Redemption - The journey of a recovering gambling addict.

Lonelygambler

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. 

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 

WinterWarrior

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. 

njkmr

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.

FootyFanDan

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. 

Lonelygambler

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. 

LG

Lonelygambler

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. 

Thank you for engaging with my diary. 

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 

LG

Lonelygambler

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.

Thank you. 

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. 

Lonelygambler

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. 

The sad reality for me is no win would be big enough. 

Enough is enough. 

Thank you for dropping in. 

pogg000

I wish you well on your journey 

Lonelygambler

pogg000 said:

I wish you well on your journey 

Thank you. 

The journey to debt free should be ok. My battle with gambling I can foresee being more challenging. 

HouseMartin567

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.