• A reader asked: “I have nearly £20,000 in credit card debts due to 8 years of gambling addiction. I asked several times to lower my interest, defaulted a couple of times and also they could see gambling on my account yet they still increased my credit limits.
• This advice applies to England If you’re worried about your gambling or someone else’s, there are places you can go for support. If you’re struggling with debt Start dealing with your debts as soon as you can, as well as getting help to stop gambling.
• DEAR DEIDRE: OUR son is in serious debt from gambling and other careless spending. He is 30 and has taken out payday loans against our address. Send an email to problems@deardeidre.org.
• The fact that some or even all of your unsecured debt is due to gambling will not stop you from going bankrupt. As long your debt is unsecured it can be included in bankruptcy. It is likely that this will be the case if you have gambled on line funded by your credit cards and possibly your overdraft.

Debts can soon spiral out of control if you are gambling more than you earn. Most people do not have much money left over after paying bills, rent or mortgage payments and other living costs, especially if they have children, so a gambling addiction can make a huge difference to the amount of money available each month. As the addiction becomes more advanced, gamblers will find that they try other avenues to try and raise money for gambling, aside from their monthly wage and they may take out loans, use credit cards, borrow money from friends or relatives and in extreme cases, steal.

Gambling is a common pastime in the UK. According to research conducted by betting website Beating Betting, 38.7% of online bettors bet £10–£100 per month and 20.9% say they have lost ‘hundreds’ through gambling. Falling into this type of debt can happen before you know it.

If you fall into debt you will find that other areas of your life become affected. Your relationships with others may become strained, you may start to feel anxious about dealing with debt collectors, which may make you jumpy whenever the phone rings or there is a knock at the door and you will find that other areas of your life, such as your social life and performance at work, become hampered.

Gambling Debt Stories Uk

The more debt you get into the harder it is to deal with, especially if people around you have no idea that you are in a lot of debt due to gambling. Soon you could be completely out of your depth and struggling to find ways to pay off even small proportions of your overall debt.

As you fall in to more debt, it can become increasingly tempting to try and win money back. However, the odds will always be stacked against you and continuing to gamble will only plunge you further into debt.

Make a change

Gambling Debts Uk Definition

If you find yourself in debt and you want help to start paying it off and cut down on gambling, try to be honest and up front with the people around you and take steps to regain control of your finances. Ask someone close to you to take control of your bank cards and bank account while you get yourself together, and destroy credit cards to remove temptation. Try to make lists and stick to a strict monthly budget. You can seek help from a professional debt service, such as the National Insolvency Helpline.