Gambled my entire student loan.... I need help

Before I type anything else, I just wanna say I'm not justifying my actions at all.

I got my student loan late & I somehow ended up owing people about 600 pounds in total for borrowing me money for freshers and until my loan came in, then owing student loan company 250 from previous grants... leaving me short in terms of paying for my accommodation.... I turned to sports betting and lost 90% of my student loan, something in that past that has ****ed me over big time & amazingly I have almost nearly replicated that incident exactly today and I am disgusted by myself because I haven't learnt from my mistake, I'm not a degenerate gambler - I didn't want to gamble but I didn't see any other options... I'm trying to remain strong & I believe I'll get out this the way I've done in the past... poker :/ ( I made 8,000 this yr, 16,000 last yr... problem is i lose about 75-80% of what I earn back at the poker big field tournaments , it's the only way I know how to make a lot of cash in a short period of time, but it's mentally exhausting and a lot of times torturous and because I suffer from depression I just can't control myself emotions all the time - I certainly need to visit a councilor about my gambling, because if it hasn't already ruined my life... It will do in the future, it needs to stop.

It's a vicious cycle, I need to quit poker because it's the source of my gambling encouragement, problem is I'm very good & I truly believe that within the next 1-14 days, I will recover what I have lost... but then if i did recover it, how the hell will I escape from gambling - since that will encourage me.

If poker doesn't prevail, like it has done numerous... & numerous times...again and again....

My school are expecting some payments to repay them for paying for my first two periods of student accommodation, but I've got nothing to give.. I think I'll need to drop out and get a job and repay them, I really don't want to I haven't been happy for a while, but when you make a mans' decision sometimes you gotta deal with the consequences.

(edited 11 years ago)

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Reply 1

Cephalus

You are a complete tool.

Reply 2

Cutdiamond

Original post by Cephalus

You are a complete tool.

Thanks, I needed to read that & I am not being sarcastic.

Reply 3

Cephalus

Original post by Cutdiamond

Thanks, I needed to read that & I am not being sarcastic.

If you can't afford the payments, I think you should drop out and try and get a job like you suggested

Reply 4

That Bearded Man

Tragic to hear this, I never trust gambling online, irregardless of what shape it comes in.

Hardcore gamblers are either very rich or very poor, you have to ask yourself if you are going to be a hardcore gambler, which side of the coin you are on.

First step - stop gambling, just stop it - NOW

If I was a close mate and you continued, I would sign you up for counselling.

Second step, see if the university has any grants/loans available for students suffering hardship - maybe talk to a tutor about it.

As for 3rd step........it sounds as if carrying on would be impossible, thus see if you can defer your year and get a job (that is challenging though)

Reply 5

Maicccccmannnn

find the nearest cliff and jump off

Reply 6

Mockery

Maybe you're not quite cut out for independence yet. Allow your parents to help look after your finances and budgeting, like most minors, in age and/or behaviour, do.

Reply 7

tsnake23

Contact Gamcare: http://www.gamcare.org.uk

Make sure you ban yourself from all casino, sportsbook and poker websites for at least 1 year.

No matter how good you are at poker if you don't have the patience and discipline to keep a bankroll then your 100% certain to be a losing player.

Take a long break from all forms of gambling, get a job and start paying off all your debts. It will be a long way back to break-even but at least you won't be getting into even worse shape.

Reply 8

Jack93o

you should have NEVER chased after your losses

whenever you gamble, set aside a certain amount of your own money and use that as RED LINE to stop you from going down a spiral of losses, for example: to start off, put £10 of your own money to bet, if you make extra money from winning, feel free to use those to gamble on (or just stop while you're ahead), BUT if you start losing to the point where even your original £10 has been lost, that is the point where you must STOP which is what you should do now, and yes talk to your student councillor and parents, maybe try asking around for a xmas temp job? (bit late now, but you never know, just ask around)

btw OP, what exactly were you betting on anyway? and are you playing online poker or real life?

Reply 9

Rakas21

Your mentally weak and unhappy, you must stop gambling right now. Because you are unhappy you likely see gambling as pleasurable and thus crave it prompting the addiction.

Reply 10

rcummins1

Just move abroad, you don't have to repay it then.

Reply 11

coopsyy

Original post by rcummins1

Just move abroad, you don't have to repay it then.

Pretty sure you do.

Posted from TSR Mobile

Reply 12

russellsteapot

Realistically, you don't owe that much, certainly not enough to drop out over. Get a full time temp job over Christmas (pretty much anyone can do this, if you're not bothered about where you work) and you'll pay for a good chunk of it. Look for a part-time job the rest of the time and clear the remainder. Again, almost anyone can get a part-time job, but not always a very good one.

There's no reason why you can't remain in education and still clear the debt. Have you spoken to the school regarding your problems? They may well be understanding and accept a longer payment plan.

Can't offer any advice about gambling (you already know there's a problem and that you need to speak to a professional about it - I'd suggest taking your own advice here).

Reply 13

la-dauphine

If you're talking about your maintenance loan then surely you'll have two instalments coming in spring and summer. Like the above poster said, it's not too late to pay off your debts. Talk to the university about it, think about getting a full time holiday job, and live frugally next term.

Reply 14

merrymuppets

I have done exactly the same thing tonight.... i am now literally 2K down to what I was at 23:30... shoot me now.

Reply 15

Kre

Original post by merrymuppets

I have done exactly the same thing tonight.... i am now literally 2K down to what I was at 23:30... shoot me now.

How could you possibly lose so much money in the space of 3 hours?

Reply 16

SloaneRanger

Original post by tsnake23

One Year is being very generous he needs 5 years!

Reply 17

merrymuppets

Original post by Kre

How could you possibly lose so much money in the space of 3 hours?

Have you not seen the table limits on online blackjack tables? Take a look at any majour bookmakers or casino website.

Trust me it is possible.

Please nobody give me a lecture on how the bookeys always wins, I work for William Hill part time so trust me i know.

Reply 18

SloaneRanger

Original post by merrymuppets

You should introduce him Barry Conway and Kenny Emvers, the Sussex Mob.... Then he wouldn't have to drop out of university. Or the Ballers on the security lists....lecture our boy on how to recover his money.

Reply 19

Steevee

Online poker isn't really the same as the other gambling you describe.

My advice would be to go to the poker if you are as good as you say then you can make the money back. I have a friend that makes about £10k a year with online poker. I understand just how mind-numbing it is though. If you do go back to poker, don't go all out on the big prizes, stick to your normal stakes tables and only go into a high-buy in game every now and then as a treat, don't use the low stakes tables to earn the money with the main objective of throwing that money away on high-stakes games.