Gambling Debt :S PLZ HELP

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  • Sounds like you definitely fit into Martin's "debt crisis" category, so you did the right thing calling somewhere like StepChange.


    Have you thought about calling Christians Against Poverty (CAP)? They're a national charity and offer a free service just like those above, but will visit you at home, take into account all your circumstances and fully explain whatever recommendation they come to, as well as the implications of options that they didn't recommend, so that you can make an informed choice yourself. At the very least, as soon as you start working with them whenever you're contacted by a creditor you can tell them you're working with CAP and to contact them and they'll leave you alone, so at least you won't be being harassed. They'll also be able to tell you if you're eligible for any other benefits.


    I've heard StepChange can put people on 20 year plus repayment plans, whereas CAP are more likely to recommend one of the insolvency options if you'd take more than 5 years to pay back, but it depends on your circumstances and at the end of the day it's your decision. If you do go down the insolvency route they'll support you with it until you're debt free.


    I know insolvency and bankruptcy aren't appealing options, but if as you say, your credit score is already 0, that can't be negatively affected, and it would probably start getting better after that 6 year period or however long it stays on your file. Plus I think you'd be surprised at how quickly it can go through, then you can get your life back!


    You mentioned you've stopped gambling, well done - that's great. If you feel like it might become an issue again in the future, one of the great things about CAP is that in some areas they do a CAP Release group, which is a course for people who want to stop doing something. It could be anything from impulsive shopping to smoking, !!!!!! or narcotics, you don't even need to tell the group what it is you're trying to stop. They also run a Money course to help with budgeting and teach a system for sticking to the budget, which actually would probably help with the gambling impulses too. Both of those other services are completely separate from the debt help and all of them are free.


    Their motto is "always hope" - don't give up. You've done the right thing addressing the problem. It may take some time to sort out, but the fact you're getting help means you've changed direction and are on the right track. Good luck!


    Contact details for CAP: 0800 328 0006 capuk.org, capmoney.org, capreleasegroups.org
  • Thanks to all your replys and comments. Im currently seeking a new job with better pay and hopefully will start earning around 2k after tax in the new year.

    Failing this i will go bankrupt and get some help doing so from somebody that you have mentioned. Gambling is so hard to stop especially when you are in debt but im at the point now where i am afraid to gamble incase i lose so i doubt i will be gambling any time soon.

    My credit score is 0 and i cannot obtain credit, i currently have to cycle to work whereas before i owned a car (now its unaffordable) which is a massive shame on me. I regret the day i started gambling as it has leaded to nothing but chaos and stress begging borrowing and feeling low as ever... ok i maybe won a few grand here and there but it never went far and lucky enough with my last winnings i gave it to the mrs and she brought a load of baby stuff for the baby boy due in feb.

    I feel like a disgrace and i wish this disease upon nobody. Its the worst ever phsycological distruction ever as it has unlimited posibilites and fills u with hope that is not even real.

    I hope everyone can learn from this and im glad ive made my mistakes at the age of 25 and not 50! I have time to rebuild and appreciate everything from this point onwards. Thanks to all for the help and i will update soon with progress. Much love to all
  • fatbelly
    fatbelly Posts: 20,380
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    Thanks to all your replys and comments. Im currently seeking a new job with better pay and hopefully will start earning around 2k after tax in the new year.

    An extra £1000 per month is about break-even for you in deciding your best option.

    In bankruptcy you pay your surplus income for 36 months. We know stepchange have identified that you have no surplus at the moment.

    A debt management plan, with interest and charges frozen, paying your extra £1000 will see your debts cleared in 35 months.

    The two creditors with a ccj could still try enforcement with a dmp, as it is an informal solution but if that caused an issue, you would still have bankruptcy as a fall-back.

    Your credit history should clear faster with a dmp as the ccjs and defaults are already there, and will drop off after 6 years.
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