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  • FIRST POST
    • jamieh1985
    • By jamieh1985 9th Oct 17, 8:30 AM
    • 40Posts
    • 22Thanks
    jamieh1985
    Unsecured debt 60k+
    • #1
    • 9th Oct 17, 8:30 AM
    Unsecured debt 60k+ 9th Oct 17 at 8:30 AM
    Hi everybody

    So in the last 6 months I've managed to just keep getting loan after loan to keep feeding my gambling, which I've never done before. Previously I've always had a very good credit rating and now I've screwed that up. But I can't change that now.

    But I must admit I took all these loans out over one year and was convinced I'd take the loan and pay them both back with the winnings. I've finally come out that I have a problem and have excluded myself from the casinos and I feel a lot lot better about it.

    Basically I have no idea what to do with this situation, I imagine I could actually repay a lot each month, but right now it's at like something 6k a month with 6 different banks. I'm a contractor so I am spending all of the tax and corporation tax money, so this really really isn't sustainable. I'm just digging the whole deeper and deeper!

    In my own mind there is no real way out of the situation even now I've stopped. Which makes gambling seem more attractive :0

    Any advice would really be appreciated!
Page 1
    • StopIt
    • By StopIt 9th Oct 17, 10:15 AM
    • 1,394 Posts
    • 1,250 Thanks
    StopIt
    • #2
    • 9th Oct 17, 10:15 AM
    • #2
    • 9th Oct 17, 10:15 AM
    Contact a gambling charity and get help.


    Without dealing with that, all the debt charities in the world wont help because any action taken will be wiped out if you're too tempted to go back to the gambling.


    Do you have any assets like a house etc? if not, depending on the level of debt, you may be best going bankrupt, accepting the IPA that'll come with it and moving on from there.


    However, before that, address the gambling problem.
    • jamieh1985
    • By jamieh1985 9th Oct 17, 10:21 AM
    • 40 Posts
    • 22 Thanks
    jamieh1985
    • #3
    • 9th Oct 17, 10:21 AM
    • #3
    • 9th Oct 17, 10:21 AM
    Thanks for the reply. As for the gambling I'm 10 days without gambling and feeling quite good, having put those blocks in place I'm in a position not to be able to touch the sites. But long may it continue.

    As for bankruptcy, I don't know enough about this, but I do know that as I'm running my own Limited Company, this would be the worst possible outcome and something I would do everything possible to avoid. I'm not sure how realistic that is.

    Could you give me any information on charities? I will do my own re-search now, but I was not aware there were any charities.
    • Hiddenidenity
    • By Hiddenidenity 9th Oct 17, 10:45 AM
    • 5,213 Posts
    • 26,743 Thanks
    Hiddenidenity
    • #4
    • 9th Oct 17, 10:45 AM
    • #4
    • 9th Oct 17, 10:45 AM
    First off well done for posting and facing up to the problem.

    Contact GA. They will help. I never realised just how much they could help until I spoke to them.

    There is a couple of debt charities but I only know the name of Stepchange. Give them a call too and they will give advice on the debt and best way to deal with it.
    • EssexHebridean
    • By EssexHebridean 9th Oct 17, 10:46 AM
    • 8,716 Posts
    • 45,979 Thanks
    EssexHebridean
    • #5
    • 9th Oct 17, 10:46 AM
    • #5
    • 9th Oct 17, 10:46 AM
    Well done for admitting your problem and seeking help - you're far from alone on here - have a browse around the boards for others who have been in your situation, you'll find a lot of heklp and support is available.

    First thing - STOP spending your tax money on paying debts. HMRC are going to be a LOT less sympathetic than the banks are when the time comes to pay the bill, trust me on this - you need to rebuild what will be owing to them as a matter of urgency and frankly, it's far more of a priority than paying the loans.

    Open yourself a basic bank account with a provider who you don't have debt with - that bit is important. Start putting all your income in there. Sort yourself out an SOA (Statement of Affairs) - you'll find the link in the "sticky" thread at the top of the board - it's the Stoozing.com one you want. Make the SOA as honest and accurate as you can - there's no point in an "aspirational SOA" as it doesn't help you in the least - so get accurate figures. Post that in here once you've completed it and we can take a look and work out whether there are savings you can make that might help. I suspect you're also going to need to negotiate with your creditors but for now let's focus on the SOA so we can see the picture.

    For what it's worth, you've done the hardest bit now - admitting there is a problem. Now it's time to focus on taking one step at a time to fix things.
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 1229.00/995.38 (22/06/18)
    SOA Calculator for DFW newbies: Stoozing.com SOA Calculator
    • sourcrates
    • By sourcrates 9th Oct 17, 11:38 AM
    • 14,356 Posts
    • 13,542 Thanks
    sourcrates
    • #6
    • 9th Oct 17, 11:38 AM
    • #6
    • 9th Oct 17, 11:38 AM
    As the director of a limited company, your options for repaying these loans, may be themselves, limited.

    Did you take out the loans in you own name, or the company name, basically are they personal debts or business debts ?

    Advise would be different for each option.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • stuartJo1989
    • By stuartJo1989 10th Oct 17, 3:45 AM
    • 446 Posts
    • 476 Thanks
    stuartJo1989
    • #7
    • 10th Oct 17, 3:45 AM
    • #7
    • 10th Oct 17, 3:45 AM
    Hey Jamieh, I'm a recovering compulsive gambler.

    I've been there bro, when you just fancy gambling to solve gambling problems. It is actually the nature of the beast ("In my own mind there is no real way out of the situation even now I've stopped. Which makes gambling seem more attractive")!

    That's the narrative in my mind as I type this reply!!! It never actually escapes a compulsive gambler

    I think you need to tackle the gambling addiction first and foremost. Gamblers Anonymous is a really useful starting point and you will find people who are similar to you It really does help.

    You can also PM me if you prefer and I'll point you in the right direction in regards to the gambling side of it (or give you some commentary on my own experiences).

    Make no mistake thought but the money is the tip of the iceberg! Money can always wait. Your wellbeing is much more important.
    • Gazzafatcityboy
    • By Gazzafatcityboy 10th Oct 17, 7:37 PM
    • 96 Posts
    • 90 Thanks
    Gazzafatcityboy
    • #8
    • 10th Oct 17, 7:37 PM
    • #8
    • 10th Oct 17, 7:37 PM
    As sourcrates said there is two different themes here.


    As a ltd company, there is certain things that you can do as the director. Lets start with that first. If someone knows differently to me (I am only going by my own experiences here).


    If you have a business account with an overdraft normally you would have signed a form stating you were personally liable if the company went belly up.


    HMRC corporation tax. Normally depending on how you set up the company you will have to pay up corporation tax once a year. Your account should have figured how much you owe here and you are liable as a director to pay this. However, in theory if you don't have enough money you can work out a plan with hmrc to pay them back.


    Companies house and filing your accounts - Now this is a biggie here, you have to file your accounts every year (first year its after 18 months), if you don't your company will be struck off the companies register. when that happens then your business bank account will be frozen, there is some automatic update in banking systems. you wont be able to access your money then even if you are working. it was a huge hassle.
    • jamieh1985
    • By jamieh1985 22nd Apr 18, 3:26 PM
    • 40 Posts
    • 22 Thanks
    jamieh1985
    • #9
    • 22nd Apr 18, 3:26 PM
    • #9
    • 22nd Apr 18, 3:26 PM
    Thanks everybody for the support in such a difficult time for me.

    I've since managed to work this out, although I have this huge sum of money I'm not gambling anymore and at least can see the horizon once more
  • National Debtline
    Hi Jamie


    It's good to hear you're starting to feel on top of things but I would agree that seeking help from a gambling support group is really important. You could try Gamblers Anonymous (www.gamblersanonymous.org.uk) or GamCare (www.gamcare.org).


    I'd also recommend speaking to Business Debtline if there could be issues for the business paying it's corporation tax or other liabilities to HMRC. They can also advise you on the options for your personal debts. You can call them on 0800 197 6026 or visit www.businessdebtline.org. Good luck with it all.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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