Loan confidentiality (letters in the post)

ThunderBet

Bit of background first, my username which I selected ages ago points to my problem, had a gambling problem for a few years now but on the day the football season ends I am 100% signing up to Gamstop, I'm so ready for it and have come clean with my parents (who I unfortunately still live with again thanks to gambling). 

I have unfortunately accumulated some debt though, which I have managed to keep quiet and wish to continue to do so as I can sort it myself. I currently have three quite high interest rate loans (Admiral, Vanquis and 118 188) but thanks to a much improved credit score I can now get a debt consolidation loan from TSB at a much lower rate over 5 years, meaning I can clear the other three which I currently pay £633 a month for, so instead I'll just have the one loan costing £210 per month and I can actually save a good amount of money each month. 

I remember receiving letters in the post for Admiral and Vanquis with their names on the envelope when I took out the loans, but managed to get away without any questions. They probably assumed it was just car insurance related or marketing stuff, but now my problem is out there and they know I've struggled for money, I'm not sure I could get away with it now and I really don't want those kind of questions and conversations. I've opened up about gambling but I'm determined to sort the debt myself. I know the obvious solution is to come clean about everything but I hope some of you understand why I don't wish to do that. 

What I'm wondering is could I ask TSB to not send anything by post for confidentiality reasons, or would this potentially raise suspicion and affect their decision to lend me the money? Also when I settle the other three, can I ask them not to send any letters? I would have assumed I have rights to confidentiality but I'm just concerned in case there are potential fraud reasons for posting letters to my address or whether it creates suspicion from the new lender if they know I'm trying to hide the loan.

Any advice would be greatly appreciated, thank you.

[Deleted User]

You're unlikely to be able to avoid any post. But most mail will only have a return address on the reverse, rather than anything obvious.

Sandtree

You can almost certainly sign up for electronic communication however the initial loan agreement is likely to be sent by post and if things dont go to plan then letters about arrears are likely to go by post too (though that's in your control mainly)

Most banking post isn't branded and so its only if they googled the address on the back would they know the sender and surely just as you've fobbed them off about Admiral being about insurance then TSB could equally be some other banking product (or indeed insurance too)

RogerBareford

ThunderBet said:

Bit of background first, my username which I selected ages ago points to my problem, had a gambling problem for a few years now but on the day the football season ends I am 100% signing up to Gamstop, I'm so ready for it and have come clean with my parents (who I unfortunately still live with again thanks to gambling). 

I have unfortunately accumulated some debt though, which I have managed to keep quiet and wish to continue to do so as I can sort it myself. I currently have three quite high interest rate loans (Admiral, Vanquis and 118 188) but thanks to a much improved credit score I can now get a debt consolidation loan from TSB at a much lower rate over 5 years, meaning I can clear the other three which I currently pay £633 a month for, so instead I'll just have the one loan costing £210 per month and I can actually save a good amount of money each month. 

I remember receiving letters in the post for Admiral and Vanquis with their names on the envelope when I took out the loans, but managed to get away without any questions. They probably assumed it was just car insurance related or marketing stuff, but now my problem is out there and they know I've struggled for money, I'm not sure I could get away with it now and I really don't want those kind of questions and conversations. I've opened up about gambling but I'm determined to sort the debt myself. I know the obvious solution is to come clean about everything but I hope some of you understand why I don't wish to do that. 

What I'm wondering is could I ask TSB to not send anything by post for confidentiality reasons, or would this potentially raise suspicion and affect their decision to lend me the money? Also when I settle the other three, can I ask them not to send any letters? I would have assumed I have rights to confidentiality but I'm just concerned in case there are potential fraud reasons for posting letters to my address or whether it creates suspicion from the new lender if they know I'm trying to hide the loan.

Any advice would be greatly appreciated, thank you.

If you have a gambling problem then you need to sign up to Gamestop today if your serious about stopping then do it right now and not in a few weeks time as you will just continue to gamble.

Also definetly don't take out the TSB loan without signing up to Gamestop because what if you get the money and just gamble it all away before paying off the other loans.

I can understand why you want to keep it secret but i think you really need to tell them everything so you don't end up gambling away this new loan secretly. If they know what's going on you will feel accountable so less likely to make bad decisions.

ThunderBet

RogerBareford said:

ThunderBet said:

Bit of background first, my username which I selected ages ago points to my problem, had a gambling problem for a few years now but on the day the football season ends I am 100% signing up to Gamstop, I'm so ready for it and have come clean with my parents (who I unfortunately still live with again thanks to gambling). 

I have unfortunately accumulated some debt though, which I have managed to keep quiet and wish to continue to do so as I can sort it myself. I currently have three quite high interest rate loans (Admiral, Vanquis and 118 188) but thanks to a much improved credit score I can now get a debt consolidation loan from TSB at a much lower rate over 5 years, meaning I can clear the other three which I currently pay £633 a month for, so instead I'll just have the one loan costing £210 per month and I can actually save a good amount of money each month. 

I remember receiving letters in the post for Admiral and Vanquis with their names on the envelope when I took out the loans, but managed to get away without any questions. They probably assumed it was just car insurance related or marketing stuff, but now my problem is out there and they know I've struggled for money, I'm not sure I could get away with it now and I really don't want those kind of questions and conversations. I've opened up about gambling but I'm determined to sort the debt myself. I know the obvious solution is to come clean about everything but I hope some of you understand why I don't wish to do that. 

What I'm wondering is could I ask TSB to not send anything by post for confidentiality reasons, or would this potentially raise suspicion and affect their decision to lend me the money? Also when I settle the other three, can I ask them not to send any letters? I would have assumed I have rights to confidentiality but I'm just concerned in case there are potential fraud reasons for posting letters to my address or whether it creates suspicion from the new lender if they know I'm trying to hide the loan.

Any advice would be greatly appreciated, thank you.

If you have a gambling problem then you need to sign up to Gamestop today if your serious about stopping then do it right now and not in a few weeks time as you will just continue to gamble.

Also definetly don't take out the TSB loan without signing up to Gamestop because what if you get the money and just gamble it all away before paying off the other loans.

I can understand why you want to keep it secret but i think you really need to tell them everything so you don't end up gambling away this new loan secretly. If they know what's going on you will feel accountable so less likely to make bad decisions.

Totally see what you're saying because I know what the addiction is like and how many times I've wanted to stop and failed, but this time really IS different. I have pretty strict deposit limits in place now but I only haven't signed up yet because I have a couple of season long bets which might still come in, so I don't want them voided. My parents know this and expect me to sign up once the season is over and I'm absolutely set on signing up that day or earlier if I know my bets won't win and I'll show them proof, I'm actually excited about it.

Your advice is spot on though because it is a big risk for a problem gambler to receive a cash lump sum, but I feel in control of it now and I know it's time to stop.

Looking at other replies it looks like I'll just have to accept at least some post will be coming my way. I think I'll just do everything over the phone rather than online and see if I can ask them to keep everything electronic as far as possible, my main concern was TSB deciding to turn me down if I start acting suspicious about receiving post.

impoverishedtraveller

GamStop doesn’t void outstanding bets.
Register today if you’re serious.

ThunderBet

impoverishedtraveller said:

GamStop doesn’t void outstanding bets.
Register today if you’re serious.

As far as I was aware it closes all accounts and funds cannot be withdrawn afterwards, I thought it voided any outstanding bets too and it was at the bookies discretion whether they would refund the bet or not. I'll have a proper look into it again tonight though and if it does leave my bets open and give me a chance to withdraw by phone or something, I'll certainly do that, because I'm very serious. I can't wait to be free and start saving some money and having a life!

Regarding the TSB loan, I sorted that today and they said everything is by email and there would be no letters. I'll settle the other three over the phone and ask about avoiding written correspondence. At least they can't refuse me anything for requesting no letters, that was my worry with TSB that they'd get suspicious and reject my application. 

Jami74

ThunderBet said:

I can now get a debt consolidation loan from TSB at a much lower rate over 5 years, meaning I can clear the other three which I currently pay £633 a month for, so instead I'll just have the one loan costing £210 per month and I can actually save a good amount of money each month. 

I expect you've already considered the figures, but just in case you haven't. £210 per month over 5 years is £12,600 you'll be paying back. I just mention it because some people think of the monthly saving but do not consider that it might cost extra by extending the length of the loan. You haven't mentioned how much you currently owe or the interest rates so maybe £12.6k is a good deal to clear the other loans.

Do read the paperwork (electronic or physical) carefully. Often loans advertise a rate but once accepted you get a different rate. Double check it is what you are expecting. Unless the interest rate on the loan is lower than the best savings rate (I think First Direct are currently offering 3.5% on a regular saver) then it would probably work out better to overpay the TSB loan (check the T&Cs). £600 a month would not only save you a ton of interest it would probably have it all paid off in less than 2 years.

 Well done on making the decision to stop gambling. Good luck.

MEM62

ThunderBet said:

RogerBareford said:

ThunderBet said:

Bit of background first, my username which I selected ages ago points to my problem, had a gambling problem for a few years now but on the day the football season ends I am 100% signing up to Gamstop, I'm so ready for it and have come clean with my parents (who I unfortunately still live with again thanks to gambling). 

I have unfortunately accumulated some debt though, which I have managed to keep quiet and wish to continue to do so as I can sort it myself. I currently have three quite high interest rate loans (Admiral, Vanquis and 118 188) but thanks to a much improved credit score I can now get a debt consolidation loan from TSB at a much lower rate over 5 years, meaning I can clear the other three which I currently pay £633 a month for, so instead I'll just have the one loan costing £210 per month and I can actually save a good amount of money each month. 

I remember receiving letters in the post for Admiral and Vanquis with their names on the envelope when I took out the loans, but managed to get away without any questions. They probably assumed it was just car insurance related or marketing stuff, but now my problem is out there and they know I've struggled for money, I'm not sure I could get away with it now and I really don't want those kind of questions and conversations. I've opened up about gambling but I'm determined to sort the debt myself. I know the obvious solution is to come clean about everything but I hope some of you understand why I don't wish to do that. 

What I'm wondering is could I ask TSB to not send anything by post for confidentiality reasons, or would this potentially raise suspicion and affect their decision to lend me the money? Also when I settle the other three, can I ask them not to send any letters? I would have assumed I have rights to confidentiality but I'm just concerned in case there are potential fraud reasons for posting letters to my address or whether it creates suspicion from the new lender if they know I'm trying to hide the loan.

Any advice would be greatly appreciated, thank you.

If you have a gambling problem then you need to sign up to Gamestop today if your serious about stopping then do it right now and not in a few weeks time as you will just continue to gamble.

Also definetly don't take out the TSB loan without signing up to Gamestop because what if you get the money and just gamble it all away before paying off the other loans.

I can understand why you want to keep it secret but i think you really need to tell them everything so you don't end up gambling away this new loan secretly. If they know what's going on you will feel accountable so less likely to make bad decisions.

I only haven't signed up yet because I have a couple of season long bets which might still come in, so I don't want them voided. 

And how much harder will it be to walk away from gambling if those bets do come in?  You want to quit - sign up now. 

Your debt will probably come as no shock to your parents.  It might even be expected.  Many gambling addicts have considerable debt by the time they reach their lightbulb moment.  In my opinion, giving up the secrecy and deceit in all its aspects is part of the process.    

ThunderBet

Jami74 said:

ThunderBet said:

I can now get a debt consolidation loan from TSB at a much lower rate over 5 years, meaning I can clear the other three which I currently pay £633 a month for, so instead I'll just have the one loan costing £210 per month and I can actually save a good amount of money each month. 

I expect you've already considered the figures, but just in case you haven't. £210 per month over 5 years is £12,600 you'll be paying back. I just mention it because some people think of the monthly saving but do not consider that it might cost extra by extending the length of the loan. You haven't mentioned how much you currently owe or the interest rates so maybe £12.6k is a good deal to clear the other loans.

Do read the paperwork (electronic or physical) carefully. Often loans advertise a rate but once accepted you get a different rate. Double check it is what you are expecting. Unless the interest rate on the loan is lower than the best savings rate (I think First Direct are currently offering 3.5% on a regular saver) then it would probably work out better to overpay the TSB loan (check the T&Cs). £600 a month would not only save you a ton of interest it would probably have it all paid off in less than 2 years.

 Well done on making the decision to stop gambling. Good luck.

I did get the rate I was initially offered, which was 9.9%. I know that'll seem very high to most but when I've come from a position of a very poor credit score, getting loans of 80% APR or more, I'm really quite pleased!
You're right in that it will be costing me more in total to do it this way, but for me it's really important to have that disposable income and the ability to save, and some hope, especially in the short term while I get back on my feet. Even without gambling, paying £633 a month to loans was going to make saving very difficult even though they would be paid off in the next couple of years. Losing £210 should allow me to easily save £700-£800 a month. My plan is to automatically divert £200 into my help to buy ISA each month, £250 into savings and potentially pay off an extra £100 a month of the TSB loan. 

And thank you, it's going to be hard but I've definitely seen the light and I'm excited for the future now. Literally counting down the days until I fill in that form. 

ThunderBet

MEM62 said:

ThunderBet said:

RogerBareford said:

ThunderBet said:

Bit of background first, my username which I selected ages ago points to my problem, had a gambling problem for a few years now but on the day the football season ends I am 100% signing up to Gamstop, I'm so ready for it and have come clean with my parents (who I unfortunately still live with again thanks to gambling). 

I have unfortunately accumulated some debt though, which I have managed to keep quiet and wish to continue to do so as I can sort it myself. I currently have three quite high interest rate loans (Admiral, Vanquis and 118 188) but thanks to a much improved credit score I can now get a debt consolidation loan from TSB at a much lower rate over 5 years, meaning I can clear the other three which I currently pay £633 a month for, so instead I'll just have the one loan costing £210 per month and I can actually save a good amount of money each month. 

I remember receiving letters in the post for Admiral and Vanquis with their names on the envelope when I took out the loans, but managed to get away without any questions. They probably assumed it was just car insurance related or marketing stuff, but now my problem is out there and they know I've struggled for money, I'm not sure I could get away with it now and I really don't want those kind of questions and conversations. I've opened up about gambling but I'm determined to sort the debt myself. I know the obvious solution is to come clean about everything but I hope some of you understand why I don't wish to do that. 

What I'm wondering is could I ask TSB to not send anything by post for confidentiality reasons, or would this potentially raise suspicion and affect their decision to lend me the money? Also when I settle the other three, can I ask them not to send any letters? I would have assumed I have rights to confidentiality but I'm just concerned in case there are potential fraud reasons for posting letters to my address or whether it creates suspicion from the new lender if they know I'm trying to hide the loan.

Any advice would be greatly appreciated, thank you.

If you have a gambling problem then you need to sign up to Gamestop today if your serious about stopping then do it right now and not in a few weeks time as you will just continue to gamble.

Also definetly don't take out the TSB loan without signing up to Gamestop because what if you get the money and just gamble it all away before paying off the other loans.

I can understand why you want to keep it secret but i think you really need to tell them everything so you don't end up gambling away this new loan secretly. If they know what's going on you will feel accountable so less likely to make bad decisions.

I only haven't signed up yet because I have a couple of season long bets which might still come in, so I don't want them voided. 

And how much harder will it be to walk away from gambling if those bets do come in?  You want to quit - sign up now. 

Your debt will probably come as no shock to your parents.  It might even be expected.  Many gambling addicts have considerable debt by the time they reach their lightbulb moment.  In my opinion, giving up the secrecy and deceit in all its aspects is part of the process.    

I get what you're saying. In the past, wins have only led to more gambling. This time I'm looking at it as a potential bonus for quitting though, something I can cut and run with. Honestly I'm counting down the days until I can fill in the form on Gamstop but I do stand to win £1500 so I'd love to have something to leave gambling with. If it doesn't come in, I know I'll save that in probably just a month or two of not gambling.

I also take your point about giving up all of the deceit and deep down I know that's what I should do. I'm fully expecting to come clean about the loans and this debt consolidation loan eventually, but first I just want to deal with that part myself and get some money behind me, then I'll feel in a better position to talk about it once I've proved I'm better.