Former Gamblers Can Avoid Bankruptcy with an IVA
People with overwhelming gambling debts may think bankruptcy is their only option. In fact, creditors are willing to consider alternatives, like an IVA, if they are convinced the customer’s gambling days are behind them.
“With media attention focused on the location of a new super-casino, it’s easy to forget that by far the biggest cause of gambling debt is online gaming. More than 1,700 gambling websites currently target the UK consumer and the average online gambling debt now tops £30,000,” says Licensed Insolvency Practitioner Phillip Allen.
Phillip has been helping people sort out their debts for 20 years and runs Debt Lifeboat, a team of IVA experts.
The online gaming fire has been stoked by the availability of instant credit via credit cards. “These days, it is easier to secure instant credit for Internet betting than virtually anything else. And, having registered your credit card, you can continue playing up to the limit,” warns Phillip.
Creditors treat debts incurred by gambling more harshly than other types of debts. This is because gamblers are notorious for “chasing their debt” – trying to recoup losses by further betting. But, with the right support, it is possible to sort out gambling debts without resorting to bankruptcy.
“At Debt Lifeboat we often meet with people who have got into debt problems through gambling and can help them find a solution if they are prepared to stop gambling completely, seek professional help for their addiction and destroy their credit cards,” says Phillip.
Before creditors agree to an IVA for gambling debts, they will insist that no new credit has been obtained for up to six months and want proof that the customer has stopped gambling and has no intention of doing so in the future.
Debt Lifeboat advisers help customers get through this period with a six-month debt management plan. After this, there’s a good chance creditors will agree to an IVA, with the prospect of becoming debt-free within five years.
“Over the years we have helped former gamblers get their finances back in order, save their homes and get on with their lives,” says Phillip.
For free advice on sorting out your debts with an IVA, please call Phillip Allen on Freephone 0800 928 3328 or visit www.DebtLifeboat.co.uk
- Contact Information
- Phillip Allen
- UK Licensed Insolvency Practitioner
- Debt Lifeboat Ltd
- Contact via E-mail
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