On the Gamcare website, it states that "Crippling debt is one of the most common outcomes of a gambling problem." Most people are in denial that gambling debt is a concern until they hit rock bottom. The afflicted don't just spend what they have, they spend any money they can get their hands on. Unpaid credit card debt soon turn to a consolidation loans; as soon as the balance is cleared, it's quickly used up again.
Are You in Serious Debt?
Much depends upon your earning potential, but it isn't uncommon for gambling addicts to run up bad debt that exceeds $100,000. One thing's for certain, borrowing more money only makes the situation worse. You must tackle the gambling problem, and then pay off gambling debts with a debt-free solution.
Should I Declare Personal Bankruptcy?
Personal bankruptcy used to be the perfect solution to your financial woes, but the Enterprise Act 2002 has changed that. You could spend a small fortune on foreign holidays and designer clothes, but the law isn't at all sympathetic to the plight of the gambling addict.
Will I Be Subject to a Bankruptcy Restriction Order (BRO)
The majority of people are discharged after just 12 months. However, if you're in serious debt do an online gambling addiction, you can be held financially accountable for up to 15 years. The Official Received will scrutinize your personal accounts to derive this information.
If your debt problem has been caused by an addiction to gambling, do not declare personal bankruptcy unless there is no other option. There are other debt solutions, such as an IVA or debt management plan, that could help you clear debt at an affordable rate.
Is There an Alternative to Bankruptcy?
An Individual Voluntary Arrangement is a flexible bankruptcy alternative. It enables you to write-off most forms of unsecured debts in just 60 months. Your personal finances won't be looked into in the same way as bankruptcy. Provided that you make all of the payments, any remaining debt will be eliminated.
A debt management plan enables you to consolidate your unsecured liabilities and make a single payment to an intermediary. They'll deal directly with all creditor enquiries. However, because you're making a payment that's based on affordability, it will take longer to pay off debt.
Have You Been a Victim of Credit Card Fraud?
Given the number of gambling transactions on your bank statements, it can be difficult to know which ones were made by the legitimate cardholder. It's important to look through your statements to see if it's possible to commence a chargeback for any fraudulent transactions. This must be done within 6 months.
Gambling can be a lot of fun for many people, but about 3% of the population find it to be a potentially destructive hobby. Only you can turn things round, but there are specialist support groups that are prepared to help you. For further help and support, seek advice for Gamcare or Gamblers Anonymous (GA).
Sources
Gamcare
Asa Ghaffar - Asa has over 10 years of practical experience in loan approval, secured lending, bad credit repair, stock trading and debt management.
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