Gambling Addict Debt Diary

lixhul

Yesterday I have accepted I am a gambling addict.

In my dire situation, I still managed to somehow find it in me to gamble another £500 on roulette. In light of the Russian invasion, my crypto portfolio also declined by 20%.

Long story short, I had an existing £8000 loan that covered all debt from gambling. I then decided to borrow another £13,000 to invest in crypto to try and eliminate that £8000 loan debt. What happened, is a total collapse of crypto, turning that £13,000 loan into less than £3000.

Overall, I now owe £25,000 through gambling. I went on step change and filled everything in, but have yet to initiate it because I am scared about my credit. My mortgage rates expire in 3 years, and I want a new fixed rate, but I know if I go into a DMP I'll get a bad variable rate. I don't know what to do, but I thought I'll make a diary. I am running out of options and never felt anything like I have right now. I have to do something, I have a few months left of money as things are now. Something needs to happen.

My situation is:

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................ 1484

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 0[b]

Total monthly income.................... 1484[/b][b]

Monthly Expense Details[/b]

Mortgage................................ 346.4

Secured/HP loan repayments.............. 0

Rent.................................... 0

Management charge (leasehold property).. 0

Council tax............................. 83

Electricity............................. 35

Gas..................................... 35

Oil..................................... 0

Water rates............................. 18

Telephone (land line)................... 0

Mobile phone............................ 12

TV Licence.............................. 0

Satellite/Cable TV...................... 0

Internet Services....................... 25

Groceries etc. ......................... 120

Clothing................................ 0

Petrol/diesel........................... 80

Road tax................................ 1.66

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

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

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

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

Childcare/nursery....................... 0

Other child related expenses............ 210

Medical (prescriptions, dentist etc).... 0

Pet insurance/vet bills................. 0

Buildings insurance..................... 0

Contents insurance...................... 10

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 10

Haircuts................................ 15

Entertainment........................... 0

Holiday................................. 0

Emergency fund.......................... 0[b]

Total monthly expenses.................. 1036.06[/b]

[b]

Assets[/b]

Cash.................................... 3031

House value (Gross)..................... 140000

Shares and bonds........................ 6979

Car(s).................................. 7000

Other assets............................ 0[b]

Total Assets............................ 157010[/b]

[b]

Secured & HP Debts[/b]

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

Mortgage...................... 100739...(346.4)....2[b]

Total secured & HP debts...... 100739....-.........-   [/b]

[b]Unsecured Debts[/b]

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

PayPal.........................1304.18...150.......0

Ratesetter.....................8203.97...153.8.....15

Nationwide 1...................5000......102.5.....13

Amazon Business................750.......200.......0

Admiral........................7612.59...255.4.....15

Nationwide 2...................811.01....41.64.....15[b]

DMP stated it would reduce my monthly repayments to £350. It's only a £300 reduction and doubles my repayment time. This is probably the best option I do not know. I also registered to GAMSTOP and that seems to have knocked off the bookies.

LittleMissDetermined

I didn't want to read and run, I think you are very brave to face your addiction, but aside from GAMSTOP have you any other plans to tackle it?  Local face to face groups, online support, friends/family support?  Just stopping them contacting you won't take the urge away.  I think that to have the light bulb moment and then lost another £500 which is a significant chunk of your income and more than your monthly mortgage payment indicates you need some professional support in this area. 

In terms of stocks and shares, these are like gambling. You have to be prepared to lose your stake as there are never any guarantees.  Crypto is probably past it's most lucrative after the initial Bitcoin boost.

I can't see much in your SOA that could give you significant boost to your income, maybe someone else will be along soon to make some suggestions. 

Is there a reason you have so much in cash? I think I would be inclined to keep £1k as an emergency fund for household emergencies (and if you don't trust yourself not to gamble it, ask a trusted family member or friend to hold it for you, if you can) The rest of the cash I would use to pay off the debt with the highest interest rate. 

You are clearly concerned about your credit rating/score and upcoming mortgage term ending.  I noticed on my credit and affordability reports lately they include if I have spent money gambling. So the sooner you get yourself some help, the better you can protect your credit worthiness and get the best deal available. 

Good luck
LMD x