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TerryC
New Member

6 Posts

Posted - 01 Nov 2010 :  12:21:24  Show Profile  Reply with Quote
Would I be right in thinking that debts from gambling would be frowned upon?

Phil Corfield
Debt Management Expert



897 Posts

Posted - 01 Nov 2010 :  13:16:26  Show Profile  Reply with Quote
Hello TerryC

I'm not sure why you would think this. It is legal to gamble in the UK (assuming you meet the legal requirements to do so) and therefore if debts amounted because of gambling, it is really a question of whether you believe it to be a "bad thing".

My next question would be, "Frowned upon by who?"

Your creditors leant you money on the basis you pay them back at an agreed amount and they would charge a certain amount of interest. Although it is never advisable to get in a situation where debts cannot be repaid in full, being in difficulty and seeking a solution is the same as anyone else in this situation.

What I would advise is to stop using credit. Whatever you choose to normally use it for. If you cannot afford to pay for certain things with income, find an alternative to using credit. This would include gambling.

I am a CertDR qualified Debt Advisor and a Director of Bright Oak.
To contact me about a debt management plan or general debt advice please here:
   
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James Falla
Debt Management Expert



277 Posts

Posted - 03 Nov 2010 :  17:14:14  Show Profile  Reply with Quote
Hi TerryC

As Phil has said, gambling is not a crime and so if you incur debt in this way, it is really no worse than if you had spent the money on clothes or alcohol. As such, debts incured through gambling can certainly be included in a debt management plan or IVA.

The thing you need to consider is that a dmp company or IP will be concerned that you will not be able to maintain your ongoing debt repayments if there is a risk you will continue to gamble with your money.

As such, they would probably want to see three months of bank statements showing no evidence of gambling before taking on your case.

Personal Debt Expert
BeatMyDebt.com
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TerryC
New Member

6 Posts

Posted - 04 Nov 2010 :  10:03:00  Show Profile  Reply with Quote
Thank you for the answers. Gambling hasn't been a big problem for me but there has been ?20 here and there put into an online account that will show on my bank statements. Do you think that would be an obstacle?
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Phil Corfield
Debt Management Expert



897 Posts

Posted - 04 Nov 2010 :  10:12:38  Show Profile  Reply with Quote
Hello TerryC

The odd flutter wouldn't cause any issues but regular entries for gambling would raise questions on your ability to control spending whilst in one of the debt arrangements mentioned by James.

I am a CertDR qualified Debt Advisor and a Director of Bright Oak.
To contact me about a debt management plan or general debt advice please here:
   
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James Falla
Debt Management Expert



277 Posts

Posted - 04 Nov 2010 :  17:02:02  Show Profile  Reply with Quote
Hi TerryC

As you say, your gambling activity does not seem that serious and would not prevent you from starting a debt management plan straight away if this is a suitable solution for you.

If you are considering an IVA, most insolvency practitioners will normally want to see your last three months bank statememnts clear of all but the most minor gambling. From what you have said, I would think that you could start an IVA application straight away but any evidence of gambling would certainly have to be flagged.

Personal Debt Expert
BeatMyDebt.com
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