Call free today
Call free today
In this guide, My Debt Plan explore gambling debt – what it is, how it affects your life, common signs to look out for and where to get the gambling debt help & advice you need if your finances have been damaged by gambling debts.
Gambling debt is the result of borrowing money to fund any type of gambling, from betting on football matches and horse races to online casinos and lotteries. Whether you’re a casual gambler or have developed more of a habit, knowing that you might win back your losses can make spending beyond your means especially tempting, even if the odds are stacked against you. The growth of online and mobile gambling has also made it easier to place bets from the comfort of your own home and without other people’s knowledge.
If you are experiencing gambling debt and struggling to repay, you’re not alone. According to a 2020 YouGov survey, 13% of the UK population has experienced some harm due to gambling. Public Health England has also found that approximately 240,000 people have a gambling problem, costing the economy up to £1.27bn each year.
Gambling isn’t necessarily a problem. If you’re spending within your means, have a set spending limit, and are gambling for fun, you may not be at risk of entering gambling debt.
However, there are several signs to look out for in yourself and others that could indicate that you’re developing a gambling problem:
Gambling is addictive. It’s all too easy to imagine you’ll be able to win back any losses or get back on a lucky streak, even as you fall further into debt. The good news is that there are steps you can take to make quitting gambling easier. Getting in control of your habit could also make it easier for you to tackle your gambling debt.
Don’t be afraid to speak to your bank or building society. They may be able to place a block on your debit cards so that you can’t use them to pay for gambling, place a temporary freeze on your cards, or reduce the amount of money you’re able to withdraw from a cash point.
Many internet providers also offer help to those struggling with online gambling. They may allow you to opt out of any ‘adult’ sites or you could invest in blocking software that prevents you from accessing certain websites or apps.
For the debts that you know about, check your most recent statements to find out the balances and reference numbers. If you don’t have these to hand, you can contact companies directly and ask them what the outstanding balances are.
If you aren’t sure who your creditors are, it might be a good idea to get a copy of your credit report. Private companies will charge you for this, however this could be as little as £2 for a paper copy, or possibly free, as part of a free trial.
Companies who offer this service include:
Losing a lot of money, being in gambling debt, and struggling to keep up with your other financial commitments can cause stress and anxiety that has a negative impact on your mental health. It may also put a strain on your relationships if you find yourself hiding your gambling debt from loved ones, and might even put your job at risk, depending on the terms of your employment contract.
If your mental health is suffering due to gambling debt, you can speak to your GP. GamCare can also offer support and counselling over the phone, on WhatsApp, and via live chat.
If you’re struggling with gambling debt and finding that it’s impacting your everyday life, it could be time to seek help. Ignoring the situation often only makes things worse. Even if you’re not borrowing money to fund your gambling habit, this spending could still impact your budget and make it more difficult to pay your existing debts.
Tackle your priority bills first. These include your rent or mortgage payment, council tax, and utilities – essentials that could cause problems if they’re left unpaid. Arranging your direct debits to leave your account on payday could help you avoid the temptation to gamble, and you may even want to temporarily hand over management of your finances to someone you trust by issuing them with a third-party mandate.
Professional and impartial debt advice can also help you implement a payment plan or enter a debt management solution. They may be able to speak to your creditors to renegotiate your repayments or add a note to your credit file so that you’re prevented from taking out any more loans. Expert debt advisors won’t look at your situation with any judgement. Let them know that you’re struggling with gambling debt, and they can offer tailored advice and solutions as well as an empathetic ear.
If you’ve noticed that a loved one has started acting more secretively, asked to borrow money, or seems preoccupied with gambling, they may have a problem. This can be a difficult situation to navigate so don’t be afraid to seek advice. Both GamCare and Gam-Anon offer support groups and counselling aimed at friends and family of those suffering with gambling addiction.
Gambling debt can have a huge impact on your life, or someone you love. At My Debt Plan, we’re here to listen and understand, that’s why speaking to an experienced debt solution provider, like ourselves has its benefits. We can talk through your options and support you to find the right debt solution.
Tell us about your current debts and one of our experienced and friendly advisors can help you get the ball rolling.
Dependant on your circumstances and financial situation, we'll let you know if an IVA is a potential solution for you.
If you qualify for an IVA, we will take the necessary steps to set up and arrange this for you.
experience
and supportive
authorised
advise
and recommended service
