Looking for advice (debt)

Viewing 15 posts - 1 through 15 (of 18 total)
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  • #36465
    Brumtown WANTED $4
    Outlaw

    Hi all,

    i know this isn’t really somewhere I should ask but I’m desperate. I’m looking for advise. I’m 20 years old and started gambling when I was 18, It started off fine little punts here and there but then I started winning big, I then started depositing more and lost it all. To cut a long story short end of 2018 I’ve taken out several loans taking 80% of my wages go to pay the loans off (3 year loans)  and spent my money I was saving for a mortgage. I’ve stopped gambling now and on  gamstop but the worry is constantly there. I just want advice if anyone has been down this path before to get my life back on track.

    sorry if this is not the place.

    Thanks

    p.s thank you bandit for your videos they have helped me loads over the coming months.

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    #36572
    Biohazard WANTED $432
    Outlaw

    Welcome to the forum, Brumtown.

    Sorry to hear about your story, unfortunately this is all too common these days, gambling can very quickly get out of control. So first of all, and although it sounds a bit cliché, you’re absolutely not alone.

    Is your worry that the debts are too much and you’re struggling to keep on top of them each month? Or is it more around the fact you’re in debt, and going to be for so long?

    Just trying to get any idea so I can offer the best advice for you. 🙂

    Jack

    #36578
    NOMAD RED 7 WANTED $12
    Outlaw

    First off, if your asking for help and advice your half way there to getting it sorted.

    Secondly, dont hide from your debts…they are not going anywhere.

    You need to speak to a professional body who can put all your debts together and work on a payment plan. This will stop you getting any additional fees. Avoid going bankrupt if possible as your young and it will affect you later in life. National debt helpline or GOV.UK will help you and advise you on what you need to do. Good luck and remember only gamble responsibly.

    PS, Im from Birmingham too.. 🙂

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    #36582
    Radar1974 WANTED $4
    Outlaw

    Brumtown wrote:

    Hi all,

    i know this isn’t really somewhere I should ask but I’m desperate. I’m looking for advise. I’m 20 years old and started gambling when I was 18, It started off fine little punts here and there but then I started winning big, I then started depositing more and lost it all. To cut a long story short end of 2018 I’ve taken out several loans taking 80% of my wages go to pay the loans off (3 year loans)  and spent my money I was saving for a mortgage. I’ve stopped gambling now and on  gamstop but the worry is constantly there. I just want advice if anyone has been down this path before to get my life back on track.

    sorry if this is not the place.

    Thanks

    p.s thank you bandit for your videos they have helped me loads over the coming months.

    Hi mate, if you scroll through the ‘introduce yourself’ list you’ll see my back story. So yes, I can defo offer advice. Can post here, or if needed chat to me privately. (This goes for anyone else in a similar situation) . My choice was to work through, pay off the debts but now I am 44 and still have no assists to my name. I made the wrong decision (but I’m stubborn) With you being so young (not an insult, just mean you have realised your issue nice and early) so many options are available, and thanks to my work in banking, credit card companies, and the betting industry, I can suggest ways to help. Facebook messenger is my preferred private message chat search for gibson1974 and my profile pic is me hugging my green haired girlfriend 🙂

    #36584
    Radar1974 WANTED $4
    Outlaw

    Just to add to my previous message, I now work in a warehouse, this is not any kind of spam! (Just read my text back and wouldn’t want anyone getting the wrong idea!)

    #36630
    notrege WANTED $38
    Outlaw

    For anyone just curious of the picture like i was 😀

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    #36693
    Biohazard WANTED $432
    Outlaw

    You cuties!

    #36685
    Monito WANTED $20
    Outlaw

    If the vast majority of your income (80% as you say) is going towards paying loans then there is a huge problem.

    I would look into getting a DRO (Debt Relief Order) you can get these from reps from Citizens Advice.

    You can put all your debts into the DRO and you don’t make payments for them anymore and after one year your debts are 100% clear. Bare in mind that for that one year your order lasts you can’t take out any credit above £500 and there are some other limitations. It costs £90 I think but have a read about it to make sure you are eligible.

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    #36704
    Radar1974 WANTED $4
    Outlaw

    Biohazard wrote:

    You cuties!

    I’m such a looker aren’t I 😂 although if you were honest do I look 44? (Around the waist I certainly am! 😂)

    #36722
    andywilliams1187 WANTED $395
    Blocked

    All depends on your personal circumstances and credit score mate – are you in a position to consolidate your dates to make a more manageable monthly payment? Thats what I did but it still took a couple of years to get level

    If not and your debt is in the region of 80% to income then you really need to consider if other options such as an IVA will help you; but this needs to be weighted against the impact it will have on your credit history going forward.

    If you want to get a mortgage, you are going to have to reduce that debt to income ratio as much as possible (for example, when I went with a high street lender whatever credit card balance you had was mutiplied by a set amount then taken off the mortgage allowance, according to my broker).

    Might be best to speak to citizens advice but also speak to a mortgage advisor and be honest about your situation. They will be able to tell you what your chances of being successful are.

    #37096
    Brumtown WANTED $4
    Outlaw

    Hi all,

    sorry I haven’t replied yet just been trying to get some things sorted. I have taken some points into consideration on the forum and can’t thank you enough for that. I’ve been looking at something to consolidate but unfortunately my credit score was not good enough for that. I have spoken with citizens advice and I’m now getting some help regarding that. It’s made me realise how stupid I have been for falling into this habit.

    I will keep everyone updated to see how I’m getting on.

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    #37114
    Green2711 WANTED $396
    Outlaw

    Hey mate, I’ve got a little experience dealing with debt so what I would suggest if you haven’t already is get in touch with a debt charity called Stephange ask them to set up a DMP for you and then they will go through your cost of living everything from how much you spend on rent/bills/travel/smoking/hobbies etc and will create a budget for you, they will then get in touch with your debitors and send them a copy of the budget and offer them what you can afford per month on your behalf as well as asking them to freeze interest to help pay it off faster (they have the right to decline ofc). With this if you set the budget up right you might end up with more money to play around with each month and not have to pay 80% of your wages. All you then have to do is set a monthly direct debt and stepchange will handle the rest & the creditors, they are very helpful and supportive. Also if you are ever struggling one month they will allow you to make a reduced or missed payment and relay it on to your debitors so you don’t have the stress of dealing with it.

    Best of luck mate.

    #37218
    Deuchars WANTED $4
    Outlaw

    Depending on your loan types (are they payday loan type companies?) then debt camel can help.

    You our can put complaints in about irresponsible lending etc that will help remove interest  etc (in some cases, the amount of interest paid outstrips the loan amount so it’s refunded).  There are some quirks but ultimately if you’ve got 80% of your wage paying loans, the companies shouldn’t have lent you the money. Be careful, if you’ve lied to get the cash (over stating your income) then it won’t help you. Take a look on debt camels website and they’ll give you some pretty decent advice.

    The majority of complaints end up with the financial Ombudsman Service (it’s easy to do) but they take a while. I’ve had at least £2k back from one company and I’ve another 6 complaints (with larger loans). Gambling and irresponsible lending go hand in hand and the companies have taken advantage of this.

     

    Only warning id say is if you’re still gambling, this is a pointless exercise as you’ll simply piss any money you may get, away

    #37242
    Jamie1872 WANTED $5
    Outlaw

    Hi

    If your credit rating isnt looking to good and makes refinancing to a longer term debt consolidation loan not an option just now. If you can I would continue getting help don’t be afraid to ask for more or talk to other people for support if it will help. If you can save a little each month just the say before you get paid stick what’s left away. It will add up and help you lower your debt quicker. If you can’t save just pay the loans.

    Once your credit rating is better then refinancing might become an option or you might decide just to carry on as is till the loans are paid.

    If none of the above is an option then speaking about payment plan might help I don’t know a lot about them but I’m sure it can affect you getting credit in the long term.

    Don’t pressure yourself or beat yourself up about the position your in. Your doing the right things and working your way back out of it and if you are stressing out speak to someone as it’s not good to bottle these things up and could ruin all the work you put in.

    #37317
    Just Basics WANTED $424
    Outlaw

    The debt relief order is a very good thing for you to look into.

    Especially if your outgoings are way more than your income.

    I had a “friend” do it a few years ago. Its a pain in the arse to get all the correct paper work in order for you to send them. But its 100% worth the trouble. Think its about 100quid to set up and they can pretty much wipe ALL of your debt if you qualify.

    Heres the info you will need…

    STEP CHANGE DEBT CHARITY

    Wade house, Merrion Centre, Leeds LS2 8NG

    wwww.stepchange.org

    Fingers crossed for you pal 🙂

Viewing 15 posts - 1 through 15 (of 18 total)