In recent years I have gambled a lot in every possible way.  Last week the switch went off when I didn't know how to get to work because I couldn't afford the gas anymore. 

Hi Frogspiggy. Good that you took the step to do something about your addiction. I had a credit card debt of almost EUR 6000. This was debited from my current account, so that I could literally pay nothing and came far below my spending limit. I was able to convert this into a blocked revolving credit through my bank. Every month, an x ​​amount of money will be deducted from your current account and you can pay off in the meantime.

On 4/21/2019 at 4:22 PM, FoxxerBoy02 said:

Hi Frogspiggy. Good that you took the step to do something about your addiction. I had a credit card debt of almost EUR 6000. This was debited from my current account, so that I could literally pay nothing and came far below my spending limit. I was able to convert this into a blocked revolving credit through my bank. Every month, an x ​​amount of money will be deducted from your current account and you can pay off in the meantime.

Are you currently in the red? Then I would really contact your bank to come to a solution. Contact your creditors and try to make good agreements. Almost all companies are open to a flexible payment arrangement. By borrowing extra, you will only run into further problems if you are sensitive to gambling.

what is a blocked credit? Yes, I am in the red and I still have a loan with Ferratum (stupidest move ever) that still has to be paid off. But most of the debt is with family.

6 hours ago Frogspiggy said:

what is a blocked credit? Yes, I am in the red and I still have a loan with Ferratum (stupidest move ever) that still has to be paid off. But most of the debt is with family.

Due to a gambling debt, I was suddenly EUR 6000 in the red via my credit card, while I was only allowed to be in the red a maximum of 1500 EUR. So there was a deficit of more than EUR 4500 in my checking account.

Because the bank could not offer me a loan, due to gambling behavior and insufficient income, they decided to put 0 EUR in my account and change the 6000 EUR into a blocked revolving credit. So you have a debt of 6000 EUR, but your current account is set to 0 again, so that you do not get into major problems. This gave me the opportunity to start over and pay off my debt monthly. This does mean that I no longer have a debt that is immediately due and payable, but that I must repay at least EUR 120 each month and that I can take a maximum of 5 years to eventually repay the EUR 6000

Normally, with a revolving credit you can be in the red indefinitely and withdraw money up to a certain agreed amount (of course you pay a lot of interest…). Because of the gambling, I can no longer be in the red at all and until now I pay off an amount every month to get rid of this debt. So the debt can’t get any bigger 🙂

Ferratum is a mafia organization and are indeed scammers who offer predatory loans. I’ve been caught up in this in the past too. Fortunately they don’t make a fuss about an arrangement and it can easily take you 10 months if you don’t have it wide, so I wouldn’t worry about that the least. Since they are not physically active in the Netherlands and do not comply with Dutch law, they can do very little for you. Believe they mainly operate from countries like Malta. They have threatened me with emails/letters from debt collection agencies for a year and a half, but have never materialized because they have already lost a lot of cases and do not have a leg to stand on. You will find a lot of information here on another forum. Google Ferratum and you will find a lot of tips and information..


edited by FoxxerBoy02

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