Gambling is increasingly popular in the UK. Online betting is convenient and easy. On average, we’re gambling more and losing more.

 

Credit card deposits are common. Losses funded by credit cause serious hardship.

 

You may worry debt from gambling gets treated differently somehow. This is not the case with debt management plans. You can use debt management to deal with your gambling debts.

 

How Does A Debt Management Plan Work?

 

This debt solution deals with your unsecured debts. Examples include credit cards, loans, and bank overdrafts. The root cause of your debt problem is rarely relevant.

 

A budget gets created to cover your bills and other expenses. You pay what you can afford each month. The provider shares payment around your creditors.

 

The provider negotiates with your creditors. They’re asked to accept a reduced payment. They’re asked to suspend interest and charges. Creditors are generally supportive of fair repayment offers.

 

This debt solution is flexible. Payments can go up or down if your situation changes. You can exit the plan at any stage.

 

We operate debt management plans in-house. We’ve helped many people with debts from gambling. For expert help and advice, please get in touch today.

 

Other Solutions – England & Wales

 

In England & Wales you have access to three types of personal insolvency:

 

Debt Relief Order

IVA

Bankruptcy

 

An IVA provider may require evidence you have stopped gambling. The arrangement is likely to fail if you have not stopped.

 

Personal insolvency has advantages for some people. Some of you debt might get written off. This could result in you becoming debt free sooner. You’ll have formal legal protection from your creditors.

 

For homeowners, personal insolvency might be risky. This applies to owners of some other types of assets as well.

 

If you’re thinking about bankruptcy, please read the extra section below.

 

Other Solutions - Scotland

 

In Scotland there is a debt management plan alternative. The Debt Arrangement Scheme is not a type of personal insolvency.

 

It does provide formal legal protection from creditors. It guarantees interest will stop if you complete the plan. In these ways it’s more secure than debt management.

 

Residents of Scotland have access to two types of personal insolvency:

 

Protected Trust Deed

Bankruptcy (Sequestration)

 

A trust deed provider may require evidence you have stopped betting. The arrangement is likely to fail if you have not stopped.

 

For homeowners, personal insolvency might be risky. This applies to owners of some other types of assets as well.

 

If you’re thinking about bankruptcy, please read the extra section below.

 

Gambling & Bankruptcy

 

If you become bankrupt, your previous conduct gets examined. The same applies to Debt Relief Orders. Large debts from gambling attract attention.

 

In England & Wales, the check is for “gambling, speculation or unnecessary extravagance”. In Scotland the check is for “dishonest or blameworthy” actions.

 

Bankruptcy Restriction Orders can get imposed. These orders extend the bankruptcy restrictions. They get published online. Gambling-related examples are easy to find. You can review examples online for England & Wales and Scotland. This publicity makes bankruptcy unattractive for some people.

 

The Need To Stop Gambling

 

Your debt solution might require you to make a monthly payment. You will have allowances for bills and other costs. Your surplus income gets used to pay your debts.

 

You will not get a budget for gambling. If you carry on betting, your budget will get put under pressure. You may not be able to pay household bills. You may not be able to pay into the debt solution.

 

If you debt management solution fails, you’ll be back to square one. Your time and money will have been wasted.

 

Showing Gambling Has Ended

 

Some debt solutions might require evidence that you’ve stopped betting. This might apply to an IVA, trust deed, or debt arrangement scheme.

 

A bank statement without gambling payments is good evidence.

 

If addiction is a factor, further evidence might be needed. Proof of counselling might be required, for example.

 

The aim is not to judge you. The aim is to create the best chance for you to get debt free.

 

Support To Stop Gambling

 

You might have access to local services. Your GP may be able to signpost you to them.

An NHS questionnaire tests whether addiction is the problem. Take the questionnaire here.

 

Support is available from Gamblers Anonymous and Gamcare.

 

Get Debt Help

 

Even if you’ve gambled recently, get debt help today. Delay tends to make things worse.

 

We often help people with debts from gambling. Some choose to enter a debt management plan with us.

 

All advice is confidential.

 

 

Author: Andrew Graveson  – Qualified Debt Adviser & Bright Oak’s Founder

 

Page Last Updated: 04/09/2019

 

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Gambling is increasingly popular in the UK. Online betting is convenient and easy. On average, we’re gambling more and losing more.

 

Credit card deposits are common. Losses funded by credit cause serious hardship.

 

You may worry debt from gambling gets treated differently somehow. This is not the case with debt management plans. You can use debt management to deal with your gambling debts.

 

How Does A Debt Management Plan Work?

 

This debt solution deals with your unsecured debts. Examples include credit cards, loans, and bank overdrafts. The root cause of your debt problem is rarely relevant.

 

A budget gets created to cover your bills and other expenses. You pay what you can afford each month. The provider shares payment around your creditors.

 

The provider negotiates with your creditors. They’re asked to accept a reduced payment. They’re asked to suspend interest and charges. Creditors are generally supportive of fair repayment offers.

 

This debt solution is flexible. Payments can go up or down if your situation changes. You can exit the plan at any stage.

 

We operate debt management plans in-house. We’ve helped many people with debts from gambling. For expert help and advice, please get in touch today.

 

Other Solutions – England & Wales

 

In England & Wales you have access to three types of personal insolvency:

 

Debt Relief Order

IVA

Bankruptcy

 

An IVA provider may require evidence you have stopped gambling. The arrangement is likely to fail if you have not stopped.

 

Personal insolvency has advantages for some people. Some of you debt might get written off. This could result in you becoming debt free sooner. You’ll have formal legal protection from your creditors.

 

For homeowners, personal insolvency might be risky. This applies to owners of some other types of assets as well.

 

If you’re thinking about bankruptcy, please read the extra section below.

 

Other Solutions - Scotland

 

In Scotland there is a debt management plan alternative. The Debt Arrangement Scheme is not a type of personal insolvency.

 

It does provide formal legal protection from creditors. It guarantees interest will stop if you complete the plan. In these ways it’s more secure than debt management.

 

Residents of Scotland have access to two types of personal insolvency:

 

Protected Trust Deed

Bankruptcy (Sequestration)

 

A trust deed provider may require evidence you have stopped betting. The arrangement is likely to fail if you have not stopped.

 

For homeowners, personal insolvency might be risky. This applies to owners of some other types of assets as well.

 

If you’re thinking about bankruptcy, please read the extra section below.

 

Gambling & Bankruptcy

 

If you become bankrupt, your previous conduct gets examined. The same applies to Debt Relief Orders. Large debts from gambling attract attention.

 

In England & Wales, the check is for “gambling, speculation or unnecessary extravagance”. In Scotland the check is for “dishonest or blameworthy” actions.

 

Bankruptcy Restriction Orders can get imposed. These orders extend the bankruptcy restrictions. They get published online. Gambling-related examples are easy to find. You can review examples online for England & Wales and Scotland. This publicity makes bankruptcy unattractive for some people.

 

The Need To Stop Gambling

 

Your debt solution might require you to make a monthly payment. You will have allowances for bills and other costs. Your surplus income gets used to pay your debts.

 

You will not get a budget for gambling. If you carry on betting, your budget will get put under pressure. You may not be able to pay household bills. You may not be able to pay into the debt solution.

 

If you debt management solution fails, you’ll be back to square one. Your time and money will have been wasted.

 

Showing Gambling Has Ended

 

Some debt solutions might require evidence that you’ve stopped betting. This might apply to an IVA, trust deed, or debt arrangement scheme.

 

A bank statement without gambling payments is good evidence.

 

If addiction is a factor, further evidence might be needed. Proof of counselling might be required, for example.

 

The aim is not to judge you. The aim is to create the best chance for you to get debt free.

 

Support To Stop Gambling

 

You might have access to local services. Your GP may be able to signpost you to them.

An NHS questionnaire tests whether addiction is the problem. Take the questionnaire here.

 

Support is available from Gamblers Anonymous and Gamcare.

 

Get Debt Help

 

Even if you’ve gambled recently, get debt help today. Delay tends to make things worse.

 

We often help people with debts from gambling. Some choose to enter a debt management plan with us.

 

All advice is confidential.

 

 

Author: Andrew Graveson  – Qualified Debt Adviser & Bright Oak’s Founder

 

Page Last Updated: 04/09/2019

 

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