best way to deal with gambling debt?

Posted by: Frogman

It's definitely worth doing. I did all of mine during lockdown, I was surprised at how much I had paid in interest and even more surprised it was even possible to get interests refunded. The combination of the refunds, the extra work I am doing and the willpower to stop gambling is changing my life. 

Hey Frogman

Can you give your opinion on my situation below? I’ve never thought about complaining til reading this thread, but maybe i’m just an idiot ? and don’t actually have any right to complain

4th May 2018 - I noticed after signing into my Next account i’d been given £3,750 credit for the store. I’d never really used Next before, obviously started using it. Couldn’t afford the repayments. No info was given or asked for for them to give me this credit. They eventually reduced my limit to less than what i’d already spent, putting me immediatly in debt and unable to use the card at all 

31st May 2018 - Following from this store credit it got me wanting to have money available to me. A disaster waiting to happen, i was given £400 based on my part time bank job (no steady salary, income varied every month, work not gauranteed!) i took home £800 on a good month, while living and paying bills alone

27th June 2018 - I applied for another credit card, and was given £1,000 to my surprise. I still only had a part time bank job, but was starting a new job in July. I probably gave them a figure estimation from what I thought i’d get with my new job (regardless i still only took home £1400 sometimes less). Couldn’t afford repayments

I also have another credit card which is the only one i still have access too and am actively using and paying into to help rebuild my credit score. this would have been taken out at a similar time with £750 limit. I struggled with these minimum payments initially too until i decided to get my act together.

I know i’m an idiot for taking all of these out, but it was a lesson i’ve now learnt from. Surely with correct checks etc I should not have been given 4 credits within the space of 2 months?? On my, at the time, low income from a part time job? 

sorry this was so long!!

d x

Thanks Frogman - I’m going to look into some of this tomorrow. I have just sent an email to the Next complaints email address with the help of debtcamel.

Looking back on my account statements - they gave me £1000 in Dec 2016. Increased to £1500 in October 2017 and then £3,750 in November 2017! i was completely unaware of this! No one once checked in on me and my finances. That £3,750 was nearly 5 months worth of wages for me at the time! 

How long generally did you have to wait to hear back from the creditors??

hi @frogman I'm up and about to get cracking on this. The problem I have is that when I was in the height of taking out payday loans I had a different bank account, so it is very difficult for me to find out what went in from who and when.

I still have the same email address though, but again not necessarily the emails from the companies I have had loans from so will struggle for exact dates.

I'm just trying to work out what is the best thing for me to do, because I doubt I will be able to give full accuracy with regards to amounts I have borrowed and reasons why they shouldn't have loaned me the money.

Am I best just writing a sort of generic email saying 'I have had one or more loans that I couldnt afford and shouldn't have been given by a responsible lender' and hope for the best? 

Thanks again

Posted by: Peter86

hi @frogman I'm up and about to get cracking on this. The problem I have is that when I was in the height of taking out payday loans I had a different bank account, so it is very difficult for me to find out what went in from who and when.

I still have the same email address though, but again not necessarily the emails from the companies I have had loans from so will struggle for exact dates.

I'm just trying to work out what is the best thing for me to do, because I doubt I will be able to give full accuracy with regards to amounts I have borrowed and reasons why they shouldn't have loaned me the money.

Am I best just writing a sort of generic email saying 'I have had one or more loans that I couldnt afford and shouldn't have been given by a responsible lender' and hope for the best? 

Thanks again

Hey Peter, not sure if this will help as my situations a bit different from yours but i’ve been able to backtrack info/dates using Credit Monitor app (now MoneySuperMarket), it shows all my current, closed and defaulted accounts etc. 

As well as this just searching back using keywords through my emails, and then logging into accounts aswell for old statements etc. 

Good luck 🙂

thank you brother.

Although they were were supplying a service we wanted to feed our addictions at the time these payday loans companies are absolute s**m as they feed off society's most vulnerable.

I never even used to look at what the interest rate was I was that desperate to get the money. 

I remember once rolling over a £1,000 wonga loan 3 times so it wound up costing me about 3 grand over4 months. unfortunately I don't think you can claim off them any more

it's such shame that @frogman they were my first and most regular (and irresponsible lender). absolutely gutted it's too late now

hi @frogman I am on debt camel and you are right, it is extremely helpful.

I have been on their list of direct lenders, and as suspected I have had loans with the vast majority of them

What I am wondering, is if sending a generic email that doesn't mention specific loans, dates, or amounts will still be as effective in them having to review everything they have lent me and then make me offers on that basis? (as opposed to being specific and saying, you lent to me 6 times  on X dates at a total cost of £X interest)

Will they still have to respond within 8 weeks?

If you wouldn't mind me running my email letter that I am proposing to send by you could you please drop me an email? my address is [email protected]

thanks again

@frogman Hi having read some of your posts some advice would me much appreciated regarding endless loans with crazy interests being taken out against a limited company. Is there anything that can be done without harming the business?