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[Br Brumtown WANTED $4 Outlaw]

Hi guys,

I’m now single. I’ve lost everything. I don’t know anymore thanks for your help but I can’t do it. I’m just walking around the streets now not knowing what to do.

[Anonymous WANTED $81 Inactive]

I wrote this when the thread was started but didn’t think I should post it. It seems as if things have gone downhill since then and a ray of hope would be welcome. So….

I’ve been in this situation before and WORSE than you are. First thing mate:

1) Chill out. Some people can get really stressed over debts, how are they gonna pay it back, they see only misery in the future. Fuck that, the debt really isn’t that important

2) You are still young, the same age I was when I got in a lot of gambling debt. I was in for £30K in debt plus every penny I had earned. It took me 7 years to climb out of that hole. Seven. Years. And I had no car, no mortgage, nothing during that time.

3) Paying it back isn’t your only or even the best option. My personal circumstance and how it would affect OTHER people was the primary reason I worked to pay back every penny.

4) I am going to give you some terrible, terrible advice here. If you are genuinely struggling with your debts and are paying 80% of your wages to pay them back, stop it. In fact don’t just stop it, do the opposite. Max your shit out and apply for any further credit possible. Take all of that money and put it in cryptos, then declare yourself bankrupt and financially fucked. The government will allow you to write off 80-90% of that debt and pay off the rest. Others have mentioned charities and DROs which might get you even better terms than that. So if you borrowed another £10K, you would only have to pay back £1-2K, sometimes less. After defaulting, you can then use the cryptos you have to pay off the remainder of your debt. This will change records on your credit history to say, “debt satisfied”. This means that after a short time your credit profile will go back to that of a normal person. If you take debt relief and don’t pay it all back immediately, then you will essentially be blacklisted from credit for 6 years. It will affect every form you ever fill in, from getting a phone, applying to uni or applying for a job. This is drastic action, make no mistake. But it is much healthier than self-harm (which some people in debt tend to do) and much healthier than being a slave to Capital One or HSBC, MBNA, RBS, Barclays, whomever.

5) Oh and don’t forget after you sort out your finances, don’t do the fucking same thing all over again! I did that and I don’t recommend it. That’s how I got to £30K of debt.

6) Don’t feel guilty about the banks not getting their money. They created that money out of thin air when they gave it to you. When you take credit, be it overdraft, loan, credit card, you are not borrowing from a pile of money that is sitting in a vault somewhere. If it’s a loan (say £10K), the bank manager signs a form, gives it to me, I tap a few buttons on the keyboard eh voila. I have created a £10K liability on the books of the bank and balanced it with £10K in your account. Nobody goes hungry when you don’t pay back a loan. I sound like I am advocating that behaviour. I am not. I did the opposite personally. I’m just explaining the options and why it’s no drama if you do it. The interest you are asked for on the credit agreements is a representation of the risk premium attached to your profile. When somebody defaults, that risk has already been factored into the price.

7) Now that the easy part is over, replace that losing part of your life with something that’s winning, or at least break even! I think the bandit stopped playing roulette/FOBT when he saw how regularly he was losing. He didn’t stop gambling though lol, he just changed to a form of gambling that cost less or is profitable. I did the same when swapping casino gambling for pure poker. I still play slots too much but at least online I’m only down a few £K over several years. In my youth I would have lost that in a day. I consider that progress. I just keep tryin to get a lil better, said a lil better than before, ….. that old man he’s a real muthafucka, gonna kick him on down the line

[Legendary Hamster WANTED $6 Outlaw]

Hi Brum,

Ah, you’re a tiddler and what you’re describing is nothing to get to worked up about.

You’ve made mistakes, LEARN from them.

So my advice is to go through the whole self exclusion process, the Bandit has a free code for Gamban above which is really good so long as you register all of your devices. Doing it in the bookies is a bit harder as you need to go in and take some pics with you, just leave your wallet at home. If you do have your wallet then walk straight up to the counter and don’t even look at the FOBT’s.

I’m a little puzzled by what you mean by “I’ve taken out several loans taking 80% of my wages go to pay the loans off (3 year loans)“? Does this mean your outgoings are very little or that you’re using credit cards to live day to day? How do you manage on just 20%?

In your situation, given your age and state of mind, I would contact a debt charity like Step Change for advice. You might be able to go for a DRO (Debt Relief Order) or a DMP (Debt Management Plan) but again, it really depends upon your circumstances…

https://www.stepchange.org/

The thing with any debt management help is to not feel guilty about your debt and underestimate how much you can practically get by each month without being punished so while it might sound like a good idea to get it paid off quickly, it can be a bad idea in the long run.

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