Gambling and Debt
Legislation dating back almost 300 years declares gambling debts are classed as a debt of honour and cannot be taken before a court.
article keywords: Gambling, Gambleing, debt, New Gamling Bill,
Are gambling debts enforceable ?
The UK law with respect to gambling is often misquoted. Gambling on credit is not illegal.
It is not illegal for a bookie/casino to offer their clients the facility of use their service now, with the understanding the client pays outstanding monies later.
However when credit is extended in this way, then they can't use the law to enforce payment of the debt.
If you borrow money from whomever and then lose that money gambling, whomever lent you the money can use the law the chase the debt no matter how you spent the money.
If you have an online betting account, loading that account with money from your credit card is not considered to be betting on credit. In response to this, in 2006, several card issuers changed their terms and conditions so that money placed in an online betting account from a credit card is treated as cash advance and incurs a higher rate of interest.
In the United States, a law was passed in 2006 to prevent credit cards from being used on online betting website.
Debt due to gambling problems
Gambling too much can lead to being short of money to spend on other things. At the extreme end of the scale problem gambling can lead to severe debt, bankruptcy and even attempted suicides when an individual sees no way back from their debt.
It can become very easy to lose control of your money when gambling excessively. As the money starts running out it becomes very tempting to gamble even more money in the hope of a big win in order to clear debts. More often or not though this just leads to even greater debts and more desperate gambling. It can get to a point where there seems no way back, and gamblers become to afraid to face their debts so just continue gambling.
The following points can help tackle debt and control excessive gambling:
- Stop gambling when addressing your debt problems
- Take responsibility for your gambling and debt
- Share your problems with someone you trust and could support you
- Ask someone you trust to look after your bank cards for a period of time
- If necessary destroy your credit cards
It may be necessary to seek professional advice to help you deal with your current debt and help you to organise your money better for the future.
What To Do Next
If you have run up debts due to gambling, we can only help you if you've beaten your betting problem. A good online resource is Gamblers Anonymous (UK)
If have resolved your gambling problem and are committed to repaying your debts - but are unable to repay your debts at the rate you are being, we will be able to help you.
Call now for free advice.
Bankruptcy Alternatives
Debts over £10K ? An IVA maybe the solution for you. upto 70% of all Debts written off.
Bad Credit Loans
Specialists in helping UK residents who have been refused a loan elsewhere.
See Also Abacus Debt Advice- Debt Counselors
This material is for general information and only constitutes advice in the broadest of terms. You should not rely on this information to make any decisions. Call our advisors on 0800 043 2444 for professional advice for your own particular situation.