managing gambling debt
Credit Reference Files
IVA’s & Bankruptcy
Credit Reference Files
Debt Management Plans
IVA’s & Bankruptcy
April 23, 2020
If you are or have been a gambling addict, then there’s a good chance that you will have used credit at some point to fund your addiction. I know I certainly did, and unfortunately for us gamblers we have a knack of solving the problem of having no money to gamble with by borrowing it. It’s easy to see then how the UK has such a growing problem.
Whether you’ve borrowed from friends and family, or like me used credit cards and loans to facilitate the addiction, the result is the same. You’re in debt and it’s a horrible feeling. Added to that, you’re also probably even more bothered because the debt you’re carrying is gambling debt (see below.)
I still remember how sick I felt back in 2004 when I had amassed over £38k of gambling debt. I had just finished what was then my last gambling session when it dawned on me that I had exhausted every possible means of funds and I was in deep trouble. I had been consumed by my addiction and totally sucked in by the advertising lies. It felt as though my life was over and at the time I wasn’t far wrong in that my gambling days were brought to an abrupt halt. However, as I have written, my gambling debt of 2004 was by no means the end of the story. If this is you now, then I would urge you to maximise the potential of what will seem to you as a disastrous situation to prevent it going on for decades as it did in my case.
Step Change is the UK’s largest debt management charity and they provide free and independant debt advice. They do not judge, and have provided free debt advice to thousands of people suffering from gambling debt- including me!
However, they offer more than just advice and will actively take control of your debt situation and manage it in a way that will keep your creditors happy, and allow you to still lead your life. There are other organisations that do the same thing, but having used Step Change myself, I cannot recommend them highly enough. If you’re unsure if you need their help, take the short quiz below.
is having gambling debt any different to regular debt?
Not for the most part, at least. It may become more of an issue if you go down the bankruptcy route, but I’ll discuss this later in the bankruptcy section. On the whole your creditors will just want to know how and when they’re getting their money back, and are unlikely to care that it’s gambling debt. So whilst you will most likely feel awful about having gambling debt, you need to remember one of the first things I said: You’re not alone.
It’s also highly likely that your creditors will already know about your gambling in any case, so I would say it’s pointless attempting to hide the fact. However, if you’ve followed the advice above and actually stopped gambling, your bank statements will reflect this and you can turn it into a positive if you’re ever asked.
So with all that said, go grab yourself a coffee, read how to stop gambling, and when you’re done come back and read the following sections. I should point out that the advice on the following pages is primarily geared towards England & Wales. I will update it shortly to better represent Scotland and Northern Ireland but it’s been a vast subject to cover as it is. I won’t leave you out though! You can pick out the parts relevant to you but I would highly recommend starting with Credit Reference Files.
Having gambling debt may feel like the end, but this is exactly why Quit The Casino exists. It’s here to help get your life back on track., and you can totally do this…I did!
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