5 ways to clear your debt and recover from gambling

How to recover from gambling?

  1. Control your regular expenses
  2. Debt consolidation loans
  3. About debt write off
  4. Bankruptcy explained
  5. Make money – from home 

Gambling has led me to lose all my savings and put me into large debts. I was broke for over 5 years.
Would it be easier to stop if gambling didn’t affect me financially or would I carry on gambling?
Many gamblers would like to stop gambling, but unfortunately, they’re waiting for the lucky day to come, when they win big, pay off their debts and then quit gambling. Does it sound familiar?

For those who are still fighting with the gambling hunger, you can read my 10 reasons why couldn’t stop gambling and maybe learn a little from this post. however, I’m going to move forward and focus on the best possible ways to clear your debt and recover from gambling as soon as possible.

Review your spendings

1. Review Your Spendings

This was actually first thing I did and I will always recommend to start from here.
Becoming more aware of your spending can improve your financial situation from the day one!
When reviewing my expenses I was able to save almost £200 each month and put all that money towards my debt. Below are some examples of what you can do to improve your financial situation today!

    • Change Mobile from Monthly Contract to Pay-as-you-Go (save £30/month)
    • Cancelling computer/tv/mobile device insurance can help you to save approx. £15/moth
    • Save on car insurance – Click here to see how much you can save on car insurance. (51% of consumers could achieve a saving of up to £286.44 )
    • If you watch TV on demand or streaming, there is no need to pay for TV Licence (save £12/month )
    • Compare energy suppliers and save up to £35/month
    • Rent out a spare room. Renting out a spare room in your house could make you several hundreds of pounds each month!
    • Make your own meals rather than buy take-aways. Save money on buying take-aways, which you can make yourself or buy from the supermarket much cheaper.

Say no to things you don’t need, can’t afford or won’t use.

2. Gambling Debt Consolidation Loan

Doesn’t require minimum or maximum level of debt. It will depend upon what the lender is prepared to lend. You can include any debts your lender allows you to, but it won’t include personal borrowings!

That was my biggest problem, because around 30% of my total debt I owed to friends, colleagues, family members, so consolidation loan wasn’t a good solution for me as I couldn’t afford to repay the loan and personal borrowings separately.

No doubt that debt consolidation loans can help you a lot. Compare cheap loans from multiple providers in one quick and easy search, using soft search tool to find the right deal without damaging your credit record. Fast and easy to use. Searching won’t harm your credit score. Check it out and Compare Debt Consolidation Loans

3. Write off debt.

If you find yourself in extremely bad financial situation and consolidation loan won’t be good enough for you, then you can try to write off the debt. It may be possible to ask your creditors to write off the debts if you have no available income to make any payments and have no savings or assets.
You need to convince the creditors that your circumstances are unlikely to improve in the future and circumstances are exceptional; for example, you have a severe illness.
You need to convince your creditors that it is not worthwhile trying to collect the debt. National Debtline have some sample letters on their website that you can use to ask your creditors to write off your debts.

4. Bankruptcy

You can declare bankruptcy however much you owe or a creditor can issue a bankruptcy petition if you owe £750 or more. Bankruptcy includes most debts except: student loans, court fines, maintenance, child support, budgeting loans and crisis loans. In most cases people are discharged from their debts after one year, but If you have spare income you may have to make payments for up to three years.

At the end of your bankruptcy most debts will be written off. Bankruptcy may be a good option, particularly where you rent your home and have no assets.

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5. Start Making Money!

A very popular way for students to make money is to fill out online surveys in their spare time, some people are becoming mystery shoppers and get paid to spend money in shops and others write product reviews for money. I’d like to go a step ahead and tell you how to make £100s instead of £10s of pounds.

  • Perhaps you enjoy writing, managing Facebook pages or doing a little bit of graphic design in your spare time. There are so many freelance jobs out there that require simple skills or just time that someone else might not have.
    The best things about freelancing is that you can work for clients in the UK and around the world with just an internet connection from home, to your own hours whilst developing valuable skills.
    The best place to start making money online is one of the leading freelance sites Here is a link to Fiverr. On Fiverr you can absolutely sell anything and make some decent income!
  • If you have got a good presence on social media or perhaps you even have a blog or , you can start bringing in money immediately by promoting all sorts of companies, products, services and offers online.
    Sign up to an affiliate network such as Affiliate Window, check their offers blog or browse the merchant listings to find something you think your friends would be interested in, grab your affiliate link and share it.
    If someone buys (can be within up to 90 days) using your link you’ll make a nice commission.
    To take it a step further, set up a website or a topical Facebook page and invite all your friends to join it and post your affiliate offers on there.If you wish to start your own website visit One Hosting. Setting up a website will cost you just over £10 for the first year, and then only around £25 a year if you wish to renew it. I created this website back in 2008 using their hosting services and they’re simply great. Check it out here.

If you aren’t familiar with computer or internet, then a part-time job is the obvious first choice for you to make some extra cash. Working additional 10-15 hours/week can help you make couple of thousand pounds in a year towards your debt. It provides a pretty steady flow of income and can enable you to gain valuable work experience.

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