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Gambling Recovery and COVID job loss

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lixhul
lixhul Posts: 110 Forumite
Sixth Anniversary 10 Posts
edited 9 October 2020 at 11:16PM in Debt free diaries
I've posted in a separate forum but thought it was a good idea to start a diary as my debts over the last month have racked up considerably. I lost my job due to COVID, lost my sense of purpose, and started gambling heavily. Over the course of the last 2 weeks I've lost £12,500 gambling and this has forced me to take out personal loans and credit cards to cover expenses while I am unemployed. The task now is to secure a job and start paying off the debt. This is my current situation. I am also considering whether bankruptcy is an option or something strong around that area?

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1[b]

Monthly Income Details[/b]
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 409.5
Other income............................ 0[b]
Total monthly income.................... 409.5[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 349
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 20
Gas..................................... 10
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 0
Mobile phone............................ 16
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 25
Groceries etc. ......................... 100
Clothing................................ 10
Petrol/diesel........................... 60
Road tax................................ 2
Car Insurance........................... 25
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 10
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0[b]
Total monthly expenses.................. 814[/b]
[b]

Assets[/b]
Cash.................................... 12172.8
House value (Gross)..................... 117000
Shares and bonds........................ 0
Car(s).................................. 7800
Other assets............................ 3000[b]
Total Assets............................ 139972.8[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 112000...(349)......3[b]
Total secured & HP debts...... 112000....-.........-   [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
NatWest........................5000......118.5.....15.5
RateSetter.....................3000......145.5.....15.5
MBNA...........................4048.78...101.2.....0
Ikano..........................865.89....78.73.....0
M&S Bank.......................1373.83...35........0
Virgin Money...................2140.78...25........0
MBNA...........................500.......25........0[b]

So right now I am in a lot of trouble. I must secure a job quickly before even contemplating repaying the debt. One of the cards 0% offer finishes in 8 months and that will have a balance left of just over £1,000, at an APR of 27.7%. Hopefully I'll be able to secure a balance transfer on that but right now I am not hopeful, as I've just received 4 debt solutions and my credit rating will likely be shot right now. Current minimum payments are £529.03. Ouch.

Wish me luck because on this one I think I'll need it.
«134567

Comments

  • SuperSavingD
    SuperSavingD Posts: 567 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    Just just want to say good luck with getting a job and reducing those debts.  Sorry I can’t help with gambling advice but I’m sure once you secure a job you will be smashing the debt.
  • alt80
    alt80 Posts: 4,637 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Good luck. 

    Please seek some help re gambling. My dad was a gambler who lost his business and home many years ago. It can be so destructive as I’m sure you know. I wish you all the best both for a new job and the gambling. 
  • lixhul
    lixhul Posts: 110 Forumite
    Sixth Anniversary 10 Posts
    edited 12 October 2020 at 1:31PM
    Okay so I have cancelled the NatWest £5000 personal loan as I was in the cooling off period. Interest on that was over £2000 over 5 years.

    Not happy about the Rate Setter one, but it's only £398 interest over 2 years. I feel like I have to keep it due to the gambling losses and unemployment.

    This puts debts to £12,219.98.

    My cash is now £7571.15.

    Outgoings each month still negative £1000+.

    Still seeking a job.
  • lixhul
    lixhul Posts: 110 Forumite
    Sixth Anniversary 10 Posts
    edited 10 November 2020 at 2:12AM
    Time to update with an SOA to see where I am standing. I am now working as a COVID prevention officer, but now all the other bills have racked up. I still have gambling issues and I am trying to sort that out, generally the results of that have been even. I may have some money left over each month to pay the debts off, providing I control my spending and keep away from the gambling. I would appreciate if anyone has good advice on that behalf?

    Cash is now standing at £5062. I can't believe I've gone through £2500 in less than a month and I have no idea what on.

    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1676
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 200[b]
    Total monthly income.................... 1876[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 349
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 87
    Electricity............................. 25
    Gas..................................... 20
    Oil..................................... 0
    Water rates............................. 17
    Telephone (land line)................... 0
    Mobile phone............................ 16
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 25
    Groceries etc. ......................... 200
    Clothing................................ 10
    Petrol/diesel........................... 60
    Road tax................................ 2
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 200
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 10
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 15
    Entertainment........................... 30
    Holiday................................. 0
    Emergency fund.......................... 0[b]
    Total monthly expenses.................. 1111[/b]
    [b]

    Assets[/b]
    Cash.................................... 5062.16
    House value (Gross)..................... 129000
    Shares and bonds........................ 0
    Car(s).................................. 7800
    Other assets............................ 3000[b]
    Total Assets............................ 144862.16[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 112000...(349)......3[b]
    Total secured & HP debts...... 112000....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    M&S Credit.....................1373.83...25........0
    Virgin Money...................2090.78...25........0
    Rate Setter....................3290.7....145.5.....15
    Ikano..........................787.16....78.73.....0
    MBNA ..........................3846.31...101.2.....0
    MBNA...........................483.6.....25........0[b]
    Total unsecured debts..........11872.38..400.43....-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 1,876
    Expenses (including HP & secured debts). 1,111
    Available for debt repayments........... 765
    Monthly UNsecured debt repayments....... 400.43[b]
    Amount left after debt repayments....... 364.57[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 144,862.16
    Total HP & Secured debt................. -112,000
    Total Unsecured debt.................... -11,872.38[b]
    Net Assets.............................. 20,989.78[/b]

    [i]Created using the SOA calculator at www.stoozing.com. 
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Have you thought of contacting one of the debt help agencies?  I used StepChange and they give sound and solid advice which really does help. They helped me to get a DRO and made no judgements about me when I was in financial trouble. 

    https://start.stepchange.org/#/

    Gambling is now recognised as a serious illness and addiction, for which you can also get help and non-judgemental advice.
      
    Some information here :  https://www.nhs.uk/live-well/healthy-body/gambling-addiction/

    Please contact someone about gambling, there is help out there. You may also be interested in the following information about Dr Bowden-Jones, who has carried out extensive research into gambling and believes that with help, people who gamble can learn how to control their addiction.

    https://www.nightingalehospital.co.uk/specialist/dr-henrietta-bowden-jones/
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • lixhul
    lixhul Posts: 110 Forumite
    Sixth Anniversary 10 Posts
    I've just gambled £2K in about 10 minutes on Roulette to try and get some winnings to pay off some debt. I am stupid and I need help, I don't know why I can't stop. I need to realise gambling is not an income.
    I have £3K in cash now and no credit left, no one will lend me any. I am broken and I have to go to work now.
  • WinterWarrior
    WinterWarrior Posts: 6,102 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    Hi, I hope you are feeling better today. It’s such a compulsion, so the best thing is to block yourself or close your account.  I know I get obsessed and have to replace one thing with another, like a hobby or doing surveys or just anything to keep occupied that isn’t frittering money on nothing. Please don’t give up, a misstep is just that, it slows down your savings journey, but today is a new day. Maybe plan in some other treats to keep you away from the bad things...a movie on tv perhaps, with snacks. What else do you enjoy? What can you do to fill your spare time without roulette? Write a list of things you enjoy, anything that might help. You will get better, one day you'll look back at this diary with pride at how far you’ve come. You can do it! 
    Not all who wander are lost - J.R.R.Tolkien
    🌊 A smooth sea never made a skilled sailor 🌊

    My WW and friends diary is here 😁 … 
    https://forums.moneysavingexpert.com/discussion/6259606/must-try-harder/p1

  • lixhul
    lixhul Posts: 110 Forumite
    Sixth Anniversary 10 Posts
    Hi guys. Still here, still alive. I have had a minor hiccup or two but generally much better. I have closed all my accounts so that was a good start. I have had massive withdrawal symptoms, even going so far as to use friends accounts, but the money has been reduced in gambling and I am praying December is a gamble free month.

    I had also started work as discussed and had first payments. Mortgage holiday as ended and child payment has gone to £230. All seems well so far and I am feeling much better. I have also paid off a £1000 lump sum into the Ratesetter loan as I just want to get that out of the way as its currently the only debt that is accruing interest.

    Cash available now stands at £6720.01 and unsecured debt is £10,897.38, giving me a net balance of negative £4177. This is vastly superior to the last SOA of negative £7000 so I believe I am on the right track.

    My SOA is as follows from 30th November 2020:

    [font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

    Household Information[/b]
    Number of adults in household........... 1
    Number of children in household......... 0
    Number of cars owned.................... 1[b]

    Monthly Income Details[/b]
    Monthly income after tax................ 1676
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 425.45[b]
    Total monthly income.................... 2101.45[/b][b]

    Monthly Expense Details[/b]
    Mortgage................................ 350.3
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 87
    Electricity............................. 25
    Gas..................................... 20
    Oil..................................... 0
    Water rates............................. 17
    Telephone (land line)................... 0
    Mobile phone............................ 16
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 25.3
    Groceries etc. ......................... 200
    Clothing................................ 10
    Petrol/diesel........................... 60
    Road tax................................ 2
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 10
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 230
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 10
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 10
    Haircuts................................ 15
    Entertainment........................... 30
    Holiday................................. 0
    Emergency fund.......................... 0[b]
    Total monthly expenses.................. 1142.6[/b]
    [b]

    Assets[/b]
    Cash.................................... 6720.01
    House value (Gross)..................... 120000
    Shares and bonds........................ 0
    Car(s).................................. 7800
    Other assets............................ 3000[b]
    Total Assets............................ 137520.01[/b]
    [b]

    Secured & HP Debts[/b]
    Description....................Debt......Monthly...APR
    Mortgage...................... 103902...(350.3)....3[b]
    Total secured & HP debts...... 103902....-.........-   [/b]

    [b]Unsecured Debts[/b]
    Description....................Debt......Monthly...APR
    MBNA...........................483.6.....25........0
    Ikano..........................787.16....78.73.....0
    M&S............................1373.83...35........0
    MBNA...........................3846.31...101.2.....0
    Rate Setter....................2290.7....145.......15.9
    Virgin Money...................2115.78...25........0[b]
    Total unsecured debts..........10897.38..409.93....-  [/b]

    [b]
    Monthly Budget Summary[/b]
    Total monthly income.................... 2,101.45
    Expenses (including HP & secured debts). 1,142.6
    Available for debt repayments........... 958.85
    Monthly UNsecured debt repayments....... 409.93[b]
    Amount left after debt repayments....... 548.92[/b]

    [b]Personal Balance Sheet Summary[/b]
    Total assets (things you own)........... 137,520.01
    Total HP & Secured debt................. -103,902
    Total Unsecured debt.................... -10,897.38[b]
    Net Assets.............................. 22,720.63[/b]

    [i]Created using the SOA calculator at www.stoozing.com. 
    Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]
  • WinterWarrior
    WinterWarrior Posts: 6,102 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    Looking good. Massive congratulations on your progress! 
    Not all who wander are lost - J.R.R.Tolkien
    🌊 A smooth sea never made a skilled sailor 🌊

    My WW and friends diary is here 😁 … 
    https://forums.moneysavingexpert.com/discussion/6259606/must-try-harder/p1

  • SpendthriftKaty
    SpendthriftKaty Posts: 14 Forumite
    10 Posts Name Dropper
    Hi lixhul, well done on your progress. Closing your accounts is a good start. 

    In terms of help for problem gambling, I work in mental health so I can offer a few suggestions here. You could seek out some CBT (Cognitive Behavioural Therapy), which is usually available on the NHS but there are long waiting lists and you'd probably need to see a specialist therapist who is trained to work with addictions rather than the usual first-line rather generic CBT in IAPT that is more for depression/anxiety and is generally delivered by practitioners with basic CBT training only (they are not usually trained therapists, they are called Patient Wellbeing Practitioners or PWPs). The GamCare charity offers a variety of support, including online courses, groups, 1-1 counselling and support for families. If you're financially able and willing to seek private help, I might suggest looking into counsellors/therapists who are trained in Acceptance and Commitment Therapy. This is a cognitive therapy that has a decent evidence base for effectiveness with addictions. I am trained in it but use it in other contexts, I work a lot with young people with internet and social media addictions. I quite like it because it has a nice focus on developing your own strong personal values base and self-acceptance as well as managing problematic behaviours. If you are interested in this, there is a TED talk on it on YouTube by Steven Hayes, the founder, which is very powerful, and I love the book "The Happiness Trap" by Russ Harris as well, it's really accessible. 
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