Serious financial difficulty and I feel hopeless

Hi, sorry to hear. I know it’s scary but you have to face up to the reality ASAP. You need professional help to sort your finances out, there is no way around this. You have to accept the consequences of a debt payment plan or similar options. The only alternative is digging yourself deeper and having more sleepless nights.  Yes your credit rating will be badly affected, but not having access to credit is a good thing. Because of the gambling you cannot he trusted with credit as all it will do is cause more damage. Your situation is unsustainable and you need to take action. I speak from experience. 

I was in a similar position where I could no longer afford my repayments. I sought help. I was not judged. I was not made to explain myself. I have since been on a protected trust deed (Scotland). I pay a set amount every month which was calculated as affordable. After 4 years I will be free of this and can re-build my credit score. The amount of stress this relieved was amazing. It helped me clear my head to deal with my gambling problem. 

You are still young and can turn this around. Deal with the finances so you can sleep at night. Your torturing yourself otherwise. Then start the difficult battle of overcoming this addiction.

Not having access to credit and being on a budget has made me appreciate the value of money. This has went a long way in my current non gambling life. 
I hope this helps in some way

Without being harsh, any attempt to tackle your debt is somewhat pointless while you are still gambling.

Why worry about your credit rating unless you want to borrow more ?

Get yourself to gamblers anonymous as soon as possible and keep attending.

I agree you have to face you debts and Stepchange is a great source of advice, but you need to tackle the gambling as a priority.

Hey, please make your debt payments affordable for yourself! I took out £800 loans and a few days later had to tell them I could only pay £10 a month, they weren’t happy about it but if you can try and get a debt payment plan with as small as possible payments because the longer it takes the more it stops you gambling to be honest. I’ve seen people pay off  their debt then start back at it all over again! They  can’t make you pay what you can’t afford, I went down the second job route and I destroyed myself mentally and physically 🙁 it wasn’t worth it. If you have a look at my diaries you’ll see my lowest points of misery and despair and I wouldn’t wish it on anyone else.  Be kind to yourself. Good luck! 

Hi Nss,

Your credit rating is the least of your worries. Find the nearest Ga meeting, if possible hand over finances to a trusted relative or friend and give priority to dealing with the cause of of all your problems COMPULSIVE GAMBLING. Gambling is a drug & things will only get better when you start to deal with your addiction. Stepchange will help you deal with your creditors and i can assure you their first priority will be to keep a roof over your head. 

Right now you're at a crossroad in your life & you've got 2 possible outcomes.

1) Deal with your addiction & seek help. Believe me things will get better.

2) Continue gambling and no matter how bad things seem now they'll get a lot worse.

Best Wishes

AL

Hi Nss.

Your saviour is openness, honesty and facing what is really important here.

Deep breaths because you need to be ready for a born again moment. Whats important here is your mental health and the gambling MUST stop.

You have had great advice above. Its crucial that your main concern is the gambling addiction...the sheer power of that is your foe and its a split mind addiction...a drug addiction.

Once you are in full recovery your life will be better. I know that you are worried about debts but there is help and Im afraid that all that is a consequence of out of control gambling.

Tell your loved ones for you have been ill with it. Hand over all control of your finances because this is not about your willpower on its own.

Ive been a credit controller...do not worry yourself ill about your credit rating...You have been a compulsive gambler...you dont want trust as your mind heals. One of your major tasks is getting reality checks and perspective. Problem Gambling kills people to be necessarily blunt...you can start looking at saving your life and any quality of life now

Your lenders may need to hear you are a gambling addict...loans are no good for you...they obviously have to be paid back...a deluded gambler just sees replacing the money quickly but its not really is it...its now their money you are committed to pay back with a chunk of interest.

Now to the home! Every time you gambled to extinction you were actually gambling with your mother and your home...as an active problem gambler you would not have kept a home together. Your addiction dismissed the reality and now you must face it.

I hope with proper help you can get on a scheduling program to placate your creditors. Under law you are allowed a living allowance before repayments

There is help there is hope and it can be beaten into history.

Best wishes from everyone on the forum

Hi everyone, 

Thank you all for you advice. You are all right.

I have come to the point where I have realised the credit rating is not the main issue, i was offered another loan that would save my credit rating but add more debt and every month would be more of a struggle. 

The main problem is the addiction it's self and I have booked a session with a local gambling charity, just an over the phone assesment for now but then there are in person appointments. 

I will see if I can find a ga meeting this weekend in the mean time. I have been honest and open with my mum regarding everything. She is devestated and was furious at first but she says we will just have to deal with everything when and if it happens. She wants me to get better and worries about me doing something stupid and hurting myself.

I am going to do try the debt management plan and hopefully my creditors agree to the plan. It will take 6 years to pay everything back but at least it will stop me from borrowing any more to gamble and maybe even save my home.

Lisa I will definitely look at your diaries before committing to a second job.

Thank you all for your advice. It has made things much better knowing there are people who have been through the plans. 

I wish you all the best on your recovery and can't thank you enough for your advice. 

I hope I can't get through this and finally beat this addiction.

Best regards

Nss12

So glad you’ve been looking for a GA meeting! I honestly thought my credit rating would be ruined but I had 2 years of debt and mine has almost fixed itself so I would defo go with an adorable debt plan so you won’t be skint that whole time. Good luck 🙂