Gambling Debt

Borrowing more money to pay for gambling debts can make your debts increase and put you further into financial problems.

Gambling debts are very common in the UK and there are many debt solutions to help you.

Many people enjoy gambling, but excessive gambling can easily become part of everyday life, place families under a financial strain, and result in debt problems that come with serious consequences.

Any debt problems that may have arisen from a gambling addiction can be dealt with if you speak to a professional debt advisor.

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If gambling debts have spiralled out of control you should also receive support to reduce or stop your gambling addictions.

Gambling Debt Warning Signals

Here are the most common gambling debt warning signals:

  • Using your overdraft to gamble with
  • Missing priority bills because money lost on gambling
  • Trying to gamble to repay debts
  • Spending more than is affordable on betting
  • Borrowing money to pay for bets
  • Lying about how much you have gambled
  • Always thinking or talking about gambling

If these sound familiar you should seek to get help.

Help With Gambling Problems

If you’re struggling to deal with someone else’s gambling and debt problems, get specialist advice. This will ensure you’re doing the best you can for your loved one and looking after yourself at the same time.

Here are two gambling associations that can assist you with gambling problems for yourself or your loved ones:

  • GamCare offers confidential support and advice for family and friends of those with gambling problems. You can contact them online or by phone on 0808 8020 133. They’re open 24 hours a day, 7 days a week.
  • Gam-Anon runs regular peer support groups for the friends and family of people with gambling problems. These meetings give you a chance to share experiences confidentially with other people in the same position.

Help with Gambling Debt

Gambling debts can have a huge impact on your life.

A debt consultant can put you on the right path to get yourself debt-free.

There are many debt solutions in the UK with the most common being:

Both debt solutions can help your gambling debts reduce into one affordable monthly payment plan.

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How do I recover from gambling debt?

Here are the steps to recover from gambling debts:

  1. Acknowledge that you have a gambling problem
  2. Stop adding to your debt and stop all bets moving forward
  3. Figure out what you owe
  4. Speak to a debt advisor to talk through your solutions

Speaking to an advisor will be a no-obligation and confidential call to talk through your solutions.

How can gamblers get out of debt?

Gamblers can get out of debt by signing up for a debt repayment plan.

The most common debt solutions to get out of debt are IVAs and DMPs in the UK.

Both an IVA and DMP allow you to afford one single affordable repayment schedule to get you debt free.

Is a gambling debt enforceable?

Yes, a gambling debt is enforceable.

If you enter into an IVA creditors need to see documentation and if payments to gambling companies are on bank statements this can cause concerns to lenders.

Legally gambling debts can be chased and if not paid you can receive visits from bailiffs.

What happens if you don’t pay gambling debts?

If you don’t pay your gambling debts you can get debt collectors chasing you for payments.

You can receive a CCJ if you do not pay the unsettled gambling debts you owe.

The debt collection agency chasing your gambling debts is within their right to take you to court.

All UK Insolvency Practitioners

Here is a full list of Insolvency Practitioners in the UK:

The insolvency practitioner list above gives you plenty of options to choose the best IVA firm in June 2024.