I'd have thought 3 months statements would be required to prove to your potential Insolvency Practicioner that you are capable of not gambling. I am sure others better versed than me will offer thoughts on pay day loans to pay gambling bills (incurred on credit cards?)

Good luck.

Whether you make a token payment or not really won't matter because as soon as you don't meet the agreed minimum payment the creditors will start to write nasty letters and pester you with calls.

What help are you getting with the gambling?

Paul

Hi suzi,

With any addiction half the battle is admitting it, so well done on that front. I too had a pretty horrific gambling addiction, and reached rock bottom. I went to a GA meeting but it really wasn't for me, maybe it would be something that suited you though, have you considered going to one of their meetings?

I think you should get some help, to enable you to find a good debt solution. You're in good company here, everyone has experienced stress caused by money, and a lot of people have come through the other side.

My debt was £20,000, and I am more than 1/2 way through my trust deed, best thing I ever did.

Good luck with whatever you decide, and good luck kicking that habit, it's very liberating once you do!

Debs 🙂

Hello Suzi1150 and welcome to the trust deed forum.

I think it's going to be important for you to deal with things in the right order at the moment.

The debts themselves, and the debt collection efforts you are being subjected to, must be very worrying. However, the only way for this to be fixed will be to deal with the root of the issue first which you have very bravely and honestly put down to a gambling addiction.

Seeking whatever support and/or treatment you need on that side of things should probably be the only focus right now.

It's all very well for someone to advise you that one months "clean" bank statements will qualify you for a trust deed, but it's not doing you or your creditors any good if the trust deed then fails because the gambling issues haven't been addressed and controlled. Only you will know when that has happened, and that's when I think you'll also feel confident about living to a structured and restricted budget for three years. Basically, just because you "qualify" for something doesn't necessarily mean it's right to do it.

My suggestion would be to focus on the gambling issue and your general wellbeing at the moment. Informing your creditors that you are seeking assistance with that, and that you are seeking debt advice, and making some token payments, will all help to buy you some time while you get ready for all of the steps you may need to take.

If this forum can help support you while you get everything sorted out please stick around.

This page provides further information about trust deeds and gambling debts:

https://www.trust-deed.co.uk/gambling-debts.html

Hi Suzi1150.

TDA has covered most of what needs to be said but something that may assist is some, if not all, of your creditors may well give you a "moratorium" for a couple of months whilst you manage to sort through the position and decide on a route to take.

Chris

Thanks very much for your comments. I am currently a member of a gambling forum, and have created a journal marking the steps of my recovery, i have found the support from other recovering gamblers to be a fantastic help. I dont feel GA would be for me either, but i have looked into seeking advice from a counciller. I absolutely understand that there is no point in fixing my finances if the gambling problem is still there. However i have reached breaking point with my creditors. I am finding it so difficult to just pick up the phone and make contact, i believe this is due to the fact i have ignored them for 2 months. Do i be honest with them, and explain the lack of payments is due to gambling as the advice i was given yesterday was that if the creditors knew i had been gambling they would most likely decline the trust deed. I also have no credit cards, payday loans were paid into my bank account - used my debit card to gamble.

Have you tried making contact with a money adviser who may be able to speak to your creditors on your behalf, suzi1150? They may be able to take some of the pressure off while you face up to your gambling problem.