Debt Questions forum. General questions on debt issues.

Moderators: TalbotWoods, JaneClack

By ohmygood
#3447 Can anyone help me, i have around £16000 worth of debt which have been aquired through overspending. Around 1 year ago i started gambling on the internet to try and win money to get myself out of debt. Obviously this just plunged me into more debt and i don't know what to do.

What would be my best option as i know gambling can hinder certain processes.
ByDavidc
#3451
ohmygood wrote:Can anyone help me, i have around £16000 worth of debt which have been aquired through overspending. Around 1 year ago i started gambling on the internet to try and win money to get myself out of debt. Obviously this just plunged me into more debt and i don't know what to do.

What would be my best option as i know gambling can hinder certain processes.

give it up...join a group.........Try gamblers anoynmous.
David
By ohmygood
#3455 I already have but i wondering what to do about my debt problems, Bankrupcy? IVA? DMP? I read on here certain restrictions apply if your debts are caused through gambling?
User avatar
By JaneClack
#3459 You will need to show your creditors that you are making an effort to give up gambling - joining GA is a very good start. However, in addition to this, if you wanted to look at an IVA you would certainly be encouraged to try a DMP for about six months so creditors can check no more credit has been taken out for gambling and a concerted effort is being made. If you were to go bankrupt at this point you would almost certainly get a bankruptcy restriction order which would effectively extend the term of bankruptcy penalties from 2 to 15 years. There is a leaflet on this you can download from the insolvency website at http://www.insolvency.gov.uk
By keepchinup
#3460 Hi, hit the search button near the top and type in gambling. We've discussed it a few times.

Worst that will happen in Bankruptcy is a BRO/BRU which means that although you're still discharged after a year, further restrictions apply for between 2 and 15 years. We have yet to hear of anyone who has had that happen to them yet though, including me who had large gambling debts.

Also if the gambling was prior to April 04 they can't take it into account for a BRO anyway.

Good luck.