I need help - lost job from COVID and gambling issues

lixhul

lcc86 said:

I really hope this job interview works out for you. Keep applying for stuff and eventually you will get something. However you need to stop taking on more debt NOW. Why have you taken out a loan? If it is to clear some of the cards I can understand but you then need to cancel all the cards and remove them from any websites so you can't use them. As you've gambled and lost a significant amount again please revisit the information others have posted about getting yourself blocked from these sites. You will never win long-teem with gambling and it will make your current situation worse, it is a vicious cycle. I wish you all the best.

I have taken another loan so that I have money in the bank incase I'm unemployed longer. I think after this month I'll be rejected all cards and loans so I'm getting them now and if I do happen to secure a job soon I'll pay the loans off immediately with the cash that I have.

Yeah I shouldn't have done it, just felt like I needed the money returned. So I now have £15k of debt and £9k in cash to tide me over, if I get this job next week I could possibly even cancel the loan agreement.

pjcox2005

With respect, unless you follow the advice given of putting in apps and self-exclusions from gambling, then you won't have your savings by the end of the week with the rate you're going.
I know it's very difficult with mental health, but you have a choice now to set a structure in place to help you through or slump further making it more difficult to climb out. If that means telling a girlfriend, friend or family so you're not doing it alone then go for it. I personally think that is a sign of strength and should be respected.
Good luck, I'm sure you can do it.

sourcrates

Effectively you have lied on a loan agreement then, this is not looking like it will end well.
When you are in a hole, the advice generally is to stop digging, taking on more debt was not the best idea ever, the best way to deal with this is to stop payment of non essential debts, as you have been advised !!!!!! not to keep digging that old hole even deeper.
I really hope you curb the gambling, and get back on your feet soon, but you have done yourself no favours today.

moneyonmymindsam

One year of gamban is about £25 think of this as an investment in yourself and your mental health. Gamcare can also refer you to free counselling. Had you spent this £25 you would have saved £1,975.00 not helpful now as we all know hindsight is a beautiful thing.
There's no shame of having debt if you have a plan to tackle it. Tell your partner you are struggling if they are the right person for you they will be supportive. 
Spend the £25 it will be the best investment you make for the next year.
Good luck. 
Sam 

TheAble

There should be a cooling off period on that loan agreement - I'd consider using it.

lixhul

sourcrates said:

Effectively you have lied on a loan agreement then, this is not looking like it will end well.
When you are in a hole, the advice generally is to stop digging, taking on more debt was not the best idea ever, the best way to deal with this is to stop payment of non essential debts, as you have been advised !!!!!! not to keep digging that old hole even deeper.
I really hope you curb the gambling, and get back on your feet soon, but you have done yourself no favours today.

I'm not sure what you mean by halting payments of non-essential debts though? I surely must pay the minimum of all them at all times? I have lied on all the credit cards and loan agreements I took over the past few weeks, yes. I was surprised I was given them to be honest.

My current minimum repayment is now £529.03 and this will be at least that for a year until Ikano is paid off.

My debt is now £16,929.28. I have £12,172.85 in cash. If and when I secure a job I will likely pay off these personal loans in full as they're charged at 15.5%, or £30 a month each. Early repayment is 58 days interest, so roughly £60 each. I consider that a fair bargain to keep me sane during this period. I just feel much more secure in having money during my unemployment. I've done many terrible things these past two weeks I assure you taking on another loan is not the worst.

I could not possibly imagine loosing £12K on gambling in about 10 days. I've never even gambled before. I saw a horse race, won, and it just gave me a sense of purpose that I lost due to this god damn COVID. It then went absolutely sour quickly. I was placing bets of £2000 on a horse to win. It's insane thinking about it, but at the time it was normal practice. I haven't told anyone about it, hence the secret username, and these loans help me feel I've covered this ridiculous practice because the money is still there, all I have to do is pay something each month.
I only got my mortgage January this year and I live on my own, paying for everything. I had everything, I suppose my ego got the best of me here. I couldn't stand looking at the balance I had left, considering I am -£1000 each month right now, so I just couldn't help but take on another two personal loans.

I have also took out another MBNA card but the limit was only £500 which I've done another money transfer on. This is all the debt and I'm not taking anymore. I have started a diary to help me focus on repaying this in a timely manner. Almost all the credit is on 0% but it is to run out soon. My ex is also nagging at me for paying only £100 when I've paid £300 a month for the past 3 years, but I am in no way telling her financial situation, she'd pounce on it and further send me in to madness. I have a great girlfriend and she is helping me through this just by being there.

I think over the past few weeks, I've realised that I am just normal, nothing special. It's been a very painful time.

I have taken your advice however and I am strongly considering cancelling the Rate Setter personal loan which is £3000, 2 years, at £145.50 a month, 15.5% APR. This would leave me with around £9000 but will remove the debt to just over £13,000. If I do cancel this must I pay the loan fee of £290.70, or will that be removed? I have no idea. If I have to pay that, I may as well keep it.

lixhul

TheAble said:

There should be a cooling off period on that loan agreement - I'd consider using it.

There is. I am considering cancelling the Rate Setter one, but I was charged £290.70 for it to be arranged. If I have to pay that, I may as well keep it, as the interest is only £190 over 2 years?

sourcrates

It’s quite simple, when you find yourself in a situation like your in, essential debts become a priority, and non essential debts can just be left to default if necessary, and be dealt with at a later date.

FYI, essential debts comprise -

Mortgage
Rent
Council Tax
Utilities
Food

Non essential debts comprise -

Any unsecured loans 
Credit Cards
Catalogue debts
Store Cards
Etc

This is what Fatbelly and myself have been trying to tell you, you must change your mindset, if you don’t pay your mortgage, you can be made homeless, likewise if you don’t pay council tax, you can get a visit from a bailiff, utilities can be turned off, food is an obvious one.
The worst that can happen by not paying a non essential debt is a county court Judgement, it’s a case of managing the damage that’s done, I suggest you talk to a free debt advice charity, look at my signature for details.

TheAble

lixhul said:

TheAble said:

There should be a cooling off period on that loan agreement - I'd consider using it.

There is. I am considering cancelling the Rate Setter one, but I was charged £290.70 for it to be arranged. If I have to pay that, I may as well keep it, as the interest is only £190 over 2 years?

Should say on the paperwork. Call them to ask if unsure.

Pocket9s

You need to download gamban asap mate, you will lose more money if you don’t it’s as simple as that, from what you have posted your mindset is still to chase losses -  you need to write that money off and draw a line under it now, or you will chase and chase until everything is gone, I have seen it before. 

Trust me, download Gamban now on all your devices or YOU WILL LOSE THOUSANDS MORE. 

Good luck with the job application chief fingers crossed for you