Gambling Debts Uk

You have fallen into the trap of Internet gambling and have now accumulated thousands in credit card debt from these sites. You continued to chase thinking that you would eventually go on a winning streak, but all you have done is max out all of your cards.

Gambling Debts and Scottish Trust Deeds. Online gambling is a growth industry. We’re losing more to the bookies than ever before. Some losses get funded by credit, which can cause extra problems. Some people believe gambling debt is somehow different. They believe they’ll get barred from using certain debt solutions. This is incorrect. 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. Free Support and Counselling. GamCare is a provider of information, advice, support and counselling for the prevention and treatment of problem gambling. This perception is thankfully incorrect. Debt built up as a result of gambling can be resolved in the same ways as any other type of debt issues. Gambling isn’t a crime, but additional important factors may apply (as we explain later in this article). We’ve helped many people to resolve gambling-related debt problems. Online gambling is forecast to grow by 22% this year, and with it the number of punters with serious debts. The industry pays £3m into a trust to deal with the issue of problem gambling. A drop in the ocean, says Ian Semel from Gordon House, considering how much profit they make. The dispute over Wayne Rooney's alleged £700,000 gambling debt was settled last night, after a week of talks between the 20-year-old footballer's agent and bookmaker.

You cannot afford to make payments on these cards and you have no idea what to do? What options do you have?

The first thing to address is the gambling addiction itself. And make no mistake, it is an addiction. While there are some people that can kick the habit on their own, most will continue to gamble regardless of how dire their financial situation becomes.

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 management plan.

The IVA, or individual voluntary arrangement, is a legal arrangement made between yourself and the creditors.

In many cases, individuals are able to work their way out of debt taking this route.

If the situation has become dire, many creditors are more than happy to work out arrangements that will enable you to pay back the debt with more favorable terms.

If the alternative it to collect nothing and see the debt wiped out in bankruptcy, they will take what they can get.

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However, there are specific terms that must be met to quality for an IVA. You can find them by visiting our IVA page. https://www.debtconsolidationloans.uk.com/category/iva-individual-voluntary-arrangements

If you do not qualify for an IVA and would like to avoid bankruptcy, you could consider using a debt management service to help you with these problems.

Most of these companies have agreements in place with creditors to lower or eliminate interest payments altogether.

In addition, since they will now handle your payments, you only have to write one check per week. It makes it much simpler as you are trying to get your life back together.

Credible services will also offer some type of credit counseling for their fee. For some, the reason they started gambling in the first place was to try to get extra money to pay bills. The counselors will be able to sit down and evaluate the monthly budget.

In addition to working out more favorable credit terms, they may be able to better organize the monthly budget to ensure this does not happen again.

Keep in mind, the entire budget will be under scrutiny. You will be presented with ideas to save money and reduce your monthly costs.

For instance, it might be better to cut down your cell phone bill by eliminating a costly data plan and instead using a pay as you go phone.

Some things you consider necessary may be actually considered luxuries that you simply cannot afford at this time.

Regardless, they will do their best to get your finances straightened out and to get you on the road to financial recovery.

It may seem like a cliché but more often than not gambling and debt go hand in hand.

Placing a bet on your favourite football team to win the local derby or having a flutter on the horses may seem like a little fun at first, however, for some, it can quickly become a downward spiral into financial turmoil.

According to charity GamCare, a financial crisis is often what brings a person to address their gambling. It states that it often isn’t until a serious financial consequence arises, such as repossession or bailiff action at home or a court summons for a non-payment of a debt, that family members actually realised a loved one was in the grips of a gambling addiction and can begin to offer support.

From maxing out credit cards to failure to pay bills, there are a host of signs that someone may be struggling with gambling debt, with many gamblers not actually aware of how much they owe.

Falling into this type of debt can be easier than many people think, and can often happen without people realising. Gambling can slowly become part of everyday life – especially when it comes to sport – making it important to be aware of the support available.

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What are the signs of gambling debt?

Are you spending more than you plan to on gambling in a bid to win back what you’ve lost? Are you struggling to cover the cost of essential bills? Have you turned to loans or credit cards to cover the cost of your gambling?

These are signs that your gambling has gone from a pastime to a serious problem.

Additional signs that your gambling has become an issue include:

• Using gambling as a distraction from other things going on in your life
• Feeling guilty or ashamed of your gambling habits
• Trying to repay debts using gambling
• Noticing a serious impact on your mental health

As stated above, it can be difficult for family and friends to spot the signs that gambling has become a problem – especially if it appears a loved one has control of their habit. However, there are telltale signs that can highlight that a loved one is struggling with their gambling.

Signs include:

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• Struggling or avoiding paying bills
• Having a lot of credit cards
• Using credit cards for daily purchases and spending
• Socialising less with family and friends
• Hiding their money
• Having a lack of essentials at home such as food
• Seeming distracted, short-tempered or worried with no real reason

For those concerned about a loved one’s gambling habits or if you’re concerned about your gambling habits, GamCare has a useful tool which can help highlight the support available.

How can gambling debt affect my daily life?

Gambling debt can have a serious impact on day-to-day life. When it is no longer an enjoyable hobby it can affect your life in many different ways.

• • Isolation: Many people who suffer from a gambling addiction report losing interest in spending time with friends and family. They find themselves isolated from social interaction and lose interest in hobbies or their career as the addiction takes hold. Sometimes people also isolate themselves due to feeling ashamed about their problem or because they have stolen or borrowed cash to fund their addiction. At this point, it can seem as if there is no way back.
  • Strained relationships: A gambling addiction can have a serious impact on relationships. Whether it’s arguing more with friends, partners or family members, or lying to friends about loses there are a number of signs that gambling is hurting relationships. Emotional distance, breaking promises and isolating yourself can mean those closest to you lose trust and can make the relationship difficult to repair.
  • Mental health: Research from the Royal College of Psychiatrists has shown that problem gamblers are more likely to suffer from low self-esteem and are more likely to develop stress-related disorders. If you are losing sleep at night, experience extreme mood swings, feel depressed or even have suicidal thoughts, this could be a sign that your gambling has become a problem.
  • Personal finances: Unsurprisingly, those struggling with a gambling addiction are often hardest hit in their personal finances. It may not seem like a lot at first, however, the longer the addiction goes on the more likely you are to find yourself struggling financially and likely to cut back on non-essential spending before being left without money to cover essential bills. At this point, it isn’t unusual to turn to loans, overdrafts or credit cards to cover the cost of daily life and the gambling which begins a vicious circle of money problems that can be hard to break.

Gambling Debts Uk Definition

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What do I do if I have gambling debt?

Gambling isn’t always a problem, however, if you begin experiencing any of the issues above it’s important to begin to take steps to address the situation.

• Speak out: It isn’t easy but opening-up about your gambling habits to a trusted family member or friend is one of the first steps to addressing the problem and making positive changes.
• Personal change: Keep track of any patterns in your gambling habits and try to make simple changes.
• Avoidance: Stay away from betting shops and online gambling sites to avoid temptation. Betting shops can actually allow customers to ‘exclude’ themselves from entering.
• Speak to an expert: Talking to an expert via a helpline or an online forum can introduce you to counselling to help you break your habits.
• Get debt help: Speak to expert debt advisors about the debt you have accrued through gambling. They could help you write off unsecured debt you can’t afford.

If you’re struggling with gambling debt, talk to TAD our resident debt expert for confidential help and advice.