow themselves one drink because they can't stop at one.You cannot have one last gamble because it won't stop there.
Get help now from one of the organisations that support people with a gambling addiction, they will give you all the help you need and there will be someone at the end of the line when you are desperate.This is vital and you need to contact them now .

As a parent of two boys,both in their thirties I would be
desperately upset to know I was giving them money to enable a gambling addiction. I also know that as adults they would never ask us for a monthly amount of cash,or actually for any bail out at all. Do you not feel any sense of guilt in taking this cash?
Mine understood that after putting them both through University that the bank of mum and dad was permanently closed,not to be reopened in the future. Perhaps if you owned up to your parents they would be able to support you with your addiction.Not necessarily with cash but with the unequivocal support that parents give to their children,whatever the circumstances.
You need to take some responsibility for your actions and get the help you need for your gambling problem otherwise you will dig yourself into a very deep hole without the necessary tools to dig yourself out.
Never having any interest in gambling  I can only imagine how very difficult it must be to stop.But stop you must, now, before it
gets worse. 

monetxchange

Look, I think your head is a mess here as you're giving contrasting statements. First it's up to you to do as you please with the money your parents give and next they'd be upset if they realised what it went on and they're struggling. I don't think you really believe that your current spending, especially on gambling, is okay. 

Many on here have been in bad debt and many too because of gambling. We're not trying to make you feel bad, just getting you to get into action. Your first job would be researching the debt relief options and then gambling help charities. 

As for work, if there's really nothing else around, is there any reason why you can't get towards achieving the bonus? Is it similar to sales commission? Are you just not suited to job at all, or this type of field or is it, if you're honest, that you could do better with a different outlook? I went along for years just managing and it wasn't until I started taking different work and working harder that I could truly tackle my debt problems.

TheAble

Sorry to say but I think this thread may be a wind-up. He's got some awfully big loans for such a low income. £17k from one lender, plus all the others? I think not...

[Deleted User]

If you are never getting a bonus at work, is your job secure? My understanding of call centre based jobs are that if you are constantly not achieving targets they will let you go. They won't just allow you to plod by on basic as that means you're not bringing any money in to the business. 

onwards&upwards

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. 

That's what you might think.  Trust me, it won't happen like that. 

I was you a few years ago.  I racked up over £20,000 of credit card debt from online gambling.  Then I had an incredibly good run of luck, in a few days I had some big wins and actually ended up with no debt and one card was actually £500 in credit!  

Did I stop?  Of course not.  I thought I'd just bet that 'free' £500 to get the credit card back up to zero, that wouldn't do any harm, right?  Wrong.  6 months later I was back in up to my eyeballs but this time I had over £25,000 debt.  This is what would definitely happen to you too in the same circumstances.  Even if were lucky enough to get the big wins (the odds are minuscule) you would. not. stop.  Trust me on this. 

I also started gambling when I was in a minimum wage job and just about making ends meet.  The temptation of a big win that could take away your financial worries is very strong, that's what the gambling firms want!  

You don't sound happy at all, you say you have no friends, no hobbies, a job you don't like.  These are the things that will reduce the need/desire to gamble if you can invest some time in them and improve these areas of your life. 

Sourcrates advice in terms of the debt is always good and sensible, but if you need help with the other life stuff feel free to pm me.  I have been happy and fulfilled since I stopped gambling, haven't gone near it in over 2 years now and never will again. 

strawb_shortcake

Sounds to me the best thing you could do is own up to your parents, tell them to stop the £250 a month as it's much more useful and needed in their pocket than yours. Then you'll have no choice but to action the other problem you have.
And there are loads of free games available to occupy your time rather than gambling, but I'm sure there are far more productive ways of spending your time that will help give you a sense of purpose

enthusiasticsaver

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.

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

You are on the precipice of a debt pit here if you cannot meet minimums and the very last thing you should do is take another loan out. 
As others have said you will only get past this if you stop the gambling.  The odds are against you winning more than you are shelling out and as you are already over committed and on a low income this has caused your financial difficulties and only once you stop will you start to climb out of the debt pit. 
I am trying to be kind here but you not only are risking your finances but your relationship with your parents and grandparents if you carry on taking money they can ill afford (especially if furloughed) to throw away on gambling.  I for one would be most unhappy if I found out my daughters were behaving as you are.  Please seek some help for your gambling addiction and phone stepchange for some advice as to whether bankruptcy is the way to go.  Taking on more debt will make things 10 times worse. 

Abandon

TheAble said:

Sorry to say but I think this thread may be a wind-up. He's got some awfully big loans for such a low income. £17k from one lender, plus all the others? I think not...

Cheeky sod. I am genuine and very happy to PM you my bank statements. 

Abandon

annabanana82 said:

Sounds to me the best thing you could do is own up to your parents, tell them to stop the £250 a month as it's much more useful and needed in their pocket than yours. Then you'll have no choice but to action the other problem you have.
And there are loads of free games available to occupy your time rather than gambling, but I'm sure there are far more productive ways of spending your time that will help give you a sense of purpose

I've a horrible feeling you are right. I've been self reflecting a lot since I opened this thread. I am going to bring it up tonight. 
I am not including the grandparent loan if I go bankrupt, that have to be paid in full!! 

[Deleted User]

TheAble said:

Sorry to say but I think this thread may be a wind-up. He's got some awfully big loans for such a low income. £17k from one lender, plus all the others? I think not...

I struggle to agree. Times of irresponsible lending/borrowing and seriously, misleading advertising.
Took out my current credit card on what 14k, (on 16k now and yep I earn a pound more then this poster with little chance of improving, I was also stupid to take on upcoming maternity leave of a 'manager' at minimum wage but there you go)  at another low point even when I was national minimum wage the borrowing limit got to 9k not through my asking.
Likewise I've had a couple of well paying jobs in the past, that I think ought to have been minimum wage!!
Only very recently one of the cra's sent one of their circulars (albeit it always looks tailored to oneself) saying how the debt could easily be transferred to low or 0% interest for a minute I really almost fell for it, but following it through and being honest, it become pretty apparent that was never going to be the case.  
I don't believe for a moment, this poster will be able to borrow any further if they are totally honest when applying for finance