13th November 2018 at 11:17 am #23623
Hi all, With this being a gambling community I’m sure there will be people who’s been in a similar position, I’m just after some advice please.
I’m in a sticky situation with payday loans, I’ve been trying to get loan to consolidate everything but knowone will touch me, I don’t know what to do, I feel like there’s nothing left, I’ve got 2 weeks before my next payments are due. I don’t want to tell family my dad is unwell and I’m scared it’ll make things worse.
I posted something a few months ago, as you can guess the situation hasn’t improved, some people mentioned the government debt scheme like stepchange. Is this the only option I’ve got left? I wanted to avoid it, I’m guessing it’ll stop me from being able to buy a house for a few years, I’m 27 and people are already asking why I’m still living at home.
In regards to the gambling i’ve tried setting limits and self exclusion from casino but I found myself opening new ones, I’ve realised enough is enough and I’m going to join gamstop.
I’ve not posted this for sympathy, I’m just after some solid advice, it’s a good community Steve has built that’s why I’ve posted here.13th November 2018 at 12:01 pm #23633Ramm WANTED $32Outlaw
My sister got on to one of those debt consolidation schemes and it helped her out. Sure its a temporary black mark but she’s now in a position to be able to get a mortgage again so its better to take a few years of bad credit and get yourself sorted then to try and dig your way out of debt with more debt.
As for “27 and still with the folks” these days that’s not at all unusual, you have to play the hand you are dealt and no be overly concerned about the standards of past generations because things just aren’t the same.
Do whatever will get you a chance to reset, and be honest with your family as hiding things will only come back to bite you.113th November 2018 at 12:17 pm #23636Smig WANTED $23Outlaw
forget about what people will think get yourself sorted,
also 27 and still living with folks i’m 29 and still living at home with no debt its just to expensive
just forget about other people and think about yourself13th November 2018 at 12:19 pm #23637Biohazard WANTED $675Outlaw
If you’re struggling, work with Stepchange bud. Trust me, they’re good. I worked with them a few years ago due to gambling debt, and they were excellent. Really friendly and understanding, and they took away a lot of the stress by managing all of my debts for me into one consolidated payment.
Yes, it will hurt your credit file, but so will missing your current payments outside of a repayment plan. We’re not financial advisors, so take everything said on this forum with a pinch of salt – but my strong recommendation would be to work with Stepchange and discuss your options with them.
If it makes you feel better – the age of people leaving home is actually increasing. Don’t be worried about that! A few years of good behaviour with your credit and you’ll be qualifying for a mortgage again!
Best of luck mate – it’ll get easier, just stay strong.13th November 2018 at 3:23 pm #23662
When I had similar problems, I ended up using a company called CleverLaw. I arranged a £100 monthly payment, (im still paying it now) but they took all the hassle away, got the interest stopped etc etc. The key to whatever you do thoguh, is learn from it. Dont make arrangements and then fall into the same traps again and make it worse13th November 2018 at 3:45 pm #23665Fishface WANTED $4Outlaw
Hello I have been in the same kind of situation I was self employed and my partner had twins and ended up on the high dependency unit at hospital for a month it was touch and go I had to take time off to look after our older daughter. I used credit cards to pay my bills and mortgage and got into debt of £25,000 I went onto a debt management plan and it did not help. I ended up in a Iva which was the best thing I ever done it last 5 years but comes off your credit score after 6. I was on a set amount a month and my debt was less than half I got myself sorted out and managed to save and ended up paying it off early after 3 1/2 years. It helped me to control my money more wisely and set myself limits for myself and my family and go 5 years without having a credit card or needing to borrow money well worth looking at.13th November 2018 at 7:39 pm #23712
Thanks for the feedback and advice guys its appreciated. I know I need to talk to my family about it, they won’t be able to help financially but I reckon it’ll do me good telling them. I feel as though 6 months of stupidity has ruined my life, savings gone, not set myself up for the future.
The dept consolidation schemes are my last resort, but my options are running out fast so i’m going to have a look into it. I can get a loan but I need a guarantor, I don’t know who to ask it’s a big commitment for someone although I know I wouldn’t miss a payment so it wouldn’t effect them. I’ve got 2 week on Thursday to get a few grand, already sold my pride and joy to help me out.13th November 2018 at 8:07 pm #23723blacko1974 WANTED $248Spectator
First things first young man, Sign yourself up to Gamstop giving them every detail you can think off, this includes times you have maybe signed up through a partner/relatives name etc.. tell them everything. Step change or Payplan will mediate between yourself and your creditors, it keeps the wolf away from the door and will put a plan in place for you to pay back but by bit, it will also stop the interest that the payday loans enforce. Your a young guy with a lot to look forward to, your credit rating will be snookered for the next 6 years but you will have a clean slate by your early 30s. Good luck pal.13th November 2018 at 8:23 pm #23726
a debt management programme with steph change will hurt your credit rating a lot less than defaulting and possible ccjs believe that. Its never , ever as bad as you think , but you’ve got stop accruing debt and gambling if you camt control it. Speak to step change on a live chat, don’t worry too much abiut the pay day loans at this stage , it would take a long period of ignorance towards them before they are escalated. My advice would be don’t pay them again , contact them and say you can’t afford the payments but you do what to pay them , you’ll do a budget form and a payment plan.13th November 2018 at 9:27 pm #23750jerz92 WANTED $4Outlaw
The number one piece of advice I can give you is first off, if you’re serious about clearing your debts, make the decision to stop gambling. Next, get in touch with StepChange. Give them a call and they’ll talk you through everything. You can get all interest frozen which is a massive help and peace of mind. I would not recommend taking out a guarantor loan to consolidate; I did this and ended up gambling the majority of it, and just being in even more debt.13th November 2018 at 9:30 pm #23753Welshman1968 WANTED $3Outlaw
Hi, i been there more than once. ring citizens advice to get appointment with financial adviser at their local office. if you owe less then 20k you could like me do a debt relief order. i filled out online form with adviser. then wait for form to come back and pay £90 at post office. after that its active for only 12 months . so if you win the lottery you’d probaly have to pay it lol. i never had to repay any debt .
over 20k is going bankrupt cost upto about £500 fee but lasts longer i think 5years.
i was so stressed until i spoke with the adviser. make the appointment and take all the debt details like what company , account numbers, phone numbers, and outstanding balances aswell as your incomings and outgoings. i was shocked i never had to repay the debt and advise you to try citizens advice first. a debt mangement company is unlikely to tell you about writting off the debt.
hope it helps good luck13th November 2018 at 9:40 pm #23755
Its probably a blessing in disguise that nobody will give you a loan….i have been in your position,and got a 10k loan to pay off credit card debt(from gambling),within a few months the credit card was maxed and i was also paying off the loan,i then did it again and exact same thing happened,so my debt just grew,i went through a few years of basically feeling like i was working for nothing to clear everything.
I wish Gamstop etc had existed back then as i would have done it before taking out first loan,that is what you need to do,and then work hard at clearing the debt.13th November 2018 at 11:12 pm #23772
Thanks for your words of advice it’s making me feel better already knowing there’s something I can do. It’s been a rubbish few months, lost some close friends because I’ve distanced myself from them, making excuses why I can’t go out and not seeing them. I’d never do anything stupid but it does cross the mind, don’t think I’m the only one with them thoughts.
Didn’t want to end up resorting to Gamstop but I think it’s the right thing to do. It’s a shame I’ve bet on football for years but only had £5 or £10 on a Saturday I didn’t see that as a problem just a bit of fun.14th November 2018 at 7:32 am #23781
Ok. A easy solution would be to type into google claim back pay day loans, you will find a templated email that you will need to change to your details, you send this to the pay day loan companies, basicly you are telling them that they shouldn’t have given you these unaffordable loans and you want to claim the interest back on all of your loans, don’t worry you spent the money on gambling as I will get to that. Also send it to companies you have had loans with but are no longer trading.
I did this and claimed back 2900 from payday express most of this was interest lost this company stoped trading years ago, lending steam paid 1200 back , sunny refused to pay but that is with the final ombudsman I had not outstanding loans with this company, quick I had a loan for 500 poind still outstanding they refused to pay so again this is with the financial Ombudsman The loan has been in a protected status for 8 months now meaning no interest Bering adddd to it and they will wait until they receive the findings from the ombudsman none of this will go onto your credit rating and this should give you breathing space to get the money together, Wong sent me an email saying they shouldn’t have give me a loans and offered me 1400 which I excepted but they went bust 2 days before they was due to pay me lol so not holding my breath on that. The IMO will take into acount you are an addicted gambler and if you tell them that you got these loans to feed your habit they should find in your favour.
This will get you out of your situation if you want any more help let me know and I will give you more details .14th November 2018 at 9:35 am #23796
Thanks for this suggestion, I think I’ll try this first, I’ve seen payday loans reclaim advertised, but imagined it being a ball ache. Seems pretty simple from your experience. How quick is the payout after they agree to give you something?
who’s the IMO? What does it stand for?
I know it’s my fault for taking out the loans and using it to gamble but on the other hand there is some I think aren’t responsible lending. Not going to mention any names but I’ve got 6 payday loans with the same company, each one being £200/£300 on average. Some of them with 950-1000% interest. I applied for one at 2am a while back and it was in my bank within 5mins, it’s way too easy. But again I know it’s my fault, i applied for it in the first place. I’ve got few more with some other companies aswell.