Gambling debt
Author
Discussion

Leroy902

Original Poster:

1,571 posts

133 months

Wednesday 13th April 2016
quotequote all
I've found out a good friends younger brother (25, so not a kid) has a serious gambling problem, he's somehow managed to get into £30k debt, on top of also owning quite afew people that he's borrowed money off.
To say it came as a shock would be an understatement, he's always been a level headed lad, very responsible with his money (or so we thought), doesn't smoke/drink, has a good job etc...

To start with there's trying to get him to knowledge he has a gambling addiction and trying to straighten him out, then there's the banks, and the money he owes to them.

My friends started by getting in touch with everyone he knows, and figuring out who he owes money to, and how much... after its all added up, I recon it'll be hitting the 40k mark.

Neither of us are sure where to start with this one, any suffestions?

anonymous-user

84 months

Wednesday 13th April 2016
quotequote all
Who does he owe money to, companies or 'dodgy people'?

My dad went to prison for stealing money to fund a gambling addiction so have a bit of a understanding of the issues surrounding it. He was a chartered accountant so should have known better.

BoRED S2upid

21,070 posts

270 months

Wednesday 13th April 2016
quotequote all
Bankruptcy.

Of course that won't help if he's been borrowing / gambling with some unsavoury characters.

Leroy902

Original Poster:

1,571 posts

133 months

Wednesday 13th April 2016
quotequote all
He owes around 30k to the various banks he's got accounts with, and estimated £10k to friends

Leroy902

Original Poster:

1,571 posts

133 months

Wednesday 13th April 2016
quotequote all
BoRED S2upid said:
Bankruptcy.

Of course that won't help if he's been borrowing / gambling with some unsavoury characters.
The bankruptcy route would be the easiest route, and it's something we've discussed.
I hate the idea of having such an option as almost a backdoor route to getting out of the stters, especially if someone puts themselves into it the way he has.

thebraketester

15,811 posts

168 months

Wednesday 13th April 2016
quotequote all
If its 30k and hes got a good job and he can STOP gambling... then I dont see why he couldnt clear that debt over 4/5 years.

Leroy902

Original Poster:

1,571 posts

133 months

Wednesday 13th April 2016
quotequote all
thebraketester said:
If its 30k and hes got a good job and he can STOP gambling... then I dont see why he couldnt clear that debt over 4/5 years.
I'd call it more a 'steady' job rather a good/well paid job.

First things first, getting him to acknowledge he's got a serious problem, which he doesn't seem to think at the moment.



Edited by Leroy902 on Wednesday 13th April 21:40

thebraketester

15,811 posts

168 months

Wednesday 13th April 2016
quotequote all
Without doubt thats the first step. He cannot deal with the debt unless he has dealt with the problem of gambling

BoRED S2upid

21,070 posts

270 months

Thursday 14th April 2016
quotequote all
Leroy902 said:
BoRED S2upid said:
Bankruptcy.

Of course that won't help if he's been borrowing / gambling with some unsavoury characters.
The bankruptcy route would be the easiest route, and it's something we've discussed.
I hate the idea of having such an option as almost a backdoor route to getting out of the stters, especially if someone puts themselves into it the way he has.
It's an easy way out for a lot of people too easy IMO. Best thing about it is that it will screw up his credit for many years and should help him with his problem. Credit is too easy at the moment hence why he's been allowed to get into this hole.

Eric Mc

125,742 posts

295 months

Thursday 14th April 2016
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Has he stopped gambling?

boyse7en

8,196 posts

195 months

Thursday 14th April 2016
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Banks would be the last of my worries. How annoyed are these "friends" going to be when he doesn't pay them back?

PurpleMoonlight

22,362 posts

187 months

Thursday 14th April 2016
quotequote all
How would bankruptcy affect his life? Credit rating will be well stuffed for 6 years plus.

What's his job, does he own his house, car etc?

It might be better to do a debt management plan with the creditors.

paulrockliffe

16,600 posts

257 months

Thursday 14th April 2016
quotequote all
PurpleMoonlight said:
How would bankruptcy affect his life? Credit rating will be well stuffed for 6 years plus.

What's his job, does he own his house, car etc?

It might be better to do a debt management plan with the creditors.
It can be much worse than that; I sat on a Jury for a case where someone was buying electronics on credit and immediately selling them for less than he would end up paying for them to fund a short term need to pay for alcohol. He declared himself bankrupt and was prosecuted because of his trading behavior. He argued that he needed short term cash was finishing university and would be earning a lot more, so thought he would have had the means to repay the debts when due.

Although that is plausible, it's very difficult to prove an intention beyond reasonable doubt, and in these cases the burden of proof lies with the defendant.

Although this clearly isn't exactly the same circumstances, I'd think gambling with borrowed money may well be treated the same way and the burden of proof would be the same. How do you prove "I was one win away from sorting it all out." vs "I can always declare bankruptcy if it doesn't work out."?

lukefreeman

1,502 posts

205 months

Thursday 14th April 2016
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He's only a fiver and a 5-fold away from beinng out of debt...........

TwigtheWonderkid

49,158 posts

180 months

Thursday 14th April 2016
quotequote all
Borrow more money and try and win back your losses.

(ps..I am not a professional debt councillor)

DonkeyApple

70,280 posts

199 months

Thursday 14th April 2016
quotequote all
Leroy902 said:
I've found out a good friends younger brother (25, so not a kid) has a serious gambling problem, he's somehow managed to get into £30k debt, on top of also owning quite afew people that he's borrowed money off.
To say it came as a shock would be an understatement, he's always been a level headed lad, very responsible with his money (or so we thought), doesn't smoke/drink, has a good job etc...

To start with there's trying to get him to knowledge he has a gambling addiction and trying to straighten him out, then there's the banks, and the money he owes to them.

My friends started by getting in touch with everyone he knows, and figuring out who he owes money to, and how much... after its all added up, I recon it'll be hitting the 40k mark.

Neither of us are sure where to start with this one, any suffestions?
http://www.gambleaware.co.uk/

You also need to get him to declare the addiction to his bookmakers so they can follow the industry guidelines re not taking bets from him.

I'd also suggest helping him find the next addiction to replace this one with. Addicts are addicts and ultimately the key for most is to find an addiction which isn't guaranteed life destroying like gambling or drugs are.

Leroy902

Original Poster:

1,571 posts

133 months

Thursday 14th April 2016
quotequote all
Borrowing and paying back the money he owes to friends won't be the problem, as much as it hurts him, his brother will clear the debt with them (being the amazing bigger brother he is), it's the money he owes to the banks that will be the problem.

After seeing him last night, It looks like it's starting to hit home just what he's done, and the position he's in. He's knowledged he needs help, which he'll get.

He lives at home with mummy and daddy, doesn't have a house/mortgage, and has a company car.
Would bankruptcy be an option?

dogz

352 posts

286 months

Thursday 14th April 2016
quotequote all
First step is to self-exclude from each book maker / gaming site immediately so it removes the temptation of playing

Next step is to work out everything owed and to who as well as how much surplus income he has after paying required expenditure. I would also include some leisure activity in that as no one can live like a monk

Then contact the companies involved and explain the situation and try to come to a repayment arrangement including asking them to freeze any interest owed based on free income calculated above

I'd also try and remove any costs which aren't necessary e.g. Sky etc

Best of luck!

northandy

3,540 posts

251 months

Friday 15th April 2016
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The first question to ask is has the individual asked for help? Or has your friend just found out?

I hate to say it until the person gambling admits to himself he has a problem then your wasting your time, never underestimate the lengths an addict will go to keep gambling, self exclusion just means they will travel further away or be more secretive.

I have tried helping a family member who was into the same level of a hole... It's an incredible strain and not for the faint hearted, nor in my opinion can it be done without professional help or more importantly the willingness of the person to actually want to stop

Mr. H

986 posts

177 months

Friday 15th April 2016
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It'll be better to contact the banks now and fess up that he can't pay. They'll help him to create an achievable repayment plan (often knocking off the interest due) that means he won't have bailiffs knocking on the door and further escalating costs. If he waits until they chase him it'll only get worse for cost and stress.