Advice please asap

I'm not sure anyone is qualified to say whether it's a good decision or not as it's completely down to you and your situation. I would initially say no, as having a big lump sum sat there would be a dangerous temptation. If you were to take out the loan, you need to make sure it is out of your reach and somewhere where you have absolutely no access to it.

I would be very very careful taking more credit. Not only does it worsen your credit score but also increases the debt burden on you. Unless you desperately need the money, as is sometimes the case, I'd advise against.

Borrow money to have as savings?

Why?

Only going to end one way, you will blow the lot.

Be happy with what you have.

You say another loan would set you back £60 pm, why not save this or use this to pay existing debt off quicker?

Sorry if this sounds blunt but that's the way it is.

It depends lifelesson1. What are you actually asking here? Are you asking for a gambling internet forums blessing to borrow more money?

Or are you saying that you've lost the muthaload, and are looking to get a loan to bet more in the misguided hope of winning it back?

I don't really understand what your question is. Can you give some more info please....

No gamble intended at all. My parents hold all my money so I'd simply give it back to them, be able to take my girlfriend on holiday and be able to still have a decent savings pot as she's in the process of buying a business and I want to be able to be there to help her out if she needs it. At the moment by the end of the month I'll have about £2,000 saved up that's all. Appreciate everyone's advice if you can spare a minute thanks, lifelesson1

stange post but all i would say is savings and money set aside should be for your loved ones and tangible assests like cars and big TV and great memeories like holidays not to lured into gaming machines and gambling organizations who made £3bil between them last year because your just be funding there holidays , learn from the 3k you lost , when you got the means and your chasing losses it could strip you of all your savings and the debt burden will hurt you every day , enjoy life , its your money

My only observation is are you masking your gambling by taking out this loan, this to me is not learning from your mistake, getting credit is not the answer.

Would it not be better to tackle the issue head on, admit you gambled the 3k to parents /girlfriend etc then keep saving on top of the 2k there already. Then they are not expecting the 5k and you can save the rest.

You will never get rid of this awful gambling addiction if you take on additional loans to portray a better life. Sorry if this seems harsh but sometimes in life we have to front up and take the consequences.

to some extent i agree, however it is going to take me at least 3 months to get that money back otherwise and it's such a long time that's all. That is why i was after some advice and guidance, thanks

Hi Lifelesson1.

Have to agree with the forum members that this sounds like it would not help you with your gambling problem. Why not give us a call on the Helpline on 0808 8020 133 to talk it over? We can also help you with methods to tackle your gambling. If you prefer you can chat to us on the NetLine - both are open from 8am to midnight. You can access the Netline via the front page of the GamCare website.

Best wishes

Deirdre

Forum Admin.

Taking out a loan just to make you feel better about your bank balance is a disaster u shouldn't even be thinking of. U r here because u have a gambling problem And giving urself access to more means to gamble won't help. You will be paying needless interest that could be more money saved. 3 months is not a long time. Read some of the posts on here. Feel positive that y have sought help b4 u got to the depths as most of us have where we CANT access more credit even of we wanted to. We don't have savings. And we can no longer pretend to the outside world that things haven't changed financially. I don't mean to sound harsh but put it into perspective. U will feel better for saving the money u gambled. Putting it back with a bank loan is just disguising the problem x

Thanks for your reply. I agree with you to some extent, even if I didn't have the money and I have it to my parents to hold with the rest of my money? Would I not be punishing my self anyway by having less per month therefore maybe I couldn't enjoy myself as much as I used to therefore punishing myself that way? Appreciate all replies thank you.

With respect, it sounds to me that you are young and haven't learnt the true value of money yet. If your only worry is not having a large enough bank balance to treat yourself, rather than paying bills, rent, food, then (as another poster suggested) I'd have a long read of some of the threads on here to see just how desperate and destroyed some of us have become through years of gambling damage.

Be grateful for your situation, (and again, with respect), get a grip!

To me this is classic problem gambler behaviour - moving money around to cover our losses and make ourselves feel better. We are just fooling ourselves in the end.

You seem insistent on borrowing the money you speak of.

Why borrow money to put away for savings?

Why borrow money to give to your parents to keep?

Why 'punish' yourself with an extra burden of more debt instead of concentrating on clearing existing debt?

All advice on here is against taking out extra loan(s) you speak of.

Be happy with what you have saved, treat yourself with that it even better pay off your debt with that, your interest on debt will be more than any interest gained on savings.

don,t do it mate!