Gambling Recovery and COVID job loss

lixhul

I dreaded this month because I overspent and gambled nearly £2000. However, it isn't terrible and I've been in worst situations, I've unfortunately just gone backwards and will need to work hard to turn it around. I think I'm in the right place to do this. I have purchased a gambling book and I am learning to cook to reduce the eating budget down. I also feed my girlfriend and I have informed her we need to learn to cook.

The biggest obstacle was again gambling however. I was winning nearly £5000 in the month and lost it all plus another £1500 in a night. That is the last gamble I'll ever have and I will post here more regularly to ensure that's the case.

Cash available is at £4800, debts are £10,500 meaning I am negative £5,683.

[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[b]

Total monthly income.................... 2101[/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....................... 25.3

Groceries etc. ......................... 150

Clothing................................ 30

Petrol/diesel........................... 60

Road tax................................ 2

Car Insurance........................... 25

Car maintenance (including MOT)......... 10

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 230

Other child related expenses............ 0

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.................. 1111.3[/b]

[b]

Assets[/b]

Cash.................................... 4891.59

House value (Gross)..................... 129000

Shares and bonds........................ 0

Car(s).................................. 8000

Other assets............................ 3000[b]

Total Assets............................ 144891.59[/b]

[b]

Secured & HP Debts[/b]

Description....................Debt......Monthly...APR

Mortgage...................... 112000...(349)......0[b]

Total secured & HP debts...... 112000....-.........-   [/b]

[b]Unsecured Debts[/b]

Description....................Debt......Monthly...APR

MBNA...........................433.6.....25........0

MBNA...........................3848.84...101.2.....0

Virgin Media...................2065.78...25........0

Ikano..........................629.7.....78.73.....0

Rate Setter....................2290.7....145.5.....0

M&S............................1306.01...25........0[b]

Total unsecured debts..........10574.63..400.43....-  [/b]

[b]

Monthly Budget Summary[/b]

Total monthly income.................... 2,101

Expenses (including HP & secured debts). 1,111.3

Available for debt repayments........... 989.7

Monthly UNsecured debt repayments....... 400.43[b]

Amount left after debt repayments....... 589.27[/b]

[b]Personal Balance Sheet Summary[/b]

Total assets (things you own)........... 144,891.59

Total HP & Secured debt................. -112,000

Total Unsecured debt.................... -10,574.63[b]

Net Assets.............................. 22,316.96[/b]

[i]Created using the SOA calculator at www.stoozing.com. 

Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

TheAble

In your previous post you were down to 3k. Now you say you've dusted another 2, and overspent, yet your balance is up to £4800? Where's your dosh coming from?

lixhul

TheAble said:

In your previous post you were down to 3k. Now you say you've dusted another 2, and overspent, yet your balance is up to £4800? Where's your dosh coming from?

Paid on job. Bills come out 1st.

TheAble

Can only reiterate the advice about Gamstop really. You're throwing away big money and can't just rely on willpower and books, though useful things. Learning to cook a valuable skill also but the gambling issue is your main priority.

lixhul

Mid-month update. Gone really well this month, I've kept on top of my spending in a decent way and most importantly not gambled a single penny.

I have a few months left on my job contract and I have an interview lined up for a lesser-paid role but it's a career path. I have £3200 in cash available and will be paid around £2000 on the 25th so I think I have grown in value this month.

I would absolutely love to pay off all my debts this year which stands at just slightly above £10,000 now. If I can somehow manage to save up £850 a month I'd get there but I don't think I will be able to do that. Just need to keep on top of the gambling which has been so hard.

lixhul

Just kill me now gambled another £2000 in 10 minutes leaving me with about a grand left. I get paid on 25th £2000ish but I just can't stop and I dont know what to do. I think I'm going to lose everything and I might have to sell my car.

lixhul

Seriously considering selling my car which I should get £8000 for. I worked so f.in hard for it and might have to buy a cheaper one within the £4K range but it'll raise £4K. But then there's all the MOT and all that concerns which will be more money.

rugbymadfamily

Hi @lixhul can only follow on from what others have said and get your self signed up to Gamstop. You posted today at 3.17 and sounded positive but then within an hour and a half had gambled, I can only imagine how tough it is. But help yourself and sign up.

Legs21

As I’ve said previously you need to register on Gamstop. What’s stopping you from doing it? 

Babybelles

You’ve been given lots of advice about registering on Gamstop so why aren’t you doing it? You still think you can ‘win’ your way out of these debts but you can’t.

The sad thing is you could turn things round now. If you don’t then selling the car will be the least of your worries as you will lose your home next.

Have you told your girlfriend about your addiction? She may be able to help & support you.
I really hope you manage to turn things around. Only you can do it though.