Over the years I have spoke to a few people who have inquired about what they can do with debts they have incurred due to gambling. More and more people are finding themselves with gambling debt and in part this is due to how easy it is to find a gambling shop and make a wager.

This is something I wrote previously related to gambling debt:

Gambling and Gambling Debts

Can I include gambling debt in bankruptcy?

Are gambling debts included in my IVA?

Can debt management help me with debts from gambling?

If you have debt that has risen from gambling what can you do with it? You can include it in bankruptcy, but by doing so you will almost certainly receive a BRO or bankruptcy restriction order, which keeps you under the restrictions of bankruptcy longer than the usual 12 months.

Of course for some people, bankruptcy may be the better option for them, BRO or not.

But if you want to avoid bankruptcy, or want to look at options that may help you avoid receiving a BRO, you could look at placing the debts, from gambling and all your other debts, in a debt management plan.

An IVA may be an option, but what can occur in an IVA is that if the creditors you owe the money to for gambling are your majority creditor or hold the larger portion of your debt, they could vote against the IVA, thus causing it to not be accepted.

So in the big picture, it may be best to begin the getting out of debt process with a debt management plan.

By paying the debts through a debt management plan for a period of time, say 12 months, you could then look at possibly placing the debt in an IVA, or if your situation is not improving, you could consider bankruptcy.

By having this period of time pass, the debts from gambling are not as recent, and as such you are less likely to receive a BRO or restriction order in bankruptcy.

If your debts do stem from gambling, in addition to looking into a debt management plan, you also should get active with a gamblers anonymous group or speak to your GP for a referral to a qualified therapist to assist you in staying away from gambling in the future. Over the years I have spoke to a few people who have inquired about what they can do with debts they have incurred due to gambling. More and more people are finding themselves with gambling debt and in part this is due to how easy it is to find a gambling shop and make a wager.

This is something I wrote previously related to gambling debt:

Gambling and Gambling Debts

Can I include gambling debt in bankruptcy?

Are gambling debts included in my IVA?

Can debt management help me with debts from gambling?

If you have debt that has risen from gambling what can you do with it? You can include it in bankruptcy, but by doing so you will almost certainly receive a BRO or bankruptcy restriction order, which keeps you under the restrictions of bankruptcy longer than the usual 12 months.

Of course for some people, bankruptcy may be the better option for them, BRO or not.

But if you want to avoid bankruptcy, or want to look at options that may help you avoid receiving a BRO, you could look at placing the debts, from gambling and all your other debts, in a debt management plan.

An IVA may be an option, but what can occur in an IVA is that if the creditors you owe the money to for gambling are your majority creditor or hold the larger portion of your debt, they could vote against the IVA, thus causing it to not be accepted.

So in the big picture, it may be best to begin the getting out of debt process with a debt management plan.

By paying the debts through a debt management plan for a period of time, say 12 months, you could then look at possibly placing the debt in an IVA, or if your situation is not improving, you could consider bankruptcy.

By having this period of time pass, the debts from gambling are not as recent, and as such you are less likely to receive a BRO or restriction order in bankruptcy.

If your debts do stem from gambling, in addition to looking into a debt management plan, you also should get active with a gamblers anonymous group or speak to your GP for a referral to a qualified therapist to assist you in staying away from gambling in the future.