$8,000 in MFO Debt — An Interview with a Problem Gambler

Hi! My name is Oleg, I'm 32 years old. I have a higher technical education and currently work as a developer. My hobbies are swimming and playing guitar. Generally, I'm a homebody and spend most of my time at the computer.

The main goal was to make money online. Even with that salary, I never saw gambling as entertainment or a source of extra income — only as my future primary "job."

When I lost my paycheck, I had to find money to keep playing. That's how I got introduced to payday loan companies (MFOs). The last 2–3 years have been a vicious cycle — part of my salary goes toward paying off MFO loans, the rest goes to gambling. And then you take out new loans from other MFOs to cover debts at other MFOs, and to fund more casino sessions.

The debt really piled up in November, during another losing streak when I took out a bunch of loans hoping to win it all back. I could have paid off all the MFOs and still come out ahead, but as always, I didn't stop in time…

For now they're only calling me directly. No threats yet, but once they hand the debt over to collectors, there probably will be. I'll be paying off these debts gradually.

There were periods like that, of course. When you've "earned" a year's salary, you think the moment has finally come — you've started "making money" online and everything is going to be fine. But that lasts, at best, a few months.

The more money you have, the higher the stakes. You understand you need to stop, bring the stakes down, but it's hard to do — I never managed to...

I consulted with lawyers about bankruptcy, but in my case — with a high salary — it won't write off the debts, only restructure them. Yes, it's expensive, and it's not a quick process.

Half goes to the lawyer, the other half to the insolvency administrator. Right now I'm planning to go completely dark on the microfinance lenders and wait for favorable settlement offers. In the worst case, if they take it to court — I'll get lawyers involved.

All those years, nobody knew anything. Whenever someone needed money and I didn't have it — I'd take out a microloan. Now I've told my family about the gambling addiction and the debts. It was very hard, but afterwards it gets easier — at least I don't have to lie to them anymore.

Giving money to a problem gambler doesn't solve their problems. They'll clear their debts, but once things feel better, the gambling will continue regardless. It can also deepen the problem if the money goes straight to gambling.

Instead of money, you need to find and provide professional help — because overcoming a gambling addiction on your own is extremely difficult.

I believe the number of people with this problem is much higher. There are many reasons why someone doesn't register in the registry — first and foremost, it's the fear of judgment, many people don't realize the severity of their problem, and very few are even aware that such an option exists.

I don't have the data, but I believe problem gambling in Ukraine is far from a minor issue. And the legalization of gambling has only made it worse.

Like many others, I simply wasn't aware this option existed. But yes, I will be adding my details to the registry.

Yes, at this point the registry is probably of limited use. But as gambling becomes more regulated and both the government and the public take the problem of gambling addiction more seriously, it will likely become more effective.

No, I don't personally know anyone who is in this registry.

Yes, past big wins don't let you settle down. And whenever money appears, the urge to try again — to win and stop — inevitably kicks in.

It's been almost 2–3 weeks since the problems with the microfinance lenders started, and the desire to play has faded. But I haven't deleted anything — all the apps are still there. Of course, the urge to play comes up, even for small amounts, but I'm holding on. I'm planning to seek help for gambling addiction, because I already understand I can't overcome this on my own...

Gambling addiction dragged me to the bottom. But I'm glad it didn't reach the worst-case scenario — losing my home or getting into criminal trouble.

If you're thinking about gambling more and more often, can't control your bet sizes, hide your gambling from others, face financial problems, and can't stop — gambling has probably already become a serious problem for you.

I think I've been living in a constant state of depression for the past few years. No, I haven't reached out to anyone yet, but I definitely plan to.

You need to admit that you have a problem. Seek support from loved ones, friends, or professionals. You need to control your finances — or have someone else do it. You need to fill the time you used to spend gambling with something else: work, hobbies, video games. And of course, don't hesitate to reach out to specialists for help!

Treat gambling as entertainment, not as a way to make money. Only play with funds you can afford to lose. Set a clear limit — both on money and on the time you spend playing. Never chase your losses, and never borrow money to gamble!