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This is where to post your first questions about any debt problems you have
By Ross97
Hello all, new to the forum and looking for some guidance from anyone who’s been in a similar situation. I am only 22 years old, but had a terrible gambling addiction from 18-21, I told everyone about this problem several times over the years but unfortunately continued in secret. I am currently 97 days clear, and attempting to start sorting out my finances.
Here is the current list of what I owe
Friend - 5450
Girlfriend - 4950
Unsecured loans father took out to consolidate - 3750
Myjar payday loan repayment plan - 450
Satsuma loans - 1830 ( Girlfriends name )
Peachy repayment plan - 595 ( GF name
Friend - 320
Friend - 250
Barclays credit card -250
Lloyd’s overdraft - 840 ( Gf name
Santander overdraft - 1000
Phone bill - 300
Car insurance not paid 125
Car bill - 225
Friend 500
Friend 1850
Mr lender 113
Wage day advance 170
Quickquid - 284 ( gf name
Brother 1700

There may be a couple missing I do have it wrote down, it totals to £28,000
I am currently earning £19000 a year, which after tax equates to £1,350 a month. I have a second job as a delivery driver which pays about £300 extra a month. I try daily to be able to get more hours for this but unfortunately I can’t find anywhere looking for an all week driver.
I’m very lost and isolated in this problem, my family are aware but seem to hide from the full extent.
I just need some guidance on what people have done in a similar situation, who did you talk to, what sort of debts did you prioritise, should I go bankrupt? Bearing in mind i am 22 and would like to be on the housing market in the next 10 years
Thanks for any help anyone can give
User avatar
By Hayden
Hi Ross97 and welcome to the forum.

Thanks for shareing your situation with us. I know it is not an easy thing to do.

From what you have said you should consider all three of the debt soilutions available to you. Debt Management Plan, IVA and Bankruptcy. There is lots of information about each of these on the main Beat My Debt Website:

Debt Management Plan

A couple of points to consider. You will not be able to include debts in someone else's name in any of these solutions. They remain responsible for paying these whether you used the credit or not.

Also if you owe money to friends and family this is normally difficult to include in the above solutions as it would mean they would have to wait a long time for their money or would not be repaid at all. As such paying them back outside of any plan you chose needs to be carefully considered.

All debt solutions will affect your credit rating. However generally speaking only for 6 years. So after that getting a mortgage should still be an option.

I would strongly suggest you should speak to a debt advisor about your situation and each of the options. They can help you decide which is best for you. Why not give one of the advisors at BMD a call?