Struggling to repay 2 Maxed out credit cards

sc13

Hello,

I have accumulated €6,500 in credit card debt over 2 cards throughout the last couple of years. I also owe €3,000 to a family member. All of them were spent on gambling. I seeked help and have been sober for the last 2 months and am bettering myself, however i am struggling financially, which affects my mental health. I have a full time job, however the pay is slightly over the minimum wage and nearly half goes towards rent. One of the cards is in arrears, the other one is not, but is maxed out. I considered consolidating the credit card debt, however the missed payments on my credit card have damaged my score, so that didn't work out. Realistically i can save only up to €300 a month and that means that for the next 3 full years all savings will go towards settling my credit card debt. That doesn't look too grim, however living for 3 years without simple things like going out with friends and colleagues for a drink, going on holidays, and relying on every pay check to settle the living expenses makes life really challenging. What can i do to get out of this situation?

JimmyVik

Talk to mabs. They might at least be able to get the interest frozen for you.

berocca2016

Hi, sorry to hear about your debt issues. You could try https://mabs.ie/#, this is a free and impartial service that can give you advice on how to get out of this.

kerryjack

Delete all gambling apps and stop gambling straight away, 10 K is not bad it's only a small car loan consider your self lucky. Work hard, work on your fitness, your relationships, and your career, Don't ever gamble again you don't need that shiite in your life.

Xterminator

HI OP

please contact all the organizations you have used to gamble and have yourself excluded. now while you are rational about things. delete the apps. remove as much temptation before you are tempted. Destroy any credit cards. you still need to pay the bills but you can prevent future purchases.

next speak with your partner & or family -be brutally honest. be sure they know whats going on with you.

Go to mabs for help with your bills. credit cards in particular have high APRs so mabs can help with repayment plans and negotiate with creditors for a better deal for you - freezing interest on bills, and or writing down dept are things they might be able to achieve for you, while helping you with a repayment plan that doesn't cripple you.

finally look up your nearest https://www.gamblersanonymous.ie/ if you can get support now, they can teach you strategies and ways to help yourself.

Gael23

Contact mabs as a matter of urgency

1st of all....congradulations.....youre facing the Dragon........like the old cliche says....when you're in a hole STOP DIGGING. Stopping gambling cold-turkey is a huge step.im glad you sought out help BUT remember you gotta KEEP AT IT. Keep attending weekly ( or bi weekly) gam anon meetings. As another poster rightly says this debt isn't insurrmountable ( I know, right now, it's a HUGE figure)......you seem to have a 'timeline' to clearing it which is fantastic. I fully appreciate not being able to book a holiday or consider upgrading car is soul wrenching especially as you're working FT but this is a cross you have to bear in the interim.....not pleasant but a simple fact of where you are right now. I probably don't need to say.....stopping gambling means STOPPING gambling....not even a scratch card or lottery ticket. Avoid the old haunts & acquaintances that revolved around betting ( again NOT an simple task). If your addiction tended to be older skool ( physically going into paddy power/ boylesports & writing a slip) this can be slightly less painful to break the vicious cycle.....the on/ line addiction can be trickier ( lets be honest tapping a few buttons on the mobile is SO fxxking easy). REASSESS yourself..... i walk my beautiful doggies twice a day......to me that sacred......maybe pick up a hobby/ pastime that got put aside while you were 'in action'. TALKING things through with someone / anyone that's non-judgemental ( or has 'loose lips') can be hugely beneficial. You never stop being a gambler.......what you aspire to is being a 'recovering' gambler. It IS a long road but nowadays I can enjoy a PL game, or watch the darts without wondering about the odds.....i hate /despise the way gambling is pushed in your face every few minutes from all media but it's a multi billion € industry & that ain't going to change anytime soon.

Anyhow here's my thrupence worth...

1. In the cold light of day write down exactly how deep the hole is.......the% payments....is debt consolidation a possibility?????

2. A REALISTIC timeline to clear debt.......you gotta eat, get haircut, petrol etc.....you say 3yrs....could it be done in 30months????

3. Obviously.....delete all the apps / updates etc.....do NOT go into betting shop....even to use the bathroom.

4.the 3€K to family member......can that be looked at..???..as in when is it expected due/ repaid.

5. A meeting with MABS.....dont expect miracles but they can advocate on your behalf.....like 1 consolidated debt with a 'lesser'% rate is a great result.

I’m gonna sound like a parrot but.. MABS!

don’t delay on it either. They’re an absolutely fantastic service and can do wonders. Creditors might give you the run around but when speaking to MABS they’re generally a LOT more receptive.

SunnySundays

A lot of lenders are reluctant to take on debt from others but would be more than happy to convert a credit card in arrears to a term loan. Maybe approach but cardholders separately, ask for a freeze on the interest and a monthly amount to reduce the balance.

If you aren't confident in doing it yourself use means as others have said.

Congratulations on quitting gambling. You did well to get out owing only €9.5k in total. It may seem like a massive amount but it is manageable but it's the credit card interest that is killing it. Once they stops you will be able to handle this.

Another parrot here> MABS

And best of luck dealing with your issues.

techyjon

The first thing MABS will recommend you do is to create a budget and figure out what is essential and what spending you can cut down on. As someone on a low income as well, I would recommend using budgeting software to help with managing your money.

The budgeting software I used is called YNAB, it has helped me to clear all my debts and I continue using it to stay out of debt. You can use the link below to sign up to try it out for free for a month.

https://ynab.com/referral/?ref=HbVxMNxXvNleU4vW&utm_source=customer_referral

Even if you used it for a month and watched the free tutorials, you'll have the knowledge to make up your own simplified budget manually using Google sheets when the trial is finished.

Best of luck with everything! It is stressful but you will get there 💪

sc13

Thank you all for the responses!!

I called the mabs landline and gave my financial details to the representative. The lady was nice, took my info and told me that the local office will be in touch with me next week.

@SunnySundays - finding a financial institution to convert my credit card debt into a term loan will definitely help a lot. I will ask the mabs agent next week if they can help me with that.

@Ken Mc Carthy - i will go next week to the casino to request a self-exclusion just for piece of mind. Is there a website or number that i can use to self-exclude myself from from all local and online Irish gambling websites altogether?

@Xterminator - thank you for suggesting the website. I looked at the local meetings and they are in different centres. Are they the same in every place or do they differ based on the location/center type they are in?

LilacNails

I don't have much advice op other than think about getting a phone where u cannot download apps or go on the internet for online gambling. Something like the old 3310, there's a new version of it out. Anything to prevent u from having easy 24/7 access to it.

I wish u all the best, it is not easy, but certainly can be over come, keep going. Small steps forward.

Liberty_Bear

Hi Buddy

Sorry to hear about your issues -

GA can help with gambling issues - https://www.gamblersanonymous.ie/

As others have suggested contact MABS.

I consoldated my debts years ago by getting a Credit Union loan and clearing them all, got rid of all cards and just had one small monthly payment, I am now debt free

Warm wishes and I hope you find a solution x