The Money Side of Addiction

Hi JayR,

GamCare has a Money Guidance Service, if you would like to find out more about their service, then please call us on 0808 8020 133.

https://www.gamcare.org.uk/self-help/managing-your-money/

Some other free services:

Money Helper

0800 138 7777

https://www.moneyhelper.org.uk/en/money-troubles/dealing-with-debt/tackling-problem-gambling-and-debt

PayPlan

0800 280 2816

https://www.payplan.com/gamcare/

StepChange

0800 138 1111

https://www.stepchange.org/debt-info/gambling-debt.aspx

Take care,

Adam.

@omy13c6qpv I don't mind being open about my gambling debt here.  I owe around £27000.  That hurts to write!

I owe around £13500 on two loans that take about £420 per month.  The rest is on credit cards but this is at 0% for most of it.

I pay out about £800 pm on gambling debt.

I am used to having nothing to spend on myself due to gambling so even though that is an eye watering amount (My income is average) I wear second hand clothes, drive an old banger and have low living expenses.

I did think about an IVA but it would ruin my mortgage chances and despite my debt I have an ISA for a deposit topped up by the other half that I would never touch.

Every situation is unique.  It is dependent on lifestyle, income and APR on the debt.  £27000 is unthinkable debt for some but pocket change for others.

If I were you I would look at getting lower interest rates where possible.  Speak with Stepchange.org and also look into a 'Breathing Space' where all your lenders suspend interest for one month while you examine your options, it won't affect your credit score.

£27,000 is not pocket change for anyone that's the addiction rationalising your actions 

anyway OP the debt is the consequence of the gambling 

I went into an IVA at around 23 everyone thought I was crazy but looking back now it was probably the best thing I could have done because it taught me to survive with out credit 

I owed I think about 14K at 23 which was ridiculous at that age 

I paid off around £100 a month for 5 years and ironically for 3 of them years I was probably the happiest I had been in a long time 

Don't get me wrong the first 2 years were tough and I was at an age where I could still keep my expenses relatively low 

I would still advise committing to something like an IVA or DMP as it will cut off the supply of easy money 

@287hzyl0pq

Thank you for your recommendations, I have today entered into a DMP agreement and hope to live a gamble free life as well as not adding to my debts going forward. 

Hi

I walked in to the recovery yet was nto able to abstain from day one.

In time I handed over all our finances to my wife.

It seemed tome like I was being punished for my gambling.

The simple truth was I could not trust my self with money.

Then my wife gave a certain amount each day so I could buy a drink or have food.

In time I started to trust my self with money.

The simple truth I did not value money or value my self.

Even now I do not take out more money than I need on my person.

After all the money was the fuel  for my addiction.

In time we paid off off all of our debts.

It was not healthy to try and pay out to much to quickly because that would sabotage my own recovery.

Dave L