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Swandog
Advanced Contributor

134 Posts

Posted - 05 February 2019 :  14:21:41  Show Profile  Reply with Quote
Having an expensive car to run is all well and fine when there are no debts and you can financially manage this but like you have advised itís now time to have a think about things sensibly.

It could be the case that the car doesnít need to do and there is a way to work around this but at the same time you need to think about maintenance and running costs of the car. You want to find a balance and a budget that you can work with.

A good idea might be to start a fresh with everything and build back up from there, debts reduced into one more affordable payment per month, a cheaper car to run and a more positive future to look forward to.

Speaking about all of this with a good experienced advisor will help. Sometimes in the space of a phone call with an advisor you can feel a whole lot better.
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Billyboy1
Regular Contributor

23 Posts

Posted - 12 February 2019 :  11:09:16  Show Profile  Reply with Quote
Hi Swandog its been a week from my last post I've opened an account with the bank of Scotland.never missed any payments yet but the zero%has stopped now ant interest is hefty.the one thing I dident mention was my debt was due to gambling just so ashamed and embarrassed about it I actually hate myself right now for doing this to myself.i start back work on Thursday after being off 5 weeks with stress and worry but only myself to blame here.is there any insolvency practitioners that deal with gambling debt.or don't they ask how the debt built up.does the nationwide capital one and mbna accept trust deed if i was able to get one.iam disgusted with myself for putting myself in this position.any information would be very welcome.cheers
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TDA (Debt Adviser)
Trust Deed Expert



12803 Posts

Posted - 12 February 2019 :  11:53:20  Show Profile  Reply with Quote
Hi Billyboy1.

No insolvency practitioner will judge you because the debts have arisen from gambling. It's really very common unfortunately.

Questions about where the debts came from are likely to come up. This doesn't come from a judgmental place. It's done because they have a duty of care to you.

Where debts relate to gambling, it's likely that a trust deed provider will want to see evidence that the source of the problem has been addressed. It might be a bank statement for a month or two that does not include any gambling transactions for example.

The reason for this is to ensure that a trust deed really will help you. If significant gambling were to continue it's highly unlikely that a trust deed could be completed.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Billyboy1
Regular Contributor

23 Posts

Posted - 12 February 2019 :  12:05:17  Show Profile  Reply with Quote
Thanks for the reply tda. The gambling has stopped now but iam really beating myself up here with what I've done a look back and think what I could of done with that money.instead I have gambled money that was not mine in the 1st place.one bank loan 3 credit cards plus I o my parents a lot as well.people can get in debt for various reasons but there is no excuse for what I have done here.a go to bed at night with this in my head and wake up with same thing in my head.just wished a could turn back the clock and wipe out 2018.
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Swandog
Advanced Contributor

134 Posts

Posted - 12 February 2019 :  14:46:53  Show Profile  Reply with Quote
Hi billyboy1,

In my experience the Bank of Scotland are problematic for people entering into Trust Deedís as they can freeze and close the account. Iíd suggest using Nationwide, Barclayís or the Co-Op as long as you donít have debt with those banks.

There are a variety of reasons people find themselves in financial difficult and gambling is one of the main ones. As TDA has advised no one will judge you for this.
Itís a huge problem in society nowadays and I donít think it receives the same focus and attention that drugs or alcohol do in terms of a medical condition.

Have you thought about going to a gamblers anonymous meeting or seeking some help and support? Itís a condition for life in my opinion and something which you need to accept and manage and a support network can help with this. Iíve helped a lot of people with a gambling addiction and they say a GA meeting really changed their life.

Looking back will not help you feel better or help fix the problem. You have to accept that the past is the past and you are now taking extremely positive steps to deal with the debts.

Focus on looking forward, speaking with an expert about your debts and getting into a plan that you can work with to rebuild your credit rating and life.

Let us know how you get on once you have spoken to an expert.
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Billyboy1
Regular Contributor

23 Posts

Posted - 12 February 2019 :  15:10:35  Show Profile  Reply with Quote
Hi
Swandog thanks for getting back to me, my debt is to nationwide capital one and mbna.ive also opened a new account with the bank of Scotland in case I want to move my wages getting paid into bank of Scotland quickly at least a will have a new account if and when I need it.iv felt very low with what I've done hence iv been at doctors about it I have told the doctor everything that I've done and yes he said its like drink and drugs an addiction, but got out of hand in 2018.I have a plan in position trying to feel better 1st then a will go to my nearest ga meeting av looked into whare it is only 10 miles away.i even went into my work 2weeks ago and sat down with the personel director and told her why iam off work just now, and believe me that took some guts because a like to keep work and private life separate.but I need some one to one advice in the next couple of days and try move on from here .everything you said Swandog is correct and i appreciate it as of other advice I get on this forum but it's hard .thanks

William hunter
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Swandog
Advanced Contributor

134 Posts

Posted - 12 February 2019 :  15:18:12  Show Profile  Reply with Quote
It sounds like you have taken a lot of brave steps recently speaking with the doctor and also your employer about everything. Often we hear on the forum from people that the best thing they did was open up and talk to people about their debts.

How did the discussion with your employer go, were they supportive?

Have you spoken to any family members or friends about it?

For some one to one advice you could always reach out to Kevin or Sharon the two experts on the forum who Iím sure will be happy to help.
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Billyboy1
Regular Contributor

23 Posts

Posted - 12 February 2019 :  15:35:10  Show Profile  Reply with Quote
Hi Swandog the reason a told everyone was its been building up over a few months that I was being told am not my usual self acting different being very quiet and more or less locking myself away and i had to start telling people.1st was my family which none of drink smoke or gamble they could not believe what I've done but come round after a few days.my work were supportive but I've been off 5 wks now so start back on Thursday. She said that took some courage to tell her that.as said in previous post my only asset is my car which iam not bothered about what happens to that.the thing that's honestly holding me back from contacting anyone is because iam on my parents will with my sister .I hope and prey it never happens but if anything happens to them when iam in a trust deed what would happen to the house .
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Swandog
Advanced Contributor

134 Posts

Posted - 12 February 2019 :  15:43:16  Show Profile  Reply with Quote
If you are due to inherit an asset then the Trustee will establish the value and look to ingather your share of this.

For example, your parentsí house is worth £100,000 and you are due £50,000 split equally between you and your sister. The Trustee will require all or as much of the £50,000 as possible to clear your debts. Your sister could offer to pay this over to the Trustee by re-mortgaging the house or even selling this. A Trustee will always try to find a solution that works for everyone but ultimately they have a responsibility to try and recover as much as they can for the creditors.

Do your parents know about the debts and gambling? If so you could explain to them that you are possibly entering into a Trust Deed and if you are included in their will and something happens to them before you are discharged from the Trust Deed it would mean the inheritance and your share of this is paid into the Trust Deed to pay back your debts. Your parents may decide that they wonít want their hard earned assets to be used to pay your debts and could change the will so that your sister is the sole beneficiary. Itís completely your parentsí choice what they do about their assets and will. If they did that nothing would happen to their house and your sister would get this.

Donít be scared to reach out for advice. I know that once you do in the space of a phone call you will feel a lot better and things will make a lot more sense regarding a Trust Deed and your options. Remember youíre not committing to anything just yet, you are only asking for advice on your options.
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Billyboy1
Regular Contributor

23 Posts

Posted - 12 February 2019 :  15:59:37  Show Profile  Reply with Quote
Swandog that's made me feel a bit batter I know exactly what your saying now I will try and talk to them about the house.yes my parents know it's gambling debt iv told my immediate family top brass at work and the doctor still feel ashamed tho.once iv talked about the house I will then ask for advice from the experts here. I o my parents money to but it's not far from pulling in an expert.thank you Swandog.
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Swandog
Advanced Contributor

134 Posts

Posted - 12 February 2019 :  16:07:59  Show Profile  Reply with Quote
You are welcome. Happy to have been able to help.

I know what it can be like with your mind going into overdrive thinking about all possibilities.

We are all here to help as much as you need.
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Billyboy1
Regular Contributor

23 Posts

Posted - 12 February 2019 :  16:12:04  Show Profile  Reply with Quote
Very much appreciated Swandog.thank you

William hunter
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Kevin Mapstone
Trust Deed Expert



3675 Posts

Posted - 13 February 2019 :  08:44:27  Show Profile  Reply with Quote
I must say I admire your bravery in facing up to an issue which has obviously been very difficult for you. Try not to beat yourself up, Billyboy1 - I have a feeling you'll come out of this whole thing feeling stronger and hopefully feeling good about yourself for having tackled it and beaten it.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Billyboy1
Regular Contributor

23 Posts

Posted - 13 February 2019 :  10:31:15  Show Profile  Reply with Quote
Thanks Kevin yes it's been very difficult to tell people feel so ashamed ,but I need to try and look forward instead of feel down and depressed with what I've done here pure recklessness. As iv said on previous posts irony care so much about what happens to my car although it was my pride and joy.i have just got 2 objects in my way at the moment and 1 of them is I o my parents a lot of money to and if i was accepted for a trust deed I can really put that down as expenditure don't really know how a would get round this one.a just want my life back and be happy again cos the last couple of months I must of shone people that i was missirible and not myself but this forum has given me great advice so far and its much appreciated. Thanks aii
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Swandog
Advanced Contributor

134 Posts

Posted - 13 February 2019 :  11:24:03  Show Profile  Reply with Quote
Dealing with family debt in a Trust Deed can be a little tricky but there is normally always a way to make this work and Iím sure the experts can go into this further with you if you speak with them.

As your parents know about the gambling and debts could you speak with them and tell them that once you have completed the Trust Deed you will look at repaying the money to them? As a parent myself I would want to give my daughter as much support as possible.

Regarding your car, again there may be a way for you to keep this. As Iíve said though itís about prioritising the possible expensive running costs and trying to get back on track financially.

All of your worries and questions Iím confident in the space of a 10-15 minute phone call with an expert will be covered off and you will feel much better.
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