A woman who built up debts of £70,000 by betting online is calling for more support for female gambling addicts. Kelly Field shared her story with the makers of ITV's Cleaning Up. Some students have run up gambling debts of £10,000 or more, a Gambling Commission director has told the Victoria Derbyshire programme. If the results were reflected across the UK, the.
The UK's revisions to its AML and counter-terrorist financing regime came into force on 10 January 2020. The significance of the new provisions for gambling operators includes, but is not limited to, the regulation of virtual currencies and increased levels of scrutiny required for transactions from high-risk countries. A woman who built up debts of £70,000 by betting online is calling for more support for female gambling addicts. Debt: David hid his gambling from his wife and family (Image: PA Real Life). He even managed to remortgage the family home without his wife's permission. 'The house cost £30,000 and the.
You have fallen into the trap of Internet gambling and have now accumulated thousands in credit card debt from these sites. You continued to chase thinking that you would eventually go on a winning streak, but all you have done is max out all of your cards.
You cannot afford to make payments on these cards and you have no idea what to do? What options do you have?
The first thing to address is the gambling addiction itself. And make no mistake, it is an addiction. While there are some people that can kick the habit on their own, most will continue to gamble regardless of how dire their financial situation becomes.
Before doing anything, it is recommended to seek professional help regarding the gambling addiction. This will be the first step in truly gaining control of this situation.
Next, it is time to take a look at your debt. If you cannot afford to pay all of your cards according to current arrangements, you should consider an IVA or a debt management plan.
The IVA, or individual voluntary arrangement, is a legal arrangement made between yourself and the creditors.
In many cases, individuals are able to work their way out of debt taking this route.
If the situation has become dire, many creditors are more than happy to work out arrangements that will enable you to pay back the debt with more favorable terms.
If the alternative it to collect nothing and see the debt wiped out in bankruptcy, they will take what they can get.
However, there are specific terms that must be met to quality for an IVA. You can find them by visiting our IVA page. https://www.debtconsolidationloans.uk.com/category/iva-individual-voluntary-arrangements
If you do not qualify for an IVA and would like to avoid bankruptcy, you could consider using a debt management service to help you with these problems.
Most of these companies have agreements in place with creditors to lower or eliminate interest payments altogether.
In addition, since they will now handle your payments, you only have to write one check per week. It makes it much simpler as you are trying to get your life back together.
Credible services will also offer some type of credit counseling for their fee. For some, the reason they started gambling in the first place was to try to get extra money to pay bills. The counselors will be able to sit down and evaluate the monthly budget.
In addition to working out more favorable credit terms, they may be able to better organize the monthly budget to ensure this does not happen again.
Keep in mind, the entire budget will be under scrutiny. You will be presented with ideas to save money and reduce your monthly costs.
For instance, it might be better to cut down your cell phone bill by eliminating a costly data plan and instead using a pay as you go phone.
Some things you consider necessary may be actually considered luxuries that you simply cannot afford at this time.
Regardless, they will do their best to get your finances straightened out and to get you on the road to financial recovery.
From buying a Lotto ticket to a work sweepstake on the Grand National, it's not uncommon for many people to indulge in the odd bit of gambling. But a problem gambling habit can be bad for your finances.
As today's £7.8million fine for an online gambling firm showed, vulnerable gamblers can quickly rack up debts – one customer bet more than £1.3million over 13 months.
Even far more moderate gamblers will bet more than they can afford, getting into a worse situation as they try to chase losses. And sometimes being in problem debt can prompt people to turn to gambling in the hope of ‘winning' their way out of the situation – but it just makes matters worse.
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But often they come hand in hand – meaning you need to get help with both at the same time to really solve the problems. It might mean turning to two separate sources of help.
If you just focus on your debts and ignore the gambling addiction, then you might find yourself back in a similar position before long. But if you don't deal with the debts at the same time it might be hard to resist the temptation to not gamble if the debts are spiralling out of control.
Get help with your debts
The best thing you can do to fix debt worries is to talk to someone experienced in helping people in your situation. Don't pay for this. There are many free and independent debt advisors who will treat everything you say in confidence, then help you find the ways to deal with your debts.
It's easy to find someone to help. This could be near where you live, or you could talk to someone over the phone or on webchat. The Money Advice Service Debt Advice Locator does exactly what it sounds like. You can enter your post code and choose between the options.
Get help with your gambling problems
Gambling doesn't just affect your finances, it can impact on your mental health and your relationships with friends, family and your workplace. But breaking the habit is unlikely to be easy.
Gambing awareness charity GamCare suggests a few ways to help you stop your gambling habits:
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- Avoid situations and people that might make you gamble
- Take up alternative activities that could keep you busy and plan your time
- Ask betting shops, casinos and arcades to bar you
- Block gambling websites on your computer and phone
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GamCare also has a helpline you can call to talk through the options, which can include counselling. Call Freephone 0808 8020 133 from 8am till midnight, seven days a week.
