Gambling Debt FAQS

Frequently Asked Questions

 

How big a problem are gambling debts in the UK?

Official government figures indicate the average debt due to gambling was over £23,000 in 2004. That is not a figure suggesting you only have problems when you hit that level of debt.

The estimated annual turnover of gambling activities in the UK is about £53 billion, according to 2005 figures from the National Audit Office.

Research shows that by the time most compulsive gamblers seek help, they are hugely in debt and their family life is a shambles. About 80% seriously consider suicide, and up to 20% attempt or succeed in killing themselves:

 

I've got huge debts on my credit card because of gambling - can I still get help

Yes. When considering various options for debt help, it doesn't necessarily matter at this point what it is you spent the money on.

 

I've used my house as security for a gambling account - what should I do?

We would need to speak to you about this matter in detail, it may be an unenforceable agreement or you might need to arrange urgent alternative finance to protect your home.

 

What is considered a bad gambling debt?

Anything you cannot pay off relatively quickly should be seen as a problem. If you are worried about it then it is obviously a debt that needs sorting.

 

Can I go to prison for gambling debts?

Unless you have committed any criminal act such as fraud then there is no reason to why you would suffer such a consequence.

 

Can I go bankrupt because of bankruptcy debts?

Yes. sort of. Gambling debts are a debt of honour and cannot be processed through the courts so debts with gambling companies can't alone make you go bankrupt. If you have over extended on credti cards, overdrafts and such and cannot pay them then you can go bankrupt, HOWEVER - bankruptcy caused by gambling debts incurs a penalty where bankruptcy order restrictions can last for up to 15 years.

 

sources:

http://www.independence.co.uk/publicationslist/129-gamblingtren.html

http://www.statistics.gov.uk

www.gamblingcommission.gov.uk