Published in Debt Advice Features on Wednesday, January 31 2007

The majority of people in the UK have gambled at some point, whether it be a lottery ticket or a flutter on the horses, because of the element of risk taking and a sense of luck and skill, gambling can be exciting and fun, however this buzz can easily become addictive. Gambling raises the blood pressure, heart rate and adrenalin levels - and so can easily be used as an escape from problems such as stress, anxiety and depression. The problems start when the debts start amounting; it becomes very tempting to to gamble further in the hope of that big win to clear your debts. A vicious circle begins as when the big win doesn’t come you may gamble more and become desperate, and then the debts keep increasing, the stress of this problem may cause you to gamble even further....

You must remember;

THERE IS A WAY TO BE FREE.

Own up to the problem
If you feel you have lost control of your gambling, then it is important to admit it and start looking for help. First and foremost you must stop gambling. Seek help for this if necessary. This will break the gambling habit and will mean you can start acting on your debt. Share your problems with a friend or a professional.

Prepare yourself
You need to get a realistic summary of the debts so you can tackle them effectively. Work out exactly how much you owe each creditor. Organise all your paperwork; ask for a statement off each creditor if necessary and contact any creditor who may not have your contact details. You must not ignore debts, this will make it worse. You may incur County Court Judgements which you don’t even know about if you ignore the debts. You may find it easier to cope with court matters by seeking advice off professional credit counsellors. Next write down a realistic summary of your household budget. Work out how much money is coming in and what is going out. Don’t panic and try to “fix” the figures, taking a realistic look at your finances is very important. You may be eligible for tax credits or benefit to help with your income. There are many solutions to help you clear your debt available and it is worth discussing it with professionals as in some cases part of the debts can even be written off.

Take Control
Talk to someone or seek advice. Credit counsellors can advise you of the routes to be debt free the quickest and provide general advice in relation to gambling debts. However make sure you contact a reputable company who are licenced and regulated by the Office of Fair Trading. They should be completely bound by the data protection act and so will not disclose anything you discuss with them to any third party. Be aware of companies who simply offer one solution as there is a danger of them trying to “sell” you the only plan they offer which may not be right for you. Many solutions may be open to you, but you do need to be honest about your gambling as it could have implications with some debt solutions. Your credit counsellor can advise you further with this, but the implications would be less serious if you are honest about how you incurred the debts. If you feel you can meet the creditor’s requests for payments, write to them and set up regular payments. It may be worth while getting a friend to help you manage your money at first if you still feel tempted to gamble.

Be Free
There is nothing wrong with asking for help. A problem shared is a problem halved. There may be help available to you that you don’t even know about.