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Online Gambling Debts - Introduction
Online Gambling sites are all over the web now with a wealth of options to choose from. Whether you want to bet on horses, dogs, sports, play bingo, poker, blackjack or enter a lottery, the choice is vast and it is all made so very easy. Online gambling is particularly prone to excess due to the combination of being available 24 hours a day and the separation between you and the real cash you are spending. Long gone are the days when you had to actually go somewhere to gamble. Internet gambling addiction is therefore on the increase, and more and more people are suffering as a result of online gambling debts.
This page is intended to provide information about the legal nature of online gambling debts, advice on how to tackle the underlying problem of internet gambling addiction and then how to deal with the actual debts.
Online Gambling Debts - The Legality of Online Gambling Debts
There is a lot of confusion about debts from gambling and whether they are enforceable in law. In the UK it is perfectly legal to gamble on credit and be expected to pay whatever you owe afterwards. However, the debt you incur is not enforceable through the law.
Credit in this sense means credit extended by the bookie, casino, etc. Using a credit card to pay money to an online gambling account is NOT considered to be gambling on credit because you are borrowing from the card company, not the gambling company. If you borrow money to gamble, you have to pay that money back to the lender and this IS enforceable through the law.
Some credit cards now treat payments to gambling sites as cash advances, to avoid any doubt about it being credit. This is then clearly borrowing money and the repayment can be chased up through the legal process. The further downside of this is that cash advances on credit cards are always charged at much higher interest rates than normal credit.
In the US a recent law prevents credit cards being used for payments to online gambling websites.
Online Gambling Debts - How To Get Rid Of Your Debts
Tackling online gambling debts is a bit of a waste of time unless the source of the problem has been sorted out first. It is vital to take a two pronged approach to the problem of online gambling debt - you need to take action to get rid of the debt as well as taking action to ensure that the same cycle of spending does not occur again.
The following are the main options for dealing with gambling debts. The one that is right for you will depend on your circumstances.
Debt Management/Consolidation Plans (US and UK)
Main Points:
- Only normally suitable for dealing with substantial amounts of unsecured debt.
- Does not involve any loans or new borrowing.
- involves negotiation of new repayment terms with your creditors to repay all of what you owe.
- A Debt Management Company sets up this agreement for you and deals with creditors on your behalf.
- Interest charges are usually reduced or frozen.
- You only have one affordable monthly payment to find.
Debt Settlement/Negotiation (US Only)
Main Points:
- Suitable for very large amounts of debt where you cannot afford the payments of a Debt Management Plan.
- Involves the Settlement Company negotiating with your creditors to agree to write off substantial portions of your debt in exchange for up front payments.
- You just pay an affordable monthly fee into a separate account, which then goes towards the settlements.
IVAs or Individual Voluntary Arrangements (UK Only)
Main Points:
- This is the UK equivalent of Debt Settlement.
- Used for dealing with very serious debt, as an alternative to bankruptcy.
- It is a formal agreement, usually lasting up to five years, after which remaining debts are written off.
It will also be worthwhile giving some thought to how you manage your spending, in order to help ensure that your finances are kept under control while you are repaying your debts. You will find some very useful advice in the budgeting pages and money saving techniques section.
It is vital that the spending stops first, and to do this you must tackle the underlying problems around the internet gambling addiction or the need to gamble excessively. Please refer to the sections below for help with this.
Internet Gambling Addiction - Why Do People Gamble?
Factors Leading To Internet Gambling Addiction Can Include:
- Gambling can generate adrenalin, which increases your heart rate and raises your blood pressure, giving you a 'kick'.
- This feels thrilling and can be addictive, so the temptation is to want to recreate the experience again and again.
- Gambling addiction is a mental disorder which can become increasingly severe, where people feel they have to gamble.
- Internet gambling addiction is frequently linked to other problems such as stress or depression in the same way over-eating sometimes is.
- Gamblers believe that money is going to solve their problems, but the problems are increased by debt and then money begins to seem even more important...
Internet Gambling Addiction - Advice On How To Stop Gambling
Can You Answer 'Yes' To Any Of These Warning signs?
- Have you ever missed work/college to spend time online?
- Has the amount you spend on gambling increased over time?
- Have you ever spent more time online than you realised?
- Do you think about gambling when doing other things and spend time planning when to get back to it?
- Are you secretive about it with family/friends, touchy if people bring it up?
- Do you use gambling as a way of feeling better or forgetting about other problems you have?
- Do you feel the need to gamble again after losing money?
- Do you feel the need to gamble again after winning?
- Have you ever had difficulty sleeping because of gambling?
Internet Gambling Addiction - What Can You Do About It?
Consider the following ways of reducing/stopping online gambling:
- Close down your online gambling accounts
- Install software that blocks access to gambling sites
- Talk about it to friends and family, and seek help
- Monitor and limit how long you spend online - find sites that let you set your own limits on spend and session times
- Remember it is real money you are playing with - keep a proper record of what you spend and don't chase your losses
Online Gambling Debts - Contacts And Help
Two of the main organisations that exist to help those experiencing problems with gambling are Gamcare and Gamblers Anonymous.
GamCare
Telephone helpline or live online support.
Gamblers anonymous
Read and Share stories with other people experiencing similar problems, and find out how to attend GA meetings.
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