help with debt strategy

i racked up around 12K 18 months ago and weighing up repayments against my wage i realised that debt wasnt going anywhere for a good 5 years plus and that was providing i could spend 5 years living like a saint and it wasnt just the gambling that would need to have stopped

0 luxurys , 0 holidays , 0 takeaways 0 any excess expenditure

i toyed with the idea of going bankrupt i had no serious assets they could take and i was still living with parents , although i was aware i would be unlikely to get any form of credit ever again

i sought some advice and eventually decided to go down the IVA route , i now pay 80 pound a month which is manageable and the debt will be settled within another 3 and half years

i would seriously consider looking down this route

hi all, thanks again for the comments, I appreciate the input. I dont think the IVA route is the way forward at the moment, Im just about floating and I am scared of the implications of IVA, especially if I can somehow pull this off. Also, I cant tell the wife, I know she will be supportive, but my past experience of leaning on family (other members), have seen great support yet I still relapse badly. I figure I have to do this on my own, and no point putting my wife under pressure. For now, im coping.

On that note, I still remain gamble free, and have no major temptations at all although I feel I have had a few bad thoughts, which have been expelled quickly. However, I have been feeling low in mood, particularly when it comes to this huge debt. Sometimes its boggling and I dont seem to be getting anywehre, but I am going to post my current numbers and I hope that seems I am making progress and will boost my confidence:

Card 1 - 4619 - 0% interest expires Feb 2017
Card 2 - 3914 - 0% interest expires April 2017
Card 3 - 4838- 0% interest expires Nov 2017 -
Card 4 - 740 - 0% interest expires April 2018 -
Card 5 - 3494 -0% interest expires August 2018 -
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Total: 17605
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My wife and I's savings remain at £2000, and we have spent a little of it on a holiday, and some of it is going on a 6th credit card...oh god! I guess compared to my last post with a total over 18000, I have knocked off 620 which should cheer me with happiness. It doesnt exactly do that tonight, but Im content at least the numbers appear to be going down and im still winning, still gamble free 🙂

My biggest concerns are managing all the card payments, I sometimes forget what needs paying when and missing deadlines. I suppose I should be smart and jsut set up direct debits as a safety net for them all but havent done that.

Lastly, my income is going to dramatically drop in about 10 months and so the speed of payback wiill slow down dramatically. Hopefully I will be on a long 0% period at that stage on just one or two cards.

However, I guess if I can keep knocking down 600/month, I will be close to 11,000 by the time my income drops.

Anyway, its been really therapeutic just to write out those numbers, so thank you again gamcare community.Hopefully I will post my numbers again next month.

Hey!

Sometimes all we need is to write it out! The most important. Thing is that while making payments and only seeing a small amount drop off I totally understand why it doesn't feel you with elation. But even though £600 has gone off which IS great, the debt is not getting any bigger through gambling! It compounds and at the start of my my journey from £15k down to now £5k, the first few months were not great as I just wanted it gone quickly! But progress over £277 days is £10k paid back (living on an OK pocket money) feels great! But also the great feeling is no gambling, no adding, NO BEING OUT OF CONTROL! Could have gone £10k the other way and sitting here £25k in debt!

Remember, marathon, not a sprint but you will feel amazing once six months pass! Took me 5 months to pay back gambling losses, now 5 months into personal non gambling debt. Four and a half months to go! Light and tunnel and all that!

Keep going buddy, you'll do it even though it feels impossible now!

Thanks for the kind comment and great to hear you are succeeding! If I could continue at £600/month it would take 30 months and what a party that would be to hit the numbers on 0. Genuinely it will be the greatest achievement in my life - and one I hope I can just take a moment to myself, by myself a drink and quietly celebrate.

However, I dont think I can keep £600 payments, so my marathon might be even slower but if I keep posting my numbers, keep staying grounded, keep focussed, ill get there. Im gamble free since starting this htread back at the end of June. So thats 4 months of good work! 🙂

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Thank you allainepo that is such a beautiful and motivational post. Thank you for your encouragement and I'm even more determined to post some more positive figures next month 🙂

Hi everyone,

Credit card 1 - 4294 - 0% interest expires Feb 2017В 
Credit card 2 - 4630 - 0% interest expires Nov 2017В В 
Credit card 3 - 3875 - 0% interest expires Apr 2017В 
Credit card 4 - 3460- 0% interest expires Aug 2018
Credit card 5 - 710В  - 0% interest expires Apr 2018
Credit card 6-8: £0
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Total debt: 16969

Improvement since last month: 636

Joint savings account with wife: £2300

I have to admit it always shocks me when I tally up the numbers and see so much debt reduced month on month. I always think I'm paying off £300-400/month but last 2 months I'm surprised to see 600+ per month. I guess that's the real huge advantage of displaying my numbers here on this forum so I can look back to previous posts 🙂

I'm definitely still struggling to make sure I keep up to date with payments at the right time, and I only have direct debits set up for 2 cards. I should make it a point to set up direct debits for the other 3 cards this month as I'm so scared of defaulting a payment.

Also one of my cards interest free period is expiring in Feb so I should start to look at balance transfer options soon.

Didn't get to save much with my wife, only up to £2300 in a savings account, although we had a small holiday this month. She still has no clue about my debt.

Lastly, I have remained gamble free. No major urges this month, one or two naughty thoughts but minimal. A major fact is in practically self excluded from every sports online website on the entire Internet, big bookies and obscure dodgy bookies from Lithuania and other dodgy sites - all of which i had signed up to and lost 1000s per website over the last 15 years. Easily lost over 100k over the course of my life.

Thanks all. Great to post my numbers this month 🙂

Well done on remaining gf and your debt plan, it's amazing how they come down when you stop gambling isn't it x best wishes x

Thanks all and well done uncertain outcomes - hope that under 20k figure fills you with joy and pride.

Yah I'm making a big effort to knockdown the numbers over the next 8 months because my income is going to rapidly drop in autumn next year where I'll probably only be able to afford 100-200/month max and no savings. So that's when this tactic may unravel but let's see how far I can get by then.

so heres my monthly updates and figures. again remain gamble free, a few other things in life bringing me down but not finance or gamble related.

here are my card balances:
Card 1 - 4200 - Int free expires Feb 2017
Card 2 - 3836 - Int free expires April 2017
Card 3 - 4523- Int free expires Nov 2017
Card 4 - 625 - Int free expires April 2018
Card 5- 3426 - Int free expires August 2018 -
Card 6,7 and 8 = 0 balance

Total debt: 16610
Improvement since last month: 359

Current savings: 3000

So not a great month in debt reductions which is disappointing, still im edging down. In good news I think I have overpaid taxes by £800 last year which I hope I get a refund for to knock the total down lower and work still owe me £500 which is earmarked to pay debts. With those figures, Id be down to £15310.

Savings with wife is at 3000 which is nice. I am hoping at some stage in 12 months savings will over take debt which will be a nice milestone.

I have applied for another credit card (card number 9!) which has a nice balance transfer deal and rate. I am hoping soon to start consolidating those cards with debts into just one or two cards - just waiting for the right balance transfer deals and credit limits. It will save me a lot of hassle.

Otherwise, still holding on. Tough few months ahead. thanks for listening. happy new year

Hi there just wanted to say admiration all round on this thread sound advice given and confidance building , I have about 18000 to clear and am going to take some of the advice given . I was tempted to clear my debt onto my mortgage but my gamcare counciler said leave it where it is as it would be a good reminder why gambling is so bad for me ! Good luck to everyone thus web site makes me feel I'm not alone and I can beat the gambling . I wish you all well

Hi Nights I would agree that a quick fix doesn't help. I have had my mom and brother pay off 12k worth of debt at least twice in my life (totalling probably 30k given to me by family) - only for me to rack up another 20k.

Quick solution is a quick way to relapse as it seems all was so easy.

I started this thread over 20k in debt and now I'm down to 16.5k and likely to be down under 15k within the next few months.

Actually it's a slow lifestyle choice. I have come to realise that the debt is a part of me, and the slow paying off is a constant reminder to live the rest of my life.

Being 0% interest free is a huge weight off my mind because it means I'm not losing anything day by day. Sure there will be some balance transfer charges but other than that every day is a winning day so far.

I salute you Junebug1981.

You are facing the situation head on and reducing your debt

I like that line about the slow paying of being a constant reminder to live the rest of your life. Yes its a good focus that you have managed it that way.

I must admit that I baulked at the number of cards and was tempted to say cut some of them up. I hope you will eventually reduce them. I understand the interest free thing even though I am not entirely happy with the real reasons they offer it. Many people get trapped when the interest free period ends. The credit card companies cant like people playing ring o ring of roses but I suppose they get balance transfer fees and hope the money is outstanding after the promotion

I hope you get ongoing financial advice and can keep some cards at zero then close the accounts.

I cant knock you though and thats fine to reduce the debt your way

Best wishes from everyone on the forum

hi joydivider, you are right and thanks for the great advice - my hope is to knock it down to two or three manageable cards by the end of the year - but ironically i have currently had to open a new card to achieve a balance transfer! i agree with you, highly highly dangerous strategy, and i have now access to over 60k worth of credit funds, one slip and im in deep trouble. need to cut that equity down asap.

it has been a successful month however, a really good one. firstly, i remain gamble free. secondly, i managed to get paid £500 that work owed me and I had overpaid £800 in taxes for the last financial year - all of which went into paying debts. lastly, i opened a virgin credit card which has a 10k balance with 0% transfer rate and 0% interest until 2019. so here are my current figures:

Card 1 - 49 - 0% til April 2017
Card 2 - 1587 0% til Nov 2017
Card 3 - 490 - 0% til April 2018 -
Card 4 - - 3426 -0% til August 2018 -
Card 5- 9325 - 0% til January 2019
Card 6,7,8,9 - £0
Total debt: £14,877
I dont think ill get such a good month ever again, but i paid of over £1700 this month! amazing. My wife and I also now have £4000 in savings, so thats an incredible progress from where I started this thread.

Still a long way to go and I suspect the next few months ill only be able to pay off a few hundred pounds at a time. If i can pay off card 1,2 and 3 by the end of the year, ill only have 2 cards left with debt, and quite long 0% interest on them which gives me breathing space.

thanks again for listening everyone!

Wow thats amazing!

I managed to rack up debts on £85K! through my gambling consisting of 3 personal loans, 1 family loan and 4 credit cards! When I told my husband it nearly destroyed our relationship but together we have a financial plan which means I should be debt free in 2 years. He took took £35K out of savings to pay off 2 loans and 1 credit cards so the debt is now down to £50K and he also took over all the household expenses that I was paying and as a result 3/4 of my earnings go into debt payments, so pretty soon I should start seeing the results you are! Its a real pleasure seeing the balances come down. But what a struggle I am having trying to close one of the cards! Ive been on the phone to them for 4 hours this week as there is some odd technical fault on my card which means it is either showing to be in credit of debit due to some pending transaction....which no-one can identify or explain! Oddly I did not qualify for any of the debt management options as on paper I could afford the contractual payments on everything!

Anyway sorry for the rambling post, I just wanted to say well done!