I thought it might be interesting to have a topic to discuss debt, the effect it has/had on our lives, our plan (if any) to get out of it and how well said plan is going. Firstly I do realise there is a lot more to this addiction than just the debt that has been accrued i.e. time lost, families/relationships destroyed, emotional factors etc. For the vast majority of us and especially newcomers debt plays a part, one that needs to be taken care of one way or another.
I arrived back on the forum 296 days ago financially, physically and spiritually destroyed. My outstanding gambling debt was approx 16.5k spread over 3 credit cards and a personal loan. Today almost 10 months on it's down to just under 11k (taking into account money owed to me by a friend). I didn't plan or even hope to be near this figure so it was a nice surprise when I checked. I set a plan in place and have stuck to it, here's what I've done:
1. Most obvious one of all was stop gambling
2. Did a thorough financial inventory to get a clear picture of the hole I was in. Initially I thought it was 15k until I did the inventory!
3. Took as many shifts in the bar (part time job) as I could get
4. Took part in paid medical studies, I've done 2 so far
5. Paid off personal loan with funds from another credit card (which saved about 900 - 1k in interest) and balance transferred others to ensure there was 0% interest on any outstanding debt (luckily still have a good credit rating)
6. Cut my Sky package down halving the monthly bill
7. Watched my spending in general and made sure to get value for money where possible
8. Told family and friends from the outset about my addiction and that I was seeking help. This stopped any additional borrowing.
Although I've taken all these measures and paid quite a chunk off the debt I haven't went without any necessaties. My son is well provided for and looked after, the house is warm and all payments being made, petrol is in the car, still enjoy the odd pint with friends and a takeaway at the weekend. I am missing a stag do this week though that I should be on. I have missed a few too many of these types of events over the years all down to gambling and not being able to afford it. No more.
In summary my debt is reducing nicely and at a faster rate than I'd anticipated. Funny how a year ago I thought I couldn't afford to stop gambling lol! That's the mindset of an active CG.
Keep moving forward
Great post.I love "Funny how a year ago I thought I couldn't afford to stop gambling"! I know the exact feeling.
I relate very much to all the things you wrote above so there's no need for me add. The main acknowledgement is that as part of recovery we have to accept responsibility for the debts we accumulated - in some cases I know huge sums of money - which you are clearly doing. Funnily enough I've just posted on my diary page about debt.
I hope this entry gets more responses as it is very interesting. Best wishes, Phil.
Hi all, as you both say I never felt I could afford to stop gambling. I didn't have enough money to pay my credit cards each month and figured that I could win enough to cover it. Of course it never worked out that way.
In terms of dealing with debt, the one piece of advice I could give is not to bury your head in the sand. Dealing with the gambling issues is one thing, but the debts won't just go away. I'm ashsamed to say I was in £60K of debt spread over 7 credit cards. I didn't sleep properly for months, even years with the worry of what my future would be like.
But the best thing I ever did was coming clean about my debts and phoning the credit card companies and explaining my situation. Every single one couldn't have been more helpful. I was honest and up front about the gambling with them and 2 of them even offered to organise counselling. Not what I was expecting. I set up short term plans to pay back reduced amounts and the interest on every card was stopped.
I chose to go to Citizens Advice and again they couldn't have been more helpful. They took over all dealings with my creditors and I now have a DAS set up. This is only available in Scotland but its basically a debt repayment plan where I will be paying one set amount every month for the next XXX years. But it's also an amount that's affordable. The weight has been lifted and me and my family can now move on with our life and I can concentrate on making a recovery from the gambling hell I had got myself into.
hi hearing your story, now im feeling that i can actually stop gambling and get my life back on track. Like you said im in huge debt at the moment as you were before. I started gambling about 8 yrs go. First it was just for fun like £20 bets and thats it. but gradually 20 became 40, 40 became 400 and 400 became 4000. I didtnt realise when and how i got hooked to gambling. Now its time to get my life back, and im determine to do it.
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