Thackeray starts this section with an essay on how people live on nothing. He then talks about Rawdon and Rebecca, who are settled in Mayfair, entertain all the time, yet have no money, except what Rawdon makes by gambling.
The story reverts to the time in Paris when Rawdon has gambled with other soldiers. Colonel O'Dowd has warned Spooney about gambling with Rawdon, at which Becky and Peggy O'Dowd have quarreled. Only Rebecca's intervention with General Tufto has prevented Rawdon's being returned to England.
Rebecca makes Crawley sell out of the Guards so they can return to England to pursue his fortune. Becky spreads the news that Rawdon will inherit from his dying aunt; she orders mourning for herself and little Rawdon. She then skips out on her hotel bill, goes to England, and arranges with her husband's creditors to settle for a percentage of what is owed. Becky then goes back to the Continent, rejoins her son and husband; and the three return to London.
They hire a house from Mr. Raggles, formerly Miss Crawley's butler. This business arrangement is Raggles' downfall, for he is not able to collect the rent and ends up in Fleet Prison because he can't pay his debts. Here Thackeray moralizes on how the gentry rob the servants. Rawdon and Rebecca patronize all Miss Crawley's former tradesmen and pay nobody.
When Pitt inherits Miss Crawley's fortune, Becky insists Rawdon congratulate him and ingratiate himself into his brother's good graces. Rebecca determines that Lady Jane shall sponsor her in London society.
Rebecca secures a woman for her "house-dog" and companion. She neglects little Rawdon but hires a French maid to take care of him. The boy becomes a great favorite with his father, who brings him toys and plays with him. Rawdon takes the boy to see his old trooper friends. One Sunday morning Rawdon and the boy meet Georgy Osborne, who is walking with his grandfather, Mr. Sedley. Georgy and little Rawdon become friends.
The reader is now brought up to date on Amelia, Dobbin, and Jos. After leaving Brussels, Jos has returned to India, where, because of his many tales, he has earned the name of "Waterloo Sedley."
Amelia has continued to pine for George and has devoted all her time and thought to little George whom she sees as an improved edition of his father. When Mrs. Sedley has attempted to give Georgy some medicine, Amelia has objected and the two women have quarreled.
Mr. Sedley has suspected Dobbin of trickery over the money that has been supposedly left at George's death. Actually the money has come from Dobbin's own pocket because of his love for Amelia. Amelia has accepted whatever Dobbin has told her and has not known how much she owes him. Dobbin is always sending gifts for her and Georgy. Dobbin's sisters have told Amelia that Dobbin is to marry Glorvina O'Dowd. Amelia has protested her happiness about it, but tears have clouded her eyes. Mrs. Sedley knows that Dobbin loves Amelia, but Amelia won't talk of it.
