Posted: Fri Aug 17, 2007 10:17 am
Budget Before You Have a Flutter, Gamers Advised
Budgeting is essential for those facing mounting debt, the UK Insolvency Helpline said yesterday.
The independent money advisers said that there had been a "massive increase" in debt concerns linked to gambling, fuelled by the growing popularity of online betting.
Spokesperson Ian Boden-Smyth said that a Gambling Support Unit had been set up in the wake of a huge increase in the number of calls received regarding gambling debts.
"The first thing to do is budget. We always say: sit down, write down your income, take away your living costs, and see if you've actually got any spare income.
Mr Boden-Smyth said gambling sites should carry a "health warning".
"Like any addiction, you think that you can get out of it one last time, but that is part of the problem.
"They can get into as much debt as they have limits on their credit cards and they can even apply for as many cards as they want these days."
There are now around 1,700 gambling websites, according to the UK Insolvency Helpline.
From September 1st 2007 gambling operators wishing to advertise will need to comply with the new advertising codes of practice.
The new laws could see around 1,000 overseas gambling websites banned from promoting their services online, according to press reports.
A spokesperson for William Hill said: "I know that our advertising department and our compliance team have been working very closely with the new gambling commissioners as to what can be done and what can't be done. I don't think it's going to affect us wildly."
Mr Boden-Smyth said budgeting should be an essential part of money management for gamblers and abstainers alike.
He said everyone should always factor in their housing and utility bills to identify their disposable income.
The expert also identified an Individual Voluntary Arrangement (IVA) as a "soft" alternative to bankruptcy.
Under an IVA, the person in debt makes reduced payments towards the total amount of the debt in order to pay off a percentage of what is owed. After five years, the debt is usually classed as settled.
The helpline deals with around 200 IVAs each month.
Source: fool.co.uk
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk
Budgeting is essential for those facing mounting debt, the UK Insolvency Helpline said yesterday.
The independent money advisers said that there had been a "massive increase" in debt concerns linked to gambling, fuelled by the growing popularity of online betting.
Spokesperson Ian Boden-Smyth said that a Gambling Support Unit had been set up in the wake of a huge increase in the number of calls received regarding gambling debts.
"The first thing to do is budget. We always say: sit down, write down your income, take away your living costs, and see if you've actually got any spare income.
Mr Boden-Smyth said gambling sites should carry a "health warning".
"Like any addiction, you think that you can get out of it one last time, but that is part of the problem.
"They can get into as much debt as they have limits on their credit cards and they can even apply for as many cards as they want these days."
There are now around 1,700 gambling websites, according to the UK Insolvency Helpline.
From September 1st 2007 gambling operators wishing to advertise will need to comply with the new advertising codes of practice.
The new laws could see around 1,000 overseas gambling websites banned from promoting their services online, according to press reports.
A spokesperson for William Hill said: "I know that our advertising department and our compliance team have been working very closely with the new gambling commissioners as to what can be done and what can't be done. I don't think it's going to affect us wildly."
Mr Boden-Smyth said budgeting should be an essential part of money management for gamblers and abstainers alike.
He said everyone should always factor in their housing and utility bills to identify their disposable income.
The expert also identified an Individual Voluntary Arrangement (IVA) as a "soft" alternative to bankruptcy.
Under an IVA, the person in debt makes reduced payments towards the total amount of the debt in order to pay off a percentage of what is owed. After five years, the debt is usually classed as settled.
The helpline deals with around 200 IVAs each month.
Source: fool.co.uk
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk