Gambling Debts and Bankruptcy
Gambling Problems and Debt Solutions. Is Bankruptcy a Good Idea?
Dec 2, 2008
The Gamcare web site states that "Crippling debt is one of the most common outcomes of a gambling problem." Many people with gambling problems are left with very serious debt problems. Sadly, it is only possible to deal with gambling debts once the gambling addiction has been overcome.
Identifying that a Gambling Problem Exists
Helpguide.org state that a "Gambling addiction is sometimes referred to as the hidden illness because there are no obvious physical signs or symptoms like there are in drug or alcohol addiction."
Signs that gambling addiction may be an issue to immediate family include: overdue or unpaid bills, dwindling savings, the sale of household items, changes in temperament, missing bank and credit card statements and unexplained loans and cash advances.
The only way to overcome a gambling problem is to admit that problem gambling is a serious issue and needs to be tackled. It is imperative that any individuals that are afflicted with this illness stop gambling and get professional gambling help and support.
Write to the Gaming Companies about Gambling Debts
Although many gaming companies are not sympathetic to the plight of their customers, there are a few that will be willing to refund some of the losses incurred as a gesture of goodwill. Sadly, a number of companies justify not doing so on the basis that it only serves to encourage further gambling.
Further Losses at the Same Company after the Admission of a Gambling Problem
The company is obligated to shut down any existing online accounts immediately when a gambling problem is admitted to. Should they fail to do this and further money is lost in the same account, complaining to the company should result in this being refunded.
If no refund is tendered by the company, respond by telling them that a complaint will be made to the regulator. Please remember that this only applies to existing accounts and not to new accounts opened at the same company.
Personal Bankruptcy is Not a Good Solution for Dealing with Gambling Debt
Writing off gambling debt through personal bankruptcy sounds like a good idea, but it isn't. The only time it should ever be considered is if there is absolutely no way of being able to contribute towards an alternative debt solution.
The Enterprise Act 2002 considers any form of gambling debt to be a bankruptcy offence. This is almost certain to result in a Bankruptcy Restriction Order (BRO) meaning that the debtor is not discharged from bankruptcy for up to 15 years. It is generally only 1 year before a regular bankrupt is discharged which provides a good insight into how gambling debt is regarded.
Please see debt solutions to gambling problems to identify the right approach to deal with gambling debt. Talk to Gamcare as support and encouragement will be an important part of the recovery process. There are literally millions in the same boat so nobody is ever completely alone.
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