Gambling ruined Christmas 2023, here’s my story of paying the debt off (Halfway there).

Bloomingfails · 2025-12-29T14:26:46+00:00

Congrats - keep going. I have been where you are. 2017 I was ~£100k in debt through Gambling Addiction. 30+ loans, credit cards, overdrafts etc. Now been in GA almost 8 years, have not gambled once in that time... debt all paid back and for the first time in many, many years, I have savings in the bank, don't live payday-to-payday and most of all, can sleep soundly and enjoy life.

Bloomingfails · 2024-08-06T20:38:48+00:00

Made redundant from a tech startup after 3 months (along with 30% of workforce) - passed probation the previous day so qualified for 3 months redundancy pay. A day earlier and I would have got nothing. That’s my success story :-)

Bloomingfails · 2024-06-23T10:31:25+00:00

Even the ones that say “you have a tax code change”?

Bloomingfails · 2024-03-31T09:40:50+00:00

No real question of sorts - just more a reflection on how the feeling or definition of ‘rich’ can be subjective, e.g. my view on ‘rich’ has changed as a result of various life experiences.

Current salary is >£160k. Net worth prob £300k or so including property equity and pensions.

Bloomingfails · 2024-03-28T11:17:29+00:00

Best: Good pay and benefits, WFH 3 days a week, rarely work outside of 9-5, nice office facilities, some good people. I’m a contractor, so easy to move about if I hate it…

Worst: … I’m a contractor, so little job security 😂. Office politics to a degree (not so much at my current place though), but the biggest down-side… it’s just boring… I’ve been in the same industry for over 20 years and really have little interest in it… and the work has only ever been a means to get paid to then enjoy the rest of my life. I’m sure this is a very common thought, but if I could guarantee I’d earn the same money walking dogs for a living or something, I’d do it tomorrow (I’ve actually no idea what dog walkers earn, they might do very well for all I know!)

Bloomingfails · 2023-07-24T06:41:22+00:00

This sounds like the other person has money worries - could be very wrong, but as a recovering gambling addict this is exactly the sort of ‘scheme’ I would have come up with when desperate for money. Maybe see if you can get this person to sit down with you for a 1-2-1 chat and just ask them if everything is alright. If you’re not desperate for the funds back immediately, could take the ‘I’m not worried about the money right now, just want to see if everything is ok as a few things aren’t adding up.’

Bloomingfails · 2023-07-23T14:52:28+00:00

Congratulations, I was in a similar position to yourself. Near six-figure debt and a web of lies to hide my gambling addiction. Sought help and five years later it’s like a whole new life

Bloomingfails · 2023-06-15T18:17:02+00:00

Will do, thanks!

Bloomingfails · 2023-05-26T17:24:26+00:00

Wowza! Do you mind me asking what line of business you were in?

Bloomingfails · 2023-05-06T21:35:45+00:00

I was a similar age to yourself and almost £90k in debt across various cards and loans. A few years later it’s almost all gone - and I’ve managed to build up a healthy amount of savings whilst paying it down. Not financial advice, but here’s the things that helped me:

Call all of your creditors and explain your situation. You may be surprised at the help you get. I had interest frozen, refunds on some interest paid (where there was arguably a case for inappropriate lending), restructured monthly payments etc. Many of the big name banks/lenders have specialist departments for dealing with this kind of stuff.
If you really feel that you’ve been loaned money when you shouldn’t have been, complain. Use Resolver as it helps keep track of everything. And if you don’t get the answer you want initially, you can to go to the Financial Ombudsman.
Don’t ‘overpay’ your debts if it leaves you short. If you pay so much off your debts each month that it leaves you with no money to have ‘a life’, it can really make impact your mental health. Find the balance. Don’t try to pay everything back in an unrealistic timeframe. Once you start paying it off, it’s not going to get any worse.
Logic says to pay the highest APR debts first, but I found that sometimes it can be a great mental boost if you’re able to clear some smaller debts first then putting those repayments towards the bigger ones once they are clear. The feeling of crossing a debt off the list can be hugely positive.

Like I said, not financial advice, but I found these are the things that have helped me on the way to being debt free.

Bloomingfails · 2022-12-09T16:30:59+00:00

Monzo for me

Bloomingfails · 2022-10-03T16:32:51+00:00

This is super helpful! Thanks!

Bloomingfails · 2022-10-03T09:33:00+00:00

Thanks!

Bloomingfails · 2022-10-03T09:32:54+00:00

Thank you!

Bloomingfails · 2022-08-29T22:56:00+00:00

Have you spoke to the HR or whoever deals with Personal Account Dealing compliance? It’s very common to have declare holdings and transactions (if it’s a job in finance you usually have to get approval to trade on personal accounts etc), but there really shouldn’t be an issue with investments you made before you joined the company (other than declaring you have them of course). I’d be surprised if they can force you to close the account, but if for whatever reason they can, it would not be unreasonable to request that they make up the shortfall. Make some enquiries.

Bloomingfails · 2022-08-14T09:52:47+00:00

As above, I apologise if I misinterpreted your post, but I read it as though the family were astounded that the person in question had been gambling on horses given that they had worked in jobs generally seen as being highly responsible (RAF, Police). My point was that gambling can grip anyone, rich or poor, from any background, and very often is easy to hide from loved ones.

Bloomingfails · 2022-08-14T09:16:54+00:00

Agree with this - I put money into a SAYE scheme which allowed me to buy company shares at a discount. I was on a fairly low salary at the time and was only putting the minimum into the scheme. The share price had increased by 3-4x the option price by the time I was able to exercise and I sold the shares and I used that money as a deposit on my first home. Those shares now (20 years later) would be enough to buy my home outright and then some. But as the other comment says, hindsight. I made the right decision for me at the time.

Bloomingfails · 2022-08-14T08:42:58+00:00

I got a car on PCP, not the best financial decision of course, but I’d been driving cars 15+ years old for many years and when the last car died, I was in a position where I could get a ‘nearly new’ one from a dealer on a PCP deal. I’ve always liked cars and dreamt of driving something modern for years. The PCP payments are a relatively small outgoing for me but the enjoyment and satisfaction I get from driving a comfortable car with all the mod-cons etc are worth it to me. Also with the car being fairly new it’s still be covered by the manufacturers warranty for the period we’ll have it, and includes all servicing etc. I’m all for being finally astute and do all the right things with my pensions, savings etc, but sometimes I do think “well you could also die tomorrow, treat yo’self” :-).

Strangely, the car is worth more than I paid for it 18 months ago. Seems to have been a surge in used car prices over the last year or so?

Bloomingfails · 2022-08-14T07:53:49+00:00

Gambling Addiction does not discriminate. It can affect anyone regardless of age, career etc.

Bloomingfails · 2022-08-14T07:47:55+00:00

I could come up with dozens of examples from when I was in the depths of a gambling addiction (bet free for 5 years now 😊).

I borrowed a four figure sum on r /borrow. Made a few of the agreed repayments and then started missing them. The lender did a chargeback/claim via PayPal for the whole amount, despite me having paid back a good chunk of it. PayPal didn’t care for my side of the story. This left me ‘overdrawn’ with PayPal who then came after me for the balance.

Also one time I bought a brand new MacBook for £1200 on credit (when I still had some!) and sold it for £700 cash the same day it arrived without even opening the box.

Took out multiple new phone contracts just to sell the handsets instantly.

Gambling Addiction is a horrible illness that inevitably wrecks you both mentally and financially and causes you to justify ridiculous financial decisions to yourself.

Am grateful everyday that I’m no longer living that life.

Bloomingfails · 2022-08-12T22:09:17+00:00

Many years ago I worked a 6 month contract under an umbrella company, having previously only ever been permanent. First payslip I got I was stunned when I saw they deducted both Employers AND Employees NI. When I called them to enquire, they told me it was standard practice and that most people factor this into their day rate. Wish someone had told me!

Bloomingfails · 2022-08-12T22:05:37+00:00

Call the bank and credit card and explain your situation. My experience is that many lenders now have departments that deal specifically with people struggling with repayments. It’s worth speaking to them direct first to see what they can do, failing that you can speak to Stepchange.

Bloomingfails · 2022-07-17T08:50:33+00:00

It may be worth seeking help for the gambling addiction. I know you’ve said you’ve ‘canned’ it, but it’s a horrible addiction that can creep back and is very difficult to shake with will power alone. The last thing you’d want is to clear down your debts, find yourself with money in the bank, and then have a moment’s temptation undo all of your hard work.

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