Gambling & Debt: Are gambling debts enforceable?

In Great Britain, there is legislation dating back to nearly three hundred years ago that stipulates that gambling debts cannot be taken before a court because they are a debt of honor. What this means in today’s world is that casinos and other gambling dens are unable to call upon the law to enforce repayment when credit is offered.

The New Gamling Bill

A new gambling bill, however, that was published in the year 2003, makes gambling debts punishable like any other debt. Thus, gambling debt is not to be taken likely.

Debt due to gambling problems

Gambling is an addiction, like any other. It can lead to such severe problems as debt, bankruptcy, even suicide when an individual realizes they will not likely be able to recover from their debts.

When gambling excessively, it is very easy to lose control over one’s finances. The more you lose, the more tempting it becomes to gamble away even more money in the hopes of scoring a big win and paying off your debts. This leads to a vicious cycle of more destructive gambling and even greater debts.

If you are going in to debt because of a gambling problem, you might want to try the following as a means of tackling the problem:

Stop gambling
Take responsibility for your debt and your gambling addiction
Address your problem with a loved one who you trust and who you feel might help you
Ask someone you care for to look after your bank cards until the problem is sorted

You may even need to destroy your credit cards, if you feel like the problem is spiraling out of control.

As we said, gambling is an addiction. Therefore, it may be necessary to seek professional help in overcoming this problem. To overcome the financial problem that plagues gamblers, you can call our advisors at Betterway, who are well trained in dealing with such matters and can offer you solid advice for overcoming your debts.

An advisor will phone you for a free consultation.

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