Gambling Debts Uk

From buying a Lotto ticket to a work sweepstake on the Grand National, it’s not uncommon for many people to indulge in the odd bit of gambling. But a problem gambling habit can be bad for your finances.

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As today’s £7.8million fine for an online gambling firm showed, vulnerable gamblers can quickly rack up debts – one customer bet more than £1.3million over 13 months.

Even far more moderate gamblers will bet more than they can afford, getting into a worse situation as they try to chase losses. And sometimes being in problem debt can prompt people to turn to gambling in the hope of ‘winning’ their way out of the situation – but it just makes matters worse.

Before doing anything, it is recommended to seek professional help regarding the gambling addiction. This will be the first step in truly gaining control of this situation. Next, it is time to take a look at your debt. If you cannot afford to pay all of your cards according to current arrangements, you should consider an IVA or a debt. The UK gambling commission is banning the use of credit cards in online gambling, so anyone wanting to place a bet or play the slots will need to use their own money to do so.

But often they come hand in hand – meaning you need to get help with both at the same time to really solve the problems. It might mean turning to two separate sources of help.

If you just focus on your debts and ignore the gambling addiction, then you might find yourself back in a similar position before long. But if you don’t deal with the debts at the same time it might be hard to resist the temptation to not gamble if the debts are spiralling out of control.

Get help with your debts

The best thing you can do to fix debt worries is to talk to someone experienced in helping people in your situation. Don’t pay for this. There are many free and independent debt advisors who will treat everything you say in confidence, then help you find the ways to deal with your debts.

It’s easy to find someone to help. This could be near where you live, or you could talk to someone over the phone or on webchat. The Money Advice Service Debt Advice Locator does exactly what it sounds like. You can enter your post code and choose between the options.

Get help with your gambling problems

Gambling doesn’t just affect your finances, it can impact on your mental health and your relationships with friends, family and your workplace. But breaking the habit is unlikely to be easy.

Gambing awareness charity GamCare suggests a few ways to help you stop your gambling habits:

• Avoid situations and people that might make you gamble
• Take up alternative activities that could keep you busy and plan your time
• Ask betting shops, casinos and arcades to bar you
• Block gambling websites on your computer and phone

GamCare also has a helpline you can call to talk through the options, which can include counselling. Call Freephone 0808 8020 133 from 8am till midnight, seven days a week.

Gambling Debts

Gambling problems often make debt problems worse, and vice versa. Borrowing more bet with can make debts worse, so can be a trigger for more gambling.

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Free Support and Counselling.
GamCare is a provider of information, advice, support and counselling for the prevention and treatment of problem gambling.

Can the courts be used to enforce gambling debts?

If whomever you are laying the bet with is supplying you with credit then no. This lending would be outside of the consumer credit act 1974 and therefore would not be enforceable in law. This is why when betting online you must use a debit or prepaid card; a credit card is not accepted.

If you’ve borrowed from elsewhere you’ve decided to gamble with that, or when gambling is the root of your financial problems; then the resulting debts are just like any other.

Gambling and IVAs

Recent gambling on bank statements is not good for an IVA application

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When applying for an IVA, creditors are looking for commitment over 5 years.

Evidence of a recent gambling habit may harm your prospects of finding an IVA provider to make a proposal on your behalf.

Online bingo is considered to be gambling, just a few pounds per week may be seen as a reasonable recreational activity, but if it is enough to be regarded as a contributing factor to why essential bills are not being paid – it has to stop.

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An IVA is a legally binding formal solution, so creditors need to see the documentation; for example recent bank statements. Payments made to online betting/gaming companies or large withdrawals of cash without a plausible explanation will cause concerns.

If you have recent gambling evidenced on bank statements – you may be required to delay an IVA application until the statements are clean for 1 to 3 months.

Gambling and Bankruptcy

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As part of the bankruptcy process, your financial matters are looked over by a court-appointed official called the Official Receiver.

Gambling may be taken into consideration when the official receiver analyses whether a bankrupt is to blame for their financial position.

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If it is deemed that your behaviour has been rash and this has contributed to, or to the size of your bankruptcy then the Official Receiver may ask to get a bankruptcy restriction order placed on you. This can lengthen the normal bankruptcy restrictions by up to 15 years.

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Hiding of assets

If just before bankruptcy you claim to have sold an asset such as a car, then lost all the money in a casino or at the racecourse without evidential proof, this will be viewed with scepticism by the official receiver. It may be their view that you’re making this claim to avoid contributing this money into the bankruptcy for the benefit of creditors. This too could result in a bankruptcy restriction order.