We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Redemption - The journey of a recovering gambling addict.
Lonelygambler
Posts: 298 Forumite
Ok.
Here goes.
This is my journal on my journey to redemption.
First post is to outline my current situation.
Salary- £75k +
Married
Two Children
Personal Debts
Bank Loan 1 CAR - £20433 - £352 4.3%
Debt Consolidation Loan £10,344 £153 5.2%
MBMA - £4300 - 0% 14 months
NatWest £3000 - 0% 12 months
I have told my wife everything and now it’s time to move on with recovery and debt payments.
Married
Two Children
Personal Debts
Bank Loan 1 CAR - £20433 - £352 4.3%
Debt Consolidation Loan £10,344 £153 5.2%
MBMA - £4300 - 0% 14 months
NatWest £3000 - 0% 12 months
I have told my wife everything and now it’s time to move on with recovery and debt payments.
Lucky to say all payments can be made and nothing is at risk.
I have a gambling addiction and will journal my process of the recovery.
Aim is to clear credit card debt in one year.
LG
Gambling Addict - Acting now before it's too late. Gambling losses well over 25k.
Current Situation Started Posting in March 24:
Unsecured Personal Debt - October 2024
Natwest CC 0% - £3000 - £500
MBMA CC 0% £4500 - £3900
Tesco Loan (Gambling Debt) - £12,567 - £9167
Debt cleared since joining MSE - £4259!
Money saved by not gambling in seven months £7000
28 Weeks Gamble Free! - Longest in years. Gambling is an illness. Seek help. It is not worth your life.
Aim to be debt free by 2026...
MBMA CC 0% £4500 - £3900
Tesco Loan (Gambling Debt) - £12,567 - £9167
Debt cleared since joining MSE - £4259!
Money saved by not gambling in seven months £7000
28 Weeks Gamble Free! - Longest in years. Gambling is an illness. Seek help. It is not worth your life.
Aim to be debt free by 2026...
6
Comments
-
Hi lonelygambler, welcome to the diaries.On your salary I think clearing the cards in a year is very doable with a bit of focus, so that’s good news.
Have you registered for gamstop? I have a bit of a love of spinny shiny online slots and tried many times to self manage it, but came to the realisation that the only way was to get them blocked. It’s ok saying close your account, but so easy to just open a different one 5 minutes later 😖 I freely admit they were a lot of fun, but you never come out winning overall. I never got into debt, but the money I wasted 😢
Having something new to focus on really helps, along with the knowledge that even if you wanted to, you can’t!I really like Dave Ramsey’s snowball method for debt repayment. Try watching some of his YouTube/podcasts, they may help get you in the debt paying mindset.Extra good luck.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/p11 -
Good luck
You have faced up to it and I'm sure you will overcome it.
I'm sure it won't be easy but all the very best.
Regards
Rob.1 -
Good luck on your journey
it is good that you have opened up to your wife, having her on board should hopefully make this journey more doable. I second above have you gone down route of gamstop yet, they were an absolute lifesaver for myself when I realised that I was spending ridiculous amounts on slots and in the end no matter how many times I tried to close the account I would just open another. Luckily I never got into debt through it, but after one big win I felt like I was always chasing that next big win. I can't even begin to imagine how much i wasted through this.
1 -
Time to check in.I didn’t realise I couldn’t edit my posts. Here is a current overview of our financial position.Home Owners
£395,000 Mortgage
All house bills come to £4100 including food and nursery bills for two toddlers.
My wife contributes £1350 and I contribute £2790.My personal bills are £160 including two life insurance policies, three mobile Apple 0% and work membership.
On top of debt minimums I am aiming to pay off £500+ a month approx £1070 all together.This leaves me £50 a month savings and £200 for spending money.Never found it challenging to budget for our joint account however myself has been a self confessed nightmare.LGGambling Addict - Acting now before it's too late. Gambling losses well over 25k.Current Situation Started Posting in March 24:Unsecured Personal Debt - October 2024Natwest CC 0% - £3000 - £500
MBMA CC 0% £4500 - £3900
Tesco Loan (Gambling Debt) - £12,567 - £9167
Debt cleared since joining MSE - £4259!
Money saved by not gambling in seven months £7000
28 Weeks Gamble Free! - Longest in years. Gambling is an illness. Seek help. It is not worth your life.
Aim to be debt free by 2026...0 -
WinterWarrior said:Hi lonelygambler, welcome to the diaries.On your salary I think clearing the cards in a year is very doable with a bit of focus, so that’s good news.
Have you registered for gamstop? I have a bit of a love of spinny shiny online slots and tried many times to self manage it, but came to the realisation that the only way was to get them blocked. It’s ok saying close your account, but so easy to just open a different one 5 minutes later 😖 I freely admit they were a lot of fun, but you never come out winning overall. I never got into debt, but the money I wasted 😢
Having something new to focus on really helps, along with the knowledge that even if you wanted to, you can’t!I really like Dave Ramsey’s snowball method for debt repayment. Try watching some of his YouTube/podcasts, they may help get you in the debt paying mindset.Extra good luck.After losing 2k in two nights I’d had enough. Signed up to Gamstop and that’s that.Snowballing looks like my preference starting on my smallest credit card.I will check out those podcasts
LGGambling Addict - Acting now before it's too late. Gambling losses well over 25k.Current Situation Started Posting in March 24:Unsecured Personal Debt - October 2024Natwest CC 0% - £3000 - £500
MBMA CC 0% £4500 - £3900
Tesco Loan (Gambling Debt) - £12,567 - £9167
Debt cleared since joining MSE - £4259!
Money saved by not gambling in seven months £7000
28 Weeks Gamble Free! - Longest in years. Gambling is an illness. Seek help. It is not worth your life.
Aim to be debt free by 2026...3 -
njkmr said:Good luck
You have faced up to it and I'm sure you will overcome it.
I'm sure it won't be easy but all the very best.
Regards
Rob.It was a morning spent with my boys thinking I don’t want to hide this debt and just get it cleared.I’m hopeful in time my wife will support me.Gambling Addict - Acting now before it's too late. Gambling losses well over 25k.Current Situation Started Posting in March 24:Unsecured Personal Debt - October 2024Natwest CC 0% - £3000 - £500
MBMA CC 0% £4500 - £3900
Tesco Loan (Gambling Debt) - £12,567 - £9167
Debt cleared since joining MSE - £4259!
Money saved by not gambling in seven months £7000
28 Weeks Gamble Free! - Longest in years. Gambling is an illness. Seek help. It is not worth your life.
Aim to be debt free by 2026...2 -
FootyFanDan said:Good luck on your journey
it is good that you have opened up to your wife, having her on board should hopefully make this journey more doable. I second above have you gone down route of gamstop yet, they were an absolute lifesaver for myself when I realised that I was spending ridiculous amounts on slots and in the end no matter how many times I tried to close the account I would just open another. Luckily I never got into debt through it, but after one big win I felt like I was always chasing that next big win. I can't even begin to imagine how much i wasted through this.Enough is enough.Thank you for dropping in.Gambling Addict - Acting now before it's too late. Gambling losses well over 25k.Current Situation Started Posting in March 24:Unsecured Personal Debt - October 2024Natwest CC 0% - £3000 - £500
MBMA CC 0% £4500 - £3900
Tesco Loan (Gambling Debt) - £12,567 - £9167
Debt cleared since joining MSE - £4259!
Money saved by not gambling in seven months £7000
28 Weeks Gamble Free! - Longest in years. Gambling is an illness. Seek help. It is not worth your life.
Aim to be debt free by 2026...0 -
I wish you well on your journeylbm 11/06/12 dept total 11499.471
-
pogg000 said:I wish you well on your journeyThe journey to debt free should be ok. My battle with gambling I can foresee being more challenging.Gambling Addict - Acting now before it's too late. Gambling losses well over 25k.Current Situation Started Posting in March 24:Unsecured Personal Debt - October 2024Natwest CC 0% - £3000 - £500
MBMA CC 0% £4500 - £3900
Tesco Loan (Gambling Debt) - £12,567 - £9167
Debt cleared since joining MSE - £4259!
Money saved by not gambling in seven months £7000
28 Weeks Gamble Free! - Longest in years. Gambling is an illness. Seek help. It is not worth your life.
Aim to be debt free by 2026...0 -
No advice on either the debt or gambling front, but I wanted to wish you the best of luck and mental strength to resolve both situations.1
Categories
- All Categories
- 346.5K Banking & Borrowing
- 251.3K Reduce Debt & Boost Income
- 451.3K Spending & Discounts
- 238.7K Work, Benefits & Business
- 614.1K Mortgages, Homes & Bills
- 174.7K Life & Family
- 251.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards