We’re losing more to the bookies than ever before. Some losses get funded by credit, which can cause extra problems.
Some people believe gambling debt is somehow different. They believe they’ll get barred from using certain debt solutions. This is incorrect. Loans and credit cards used to fund gambling are no different.
Scotland has a full range of debt solutions. Insolvency may result in some of your debt getting written off. Trust deeds and bankruptcy are types of personal insolvency.
If you become bankrupt, your prior financial conduct gets reviewed.
Large gambling debts will attract attention. The trustee assess whether your conduct has been “dishonest or blameworthy”. A Bankruptcy Restriction Order (BRO) might get imposed upon you. They can apply for 2 to 15 years.
These orders get published online. The 2019 BRO list includes many examples of Scottish gambling debt.
Restrictions and publicity put some people off becoming bankrupt. Other debt solutions are available.
Most debt solutions require you to make an agreed regular payment. The payment gets agreed at an affordable level. A budget is created to cover your bills and expenses. The money left over is used to repay the debt.
No budget is created to continue gambling. If you continue to gamble, you’ll struggle to pay the debt solution. You may struggle to pay important bills. The solution is very likely to fail.
A failed debt solution is a bad outcome for you and your creditors. It’s likely to be a waste of your time and money.
You may be asked to demonstrate gambling has stopped. Bank statements clear of gambling transactions are an example.
Where gambling addiction has been serious, further proof may be required. You might be asked to show you obtained external support.
This isn’t done to judge you. It’s a showing a duty of care to you. The solution provider wants to know you can make the solution work.
This might apply in respect of starting a trust deed. It might apply with debt arrangement schemes (DAS).
The NHS provides an online questionnaire. It reveals whether you might have an addiction. Take the questionnaire here. This NHS page suggests various sources of help and support.
There might be local services that can help you. Your GP may be able to refer you to local services.
Even if you’ve gambled recently, get debt advice now. We’ve helped many people that have gambling debts. They’ve gone on to enter trust deeds, for example.
You won’t get judged and any chat is confidential. A plan can get agreed to move towards an effective debt solution.
Delay in getting advice (and support) usually makes matters worse.