Gambling is a popular pastime in the UK. According to statistics from the Gambling Commission, nearly half (43%) of the UK population gambles at least once a month. And while the majority of people do enjoy gambling responsibly, for others, this seemingly harmless hobby can easily become a financial strain that leads to significant amounts of debt.
In this guide, we explore the best ways of dealing with gambling debt. This includes outlining the most effective methods of stopping. We also look at how to best help loved ones who may be struggling with gambling debt. Finally, we provide our top tips for clearing gambling debts and outline under what circumstances this type of debt can be written off.
How to stop gambling
If gambling debt is becoming a serious problem in your life, something has to change. Naturally, the first thing you have to do to solve this issue is stop gambling. However, this is often much easier said than done.
The journey to stopping gambling is a transformative process that needs to begin by acknowledging that your behaviour is becoming problematic and end by embracing a commitment to ongoing change. Below we outline the four key steps you will need to take to stop gambling.
Recognise the issue
As with any form of debt, the first step in overcoming gambling debt is recognising the cause of the problem. With this in mind, it’s vital to acknowledge the signs of a gambling addiction, such as chasing losses, lying about gambling activities, or neglecting other responsibilities.
Get professional help
Once you’ve acknowledged that your gambling habits are playing a key part in your financial struggles, consider reaching out for professional support. For example, you may wish to visit your GP to ask for help. They could refer you to a professional therapist or counsellor who specialises in gambling addiction. Joining support groups such as Gamblers Anonymous can also really help.
Put blockers in place
Putting practical steps in place to limit your exposure to gambling opportunities is essential when you’re trying to stop altogether. Once again, this is easier said than done, especially nowadays when gambling adverts and online promotions have become an almost unavoidable part of life. However, actions such as self-exclusion from casinos, blocking online gambling sites, or even asking a trusted friend or family member to help monitor and restrict your access can be very effective tools.
Find healthier hobbies
Going cold turkey is tough. For this reason, finding replacement activities that fill the void left by your former gambling habits can help you stay on the wagon and prevent you from adding to your gambling debts. Whether you throw yourself into working out and exercise or spend more time gaming with friends and family, finding hobbies that don’t come with the financial risks of gambling is key to stopping.
How to help a loved one with gambling addiction
Dealing with your own gambling debt is one thing, but supporting a loved one who is a problem gambler is a whole different matter. Whether a loved one has come to you and highlighted their issue or you believe you’ve spotted the signs yourself, the key to providing help and support is empathy and understanding.
Before doing anything else, put yourself in your loved one’s shoes and try to understand what they might be going through. Next, explain that you’re there to help them in any reasonable way while also setting clear boundaries to protect both yourself and your relationship. For example, this might involve explaining that you will help them find and engage with therapy or support groups, and always be there for them emotionally, while also making it clear that you will not lend them money or do anything that could ultimately worsen the situation.
It’s important to remember that while offering your full support can be hugely beneficial, it can also be very demanding. This once again highlights the importance of seeking assistance from professionals who specialise in addiction recovery.
How to clear gambling debt
As is the case when it comes to clearing any form of debt, a strategic approach is needed. You should start by assessing the damage and making a comprehensive list of your debts. You should also try to create a new budget that prioritises only essential life expenses. This should account for rent/mortgage payments, utility bills and council tax, and child maintenance payments, for example.
It can also be a good idea to explore debt management options. This can be done in two ways. Initially, it can simply involve negotiating with your creditors and discussing the possibility of debt consolidation or putting an informal debt management plan in place. Alternatively, you may want to seek professional advice from a debt management company such as MoneyPlus. We can provide advice that is tailored to your own personal circumstances, as well as negotiate with your creditors on your behalf. If we believe it to be the best option, we can also help you set up and manage a debt repayment solution, such as a Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA).
Can gambling debts be written off?
Simply put, yes. Depending on your individual circumstances, you may be able to see a certain percentage of total gambling debts written off if you are eligible for a formal debt solution such as an IVA or Trust Deed. That being said, there are strings attached. In order to see debts written off, you must adhere to all terms and conditions of your agreement for the entire period it applies. On top of this, if you’re dealing specifically with gambling debt, it’s likely you’ll also have to prove that you are working to resolve your gambling problem prior to entering into one of these agreements.
The prospect of having gambling debts written off can be a compelling incentive to stick to the terms of your agreement and put your financial issues in the past. To find out more about how a debt management solution could help you clear your gambling debt, seek professional advice for free by contacting Money Helper or get in touch with us today.
