IVA and Gambling

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by Coline81 » Fri Jan 12, 2018 11:53 am
Hi...been meaning to post this for a few weeks now but it's going to be a long one and wanted to get all my thoughts in order.

I'm sure there must be many people who have/have had a gambling addiction and come to this site for help with the debt that they have gotten themselves into. I am one of those people. I managed to get myself (and my husband) into £125k debt due to my 9 year addiction. I was caught out on 9/11/16 and my husband obviously was shocked to the core. I gave up access to all credit and debit cards and have been given a weekly allowance ever since. We made a payment plan to pay off all the debt (3 loans and probably 20 credit cards) with the hope that we could pay it off in 5 or 6 years. We gave it a year and it became apparent that the debt was going nowhere. It was then I decided to seek advice on DMP's and IVA's. Due to me working in the financial sector I really didn't want to go into an IVA but it would have taken me forever to pay it off via a DMP.

Taking out this IVA has been the best decision I ever made. No more constant checking of credit card balances. The constant stress of praying for balance transfer offers to try and keep the interest down. The constant worry that the payment plan is not being stuck to each month. I now sit and worry about normal things that a 36 year old woman should worry about....cellulite, what do cook for dinner etc etc. It scares me the amount of time that I must have spent worrying about money and logging in to credit card accounts.

I just wanted to say to anyone out there in the same boat that it is possible to quit gambling....and stay on the wagon. I am currently on 430 days gamble free, I haven't so much as bought a lottery ticket in the last 430 days. The first major step is to tell someone! Confide in someone who can keep hold of your finances...it is the biggest and most successful block you can put in place, I only wish I'd done it years ago. Then get the financial help you need whether it be an IVA, DMP, bankruptcy....there is no shame in any of these...look at Boris Becker and all those rich celebs who have gone bankrupt! Some more than once!

I also want to say thank you to this site and all the professionals on here who are so quick to respond to all our queries....you are all absolute stars and I will be eternally grateful to you all for your guidance and support.

Anyone struggling out there with gambling/debt I am happy to help, there is hope I promise you just have to be open to change and be willing to put the blocks in place to keep you on the right path.... :D :D :D :D :D
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by Ryan » Fri Jan 12, 2018 12:11 pm
Hi Coline,

That's a great post that I'm sure will help others in similar situations.

All the best for the future.

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by Foggy » Fri Jan 12, 2018 12:25 pm
Thank you, Coline, for a greart post. TYou are right --- there are many, out there and on this forum, who have fallen foul of gambling. Sometimes this stops them seeking the help they know they need and experiences such as yours can give them the boost they are looking for.

Well done on your 430 days (and counting) free and here's looking towards a brighter future (hopefully also cellulite free).
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by Coline81 » Fri Jan 12, 2018 12:31 pm
Thanks for the replies guys...I fear the cellulite may be even tougher to beat haha! But at least once I’m at the end of this IVA I can afford some expensive laser treatment xxx
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by MerlinL14 » Fri Jan 12, 2018 12:51 pm
Great post. A positive reinforcement to those with niggly doubts about whether to enter an IVA or just struggle on.
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by kallis3 » Fri Jan 12, 2018 1:17 pm
Excellent post and I'm glad you have beaten the gambling problems.
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by watzki » Fri Jan 12, 2018 2:29 pm
Excellent post!!! I was too a bit of a gambler it was those roulette machines,although I never spent a lot or it was the reason for our debt, I was spending quite a few quid a month.
Until we entered our iva I didn't realise how much I was spending,even now I still think off the money I spent on those machines,it was such a waste as I never ever really won anything

Good luck for the future
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