Gambling debts
Question
I had a huge gambling problem for a couple of years. I've recently stopped gambling and gone into counselling to help recover from this. The problem is that my debts are huge. I earn a decent amount and can cover almost all my repayments but I took out some payday advance cheques and I can't seem to get on top of those. There seems no end to the interest and no one will give me a loan or credit to clear those repayments, is there anything I can do?
Answer
Services such as payday advance cheques often charge extremely high interest rates of 25% or more that can lead to worsening debts.
It would be a good idea to speak to either your local Citizens Advice Bureau (CAB) or the National Debtline on 0808 808 4000. They'll be able to take you through all the paperwork you have about your debts and see if there's anything they can do to reduce the interest you're paying.
You may also want to contact an organisation like Gamblers Anonymous, who can be contacted on 08700 50 88 80, to see what advice they provide for people in a similar situation. GamCare can also provide counselling if you would like it. There may also be a credit union in your area; they might be able to help you with a loan that wouldn't involve the same high rates of interest.
Updated: 30/06/2008
Question answered by CAB
